Analysis of Transfer History

[KJR2008]

Page 2 of URAR ask for the ANALYSIS of sales and transfer history of Subject and Comps, when I was with my mentor is seemed as though he was just restating the information that was put in the sales/transfer grid right above, what additional information is being sought here?

 

[Mike Garrett RAA]

The purpose is to determine if a flip is involved. For the most part, just checking the recorded information should be sufficient.

 

[Metamorphic]

What my super has me doing is this. Absent any kind of hinky flip, non-arms length, repo kind of stuff, we report the how the value of the property has changed since the last sale. "Comp 3 appreciated/depreciated $xxxx in yy years, for an effective APR of zz%. Comp 4 last sold in 1984 as an un-improved property. Comp 5 appreciated/depreciated $xxxx in yy years, for an effective APR of zz%, but the current data in the MLS suggests the property was remodeled between the prior sale and the most recent sale."

 

[jay trotta]

have to agree with Mike G.....it is not required to go into detail you are not privy to.

Flips..the language still is used in the wrong context (the Show "Flip This House") is just one of the wrong tid bits of information. IMHO, a flip scheme offers the ability to grasp large quantity's of benjamins from a Bank or a variation of Banks and decieve them.

"Handy Man Specials" and sweat Equity deals are totally different and should not be used as similarity's. Just my opinion

 

[Mztk1]

I'm with the bug on this one.

I give a brief description of the prior transfer. "Comp #1 transferred for $100 in a quit claim deed between John Smith (grantor) and Mary Smith (grantee), it was not a market sale"; or "Comp #1 sold in January of 2008 for $100,000 and is now selling for $130,000. At the time of the $100,000 sale, per the MLS, it was in need of work and a bank foreclosure. The house was puchased by LIB, Inc and was fully renovated. According to the selling agent and verified by interior photos in the MLS, the kitchen and baths..." you get the idea.

 

[Mike Garrett RAA]

Do you do that on all transactions or just those in the last year?

I rarely have sales or transfers on the comps within 12 months.

 

[DWiley]

Simply repeating the sale date and price is reporting the sale, not analyzing it. The analysis we report depends on what we find when doing our research. Typical comments include things like:

When Sale X sold in November 2007 it was listed in the MLS and was exposed to the market for 63 days. That sale appears to have been arms length.

Sale X transferred by quit claim on January 2008. This was a transfer from a family limited partnersip to a family member.

Sale X was extensively renovated after the sale in September 2007. This included.....

The prior transfer of Sale X was a foreclosure action by ABC Lender.

The prior sale of comp X was a relocation sale.

etc. etc.
​

There is no stock answer. The analysis provided should be whatever is relevant given the facts that exist.

 

[Mztk1]

Just on the last 12 months for a comp, 36 months for a subject. I like to put the prior sale of all comps even when over 1 year, but I can't say I am steadfast about it.

 

[Kevin A. Spellman]

I always state the prior sales data for the subject and the sales. I can fit two prior sales in the section. The data is either on my screen or on my desk anyways and it takes less than a minute to input the data. I think it is easy to report the last sale data if available, rather than count the 12 months or the 36 months for the subject to qualify if the data is required.