Closed Sale After My Inspection Date

[TRESinc]

Okay, relating to prior services then, appraiser would not have to disclose. But it still does not change the intent ( reason) the second later effective date was created after initial inspection original date. Returning to a property to finish measuring/take a photo, nearly every appraiser retains original effective date ...(they said on thread yes, I do, do you? ) The first inspection date is when the inspection was done for purposes of the valuation. A return trip is to complete something not able to do on first trip a photo did not come out, rain stopped measuring etc.

so the inspection was not completed in one visit and required a second. the second inspection is just an extension of the first one.

But deliberately returning days later, acting like first inspection never happened and making a new effective date just to accommodate a closed sale because doing so would change the value...seems a gray area. If the later closed sale does not change value, then why is a new effective date created to accommodate it?

now you are just making things up to argue a point you have been proven to be wrong on. keep working on that post count! top poster of the month will be yours once again!

 

[J Grant]

Date of data source is date you researched/ pulled the data for that area of research. What else would it mean? If you have an alternate explanation let us know..

The as of effective date is the date of inspection and value opinion of property.

The signature date is date you signed the report.

 

[J Grant]

Effective date 07/01/17 for the subject and it's value.
Writing report 07/05/17
On the sales grid your date of data sources is 07/05/17. You state 1 data source as MLS.
Sale closed 07/02/17.
If you say it's pending aren't you lying? Your data source shows closed on 07/05/17.
Why is there 3 dates on a 1004?

IF a sale was pending as of effective date of 07/01/17, and you research it (data pull) on 07/05/17, it still does not change the fact that the sale was pending on 07/01/17. The listing might show "closed" on data pull of 07/05/17 but the listing ALSO should say (or agent should confirm ) that it closed 07/03/17 (or X date later than 07/01 ). My MLS shows exact date of closing. A RE agent can confirm it. By time a review appraiser reads it, the date of closing will be on public records, until that date it was a pending sale

This is the problem with the mentality around fudging/changing effective dates....everything can change or be blurred; what date a property was pending, what date it closed, does it matter if no one finds out, after all there are three dates on a 1004 etc. In other words, misleading is in the mix. Just tell the truth, the darn thing was pending as of 07/01 which was the date of your inspection and the as of effective date of value opinion.

 

[Mike Kennedy]

Just tell the truth, the darn thing was pending as of 07/01 which was the date of your inspection and the as of effective date of value opinion.

 

[Deleted member 134708]

Just tell the truth, the darn thing was pending as of 07/01 which was the date of your inspection and the as of effective date of value opinion.

No one is lying. Others are just using better quality data and performing "job-to-be-done" and what an appraisal is hired to do.

Value the subject on a given day.

(Clayton Christensen)

The rest are using lesser quality data, using not so great replacement properties as those "bracket" certain features. The rest succumb to 1 guideline on 100% of properties. Slaves to a guideline manual. Long lost on them is why the appraisal was hired. They are all about checking boxes and not having it come back so they can quickly get to the next check box form.

The others value properties on a specific date and show their work. The others perform the job to be done and what an appraisal was hired to do.

 

[gregb]

Some see the form as a blank canvas ready to be painted on; others see the form as a paint by the numbers. Depending on your view, and your client's expectations, create a piece of art you can stand by and be proud of.

 

[residentialguy]

Where does it say you have to put pending sale when the sale closed prior to formulating your opinion of value???? It has the date of sale stated right on the form in black & white, so you're not misleading anyone.

 

[Mr Rex]

Date of data source is date you researched/ pulled the data for that area of research. What else would it mean? If you have an alternate explanation let us know..

The as of effective date is the date of inspection and value opinion of property.

The signature date is date you signed the report.

Actually it means the date the data source was last updated. For instance if the tax office only updates once per month and that is your data source, the date is what ever day of the moth it was updated. If they update daily, then your premise is correct.

Effective Date of Data Source(s) • Enter the date the data was published or updated by the source. For example, the local MLS may update their database multiple times during the week or month whereas property transfers recorded at the local land records office may take six or eight weeks after settlement. The property transfer records may have an effective date that is eight weeks earlier than the appraisal date and the MLS data is within one week of the appraisal date.

 

[J Grant]

Where does it say you have to put pending sale when the sale closed prior to formulating your opinion of value???? It has the date of sale stated right on the form in black & white, so you're not misleading anyone.

posted several times during this thread was the freddie mac guidelines, ( at least 3 sales that closed before the effective date ) and found one fannie referencing declining markets ( 2 sales that closed within 90 days before appraisal effective date) Mr Rex posted a date FAQ where it addresses as of effective date and signature date. I have one national level lending client that requires I put exact date it closed in comments on any sale within the same month as signature as they want the closed as of effective date. But that could be a requirement of that particular client.

A USPAP standard is peer practice. Seems peers are split on the date issue, per this thread and when I googled the subject, older threads on this topic from appraisal forum show up shows a peer practice divide. Nobody was able to find one ultimatum on the subject from an appraisal god lol so who who knows...if it is accepted by a client is that the test?

I will see if I can submit it as a FAQ.

 

[J Grant]

"The appraiser’s analysis of a property must take into consideration all factors that have an effect on value. The appraiser must analyze all closed sales, contract sales, and offerings or listings of properties that are the most comparable to the subject property in order to identify any significant differences or elements of comparison that could affect his or her opinion of value for the subject property as of the effective date of the appraisal report."

From the Fannie Mae Selling guide -aka was the sale closed, in contract, listed etc as of the effective date. Answers it far as I am concerned, seems others interpret it differently.

https://www.fanniemae.com/content/guide/selling/b4/1.3/07.html