Closed Sale After My Inspection Date

[Deleted member 134708]

or find some dog sale

Again, I don't care which way someone does it. I'm just saying I have no problem with someone using a sale after the effective date to best represent the subject.

I think this is much better than using a dog sale that doesn't represent the subject at all.

Local peers around here go up to 2 weeks after including 2 SRA's. They do mainly reviews these days. I think that's a little far and I've never turned in a report that far from the effective date so never thought much about it.

I'm all about fulfilling the "job to be done" and what are you hiring this appraisal (NOT appraiser) to do?

What is the lender hiring the appraisal to do and what is the job to be done? I satisfy this.

 

[bnmappraisal]

So I'd say either way is fine (pending or closed sale) as long as the timeline is disclosed.

And IF (my bold) I use it as a closed sale, I disclose, disclose, disclose.

As I said in my original post (#2) I rarely do this and if so, use it as part of at least 4 sales/comps; not a 3 comp report. If the underwriter/client wants me to change it to "pending" i have no problem with that. But to me, there are cases where it may be relevant to use as a sale instead of a listing/pending.

Again, this is not my SOP. I can probably count on one hand the number of times I've done this in the last 10 yrs and don't even remember the last time I did, but I can see instances where it may be OK. I'm not encouraging anyone to do it, I'm just stating my opinion.

That's my opinion. You (not directed at Denis - just anyone else) can have yours.

 

[Deleted member 134708]

So I'd say either way is fine (pending or closed sale) as long as the timeline is disclosed.

Yup. What the 2 SRA's told me.

 

[J Grant]

IF an appraiser is going to use a sale that closed after eff date, then disclose in narrative that it closed one day later and is on the grid as closed since it closed prior to signature date. As Denis said, as long as full disclosure is made, then the appraiser has CYA. An UW can disagree and want it changed to pending but appraiser has disclosed the timeline they were not trying to fudge anything. But fudging it, as if it closed before or on eff date just because CU lists only month and year...I don't know about that is a gray area wish Fannie had an AO, anyone want to ask them?

Inventing a new effective date of driving by property is a horrible idea for the reasons I posted.

 

[Deleted member 134708]

IF an appraiser is going to use a sale that closed after eff date, then disclose it closed one day later and is on the grid as closed since it closed prior to signature date.

Can I get an apology? I'd give you 1 if roles were reversed.

 

[bnmappraisal]

JG, my lead comment from my post #2:
"TECHNICALLY it was a pending as of your inspection/effective date..."

I even put "technically" in caps on purpose.

 

[J Grant]

Okay, Apologies extended Nottarav , since your post did sate disclose it closed after eff date! I still personally would not include it as closed on the grid and would use it as a pending, , but if someone does and fully disclosed that it closed after eff date then they are ok at least from disclosure standpoint. My comments remain on inventing a new effective date for a drive ext inspection (which you did not recommend to do someone else did ),

 

[bnmappraisal]

My comments remain on inventing a new effective date for a drive ext inspection (which you did not recommend to do someone else did ),

I know I didn't recommend it but did agree with it ... what if your client is ok with it? Agrees to it?

 

[bnmappraisal]

I think many times we, especially on the RES side of appraising, get caught up in the "AMC" mentality of our profession. Granted, the AMCs are a big part of RES appraising these days, but they are not ALL of RES appraising. I think too often many responses to questions on here (even this thread/OP) are ONLY geared toward Fannie/GSE talk, UAD and AMCs, etc. There is a lot of other appraising out there. The OP didn't even say what his report was for! I (and I'm assuming many others) assume it was for GSE/UAD, but maybe not!

My point is, what if you find yourself in the OPs shoes (find a closed sale after the eff date) and your client (maybe a private individual?) is fine with you including it in your report?!
This profession is not always black and white. We have many rules/regs, but I do think there's some wiggle room in there and again, not everything is AMC/GSE related
(steps off soap box)

 

[J Grant]

I know I didn't recommend it but did agree with it ... what if your client is ok with it? Agrees to it?

I would never ask my client such a thing but even if client agrees, so what? The client is not the one signing, we are , and we've lied and said we did an interior inspection on a later date when we did not. The client won;t get in trouble, we will.