• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Comp Use?

Status
Not open for further replies.

Shaggy

Sophomore Member
Joined
Dec 22, 2008
Professional Status
Certified Residential Appraiser
State
Florida
I am working on a private report. They want market value for divorce. It is a very easy appraisal; condo with all comps in the subject project. Inspected last Thursday. I found a great comp that closed yesterday. I have always been told we can not use comps that have closed after we have inspected the subj property. Can I use this comp? It is a great indicator of market value.
 
D

Deleted member 134708

Guest
The SRA I worked with always said "within reason" say a week or 2 and it's fine.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
The kind of rule you refer to is more about lender work, private work as long as USPAP compliant , extend your signature date and explain
 

Dublin ohio

Senior Member
Joined
Mar 20, 2008
Professional Status
Licensed Appraiser
State
Ohio
If you client is both parties involved in the divorce. I would see no problem. If your client is only one party. I would be careful of using it as a closed sale after the effective date especially if the other party is also having an appraisal done and they are not reasonably close in value to each other. I could see the lawyer of the other party possibly making an issue out of it. USPAP compliance sometimes makes no difference to a lawyer or judge. Might be better to use it as a pending sale and explain that it closed after the effective date and how it relates to market. Just my opinion.
 

Mark K

Elite Member
Joined
Jan 27, 2004
Professional Status
Certified Residential Appraiser
State
Indiana
I have always been told we can not use comps that have closed after we have inspected the subj property. Can I use this comp? It is a great indicator of market value.

You were misinformed.

Of course you can use it. As long as the market has exhibited no significant changes, you can use a sale that closed within a reasonable amount of time after the effective date unless your scope of work specifically prohibits it.
 

miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
Now if - IF - this was lender work, I would not grid the comp, but would mention this recently sold sale (slightly after the inspection) in my comments section.
Private appraisal: go for it.
 

Digger88

Elite Member
Joined
May 11, 2010
Professional Status
Certified Residential Appraiser
State
Virginia
just go back and knock on the door. walk around for 10 seconds and be compliant. the VA has told clients on many occasions that the appraiser cannot use a closed sale after the inspection date so if the lender wants me to use a comp i reinspect the subject to make sure the walls are still standing and charge accordingly. for your instance and the possibility of going to court id reinspect. just wait till youre heading out that way again and fit it in.
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Use it. I have used sales after the effective date in litigation and tax appeal work many times.
Plus the effective date of the appraisal report in a non-lending appraisal does not have to be the same as the date of the property inspection
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks