additional comps after appraisal

[Fred]

well folks best just hang up those licences , because the big doggs Fannie and Freddie have implemented the nationwide zones level 4 and 5 in Florida and Ca and if the major lenders want a newer comps

I don't think it takes any longer to convey your scope accurately. In fact, it may be faster and easier.

 

[Mike Kennedy]

as for me i have no problem as I always get a few extra comps the first time I do the report

"the first time" has nothing to do with the Thread. Suggest re-reading the first sentence.

"I have a client requesting 2 additional comparables that have closed within the last 90 days..my appraisal date is nov/2007 and they want comps after that date,"

 

[Ken B]

Rereading the OP, I am wondering if the client's request has been correctly conveyed and understood? The effective date of the appraisal is sometime in November and a request has been received in early February asking for comps that "have closed in the past 90 days."

Unless the report was completed in early November, the time period would include a period prior to the effective date of the appraisal. Was the request for comps that settled 90 prior to the effective date of the appraisal, not within 90 days of the date of request? How old are the comps used in the report?

All the discussion about scope and original assignment and all that is one thing; misunderstanding the client's request is something else.

 

[Ken B]

Looks like Mike and I were on the same train of thought, just looking out different windows.

 

[Pamela Crowley (Florida)]

Hang on there Mr. lender, I have to find my KY...

 

[Deleted member 77547]

"I have a client requesting 2 additional comparables that have closed within the last 90 days..my appraisal date is nov/2007 and they want comps after that date,"

I had the same request a couple of months ago. I did a report in June and they came back in November asking me to add two more recent comps and a current listing. Turns out they were just trying to avoid paying for a new appraisal since the appraisal was under six months old but the comps past 90 days. I refused to do it and they ordered a new appraisal.

 

[444nutman]

Hang on there Mr. lender, I have to find my KY...

That is how I feel lately. I did a home on 4 AC that was only 2 bd 1 bth and 750 SF. They asked for 2 more comps within a mile sold in the last 3 months that had the same GLA. I asked them if they read my report. They said they did but still needed those two comps. I told them if they read the report they were asking for something that did not exist and I gave reasons in my report why such a comp did not exist. I have been asked for more comps after the fact than I ever have. They have all been on less than typical properties. I am beginning to feel if the house next door did not sell in the last 90 days the UW is going to ask for more comps. I have been putting 2 actives and/or pendings in each report. The market requires that but if I put 6 comps in there, I seriously doubt 7 and 8 are going to be model matches.

 

[Marcia Langley]

Both "appraisal" and "assignment" are defined in USPAP and the original poster has described a request for both. New assignment.

 

[train]

I always find it funny when a client asks why there are no other sales.

 

[oliver28]

additonal comps

i did several appraisal three to four months ago and now that they are closing they want all new comps dating back no more than sixty day from the subjects closing date. so, the comps sold or went under agreement months after the effective date of the appraisal. i told them it is a new assignement but they want some type of proof from someone like the appraisal foundation or something from USPAP. i have not been able to find anything. oh course they don't want to pay for anything. just a little extra info: the subject is new construction and they want the additonal comps within the development which have a contract day of no more than ninty days from closing date of the subjects - which means most comps are pending and did not exist the effective date of the report. any info would help