Bracketing the contract price

[mp2277]

that' what i've always understood.

Understood what?

 

[mp2277]

What do you do if there is a sale between family members under contract way below the market. Would you bracket that contract price? I've never had that asked of me.

Are they asking to bracket with unadjusted or adjusted.

They want a comp that brackets the contract price which is lower than the value and all of the four comps and two pending listings.

 

[Terrel L. Shields]

They want a comp that brackets the contract price which is lowe

Tell them they don't exist without getting into an entirely dissimilar property.

 

[CGinMN]

Arm's length plain vanilla rural appraisal, best comps two comps a month old. No need to turn over rocks here had there been any thing off the beaten path I would have included it in my OP.

OK, but like your OP readers of appraisals sometimes require more summary to understand the problem. When you leave holes, questions arise.

Back to my original question: Why is the contract less than your OMV? There are many possible answers. It's not addressed in the OP. Is it addressed in the report?

 

[Carnivore]

If you want to Bracket anything then bracket the Subjects Economic Characteristics.

 

[Dublin ohio]

Read his post -He said opined value is bracketed both within unadjusted sale prices and adjusted values.

Read his post. They are asking the OP to bracket the contract price

 

[Carnivore]

Read his post. They are asking the OP to bracket the contract price

"The supported value is higher than the contract price. The underwriter is demanding I bracket the contract price... has anyone ever heard of this?"
------------------------------

Which is one of the dumbest things they could have said/requested. There is way more to this story than the OP has stated.

If we knew more details would make it easier to try and help. My answer to his question is a resounding NO! I have not heard of that.

 

[mp2277]

"The supported value is higher than the contract price. The underwriter is demanding I bracket the contract price... has anyone ever heard of this?"
------------------------------

Which is one of the dumbest things they could have said/requested. There is way more to this story than the OP has stated.

If we knew more details would make it easier to try and help. My answer to his question is a resounding NO! I have not heard of that.

There is no more to the story. Sorry I don't know you well enough to lie to you LOL. If there were I would have responded to the UW and not posted here. And yes, which should be obvious, the opined value and the SP of all comps and listing prices exceed the contract price. Somebody listed their property for less than it is worth and somebody jumped on it. No mystery here.

 

[mp2277]

OK, but like your OP readers of appraisals sometimes require more summary to understand the problem. When you leave holes, questions arise.

Back to my original question: Why is the contract less than your OMV? There are many possible answers. It's not addressed in the OP. Is it addressed in the report?

Yes, which should be obvious, the opined value and the SP of all comps and listing prices exceed the contract price. Were it not it would be bracketed by default. Somebody listed their property for less than it is worth and somebody jumped on it. No mystery here.

 

[Tawfik Ahdab]

Remember, the price is a price. A price is a market fact. A value is opined. A price could be any number. You note the price, Then proceed to develop the opinion of value. The two or different animals. You bracket your value, you don’t bracket price just because someone asked you to. That’s not appraisal, and that’s not part of the scope of appraisal.

That may be a supplementary requirement or guideline but it’s not itself part of appraisal. I don’t consider it part of appraisal practice per se