Comparisons

[Pamela Crowley (Florida)]

That sale should not be used as a comparable and I can't imagine any appraiser using it for any regular appraisal as adjustments would be difficult if not impossible to determine and it just doesn't qualify as a 'typical arms length transaction'.

In my area, MLS is my first source and I verify those sales with the county records which are now available on line. I never trust the MLS data anymore since I find so much of it is just wrong. I typically toss out the 'out of line' high sales and never use the sales of REOs (Real Estate Owned - typically by the lender that foreclosed on it), although sometimes I do see one that was not damaged in the process and it does appear to have sold without a discount.

 

[Rich Hahn]

Richard Glesser
sorry its 3 year history not just 1.

sharpen those skills.

 

[Em Tee]

Rich:

Don't be so quick to jump on Richard Glesser. He stated "appraisers are required to report any ownership transfers within the past year for all comparables" That's correct - 1 year for comps, 3 years for the subject. Sharpen them thar skillz.

 

[Carnivore]

Originally posted by Rich Hahn@Jul 16 2003, 10:10 PM
Richard Glesser
sorry its 3 year history not just 1.

sharpen those skills.

Rich,

Not trying to be a pain, but trainee wannabees read this stuff. So please for the few wannabees that have a 2003 USPAP please give them the beginning and ending line number to support your claim.

for example in regards to a subject sales history in the past three years from the effective date of the report:

USPAP 2003 standard 1-5(.B) lines 707 - 708 is my source

Where it says something about the comparables is lost to me as how far back you go. My USPAP says

USPAP 2003 standard 1-4(a) lines 641-642 , no mention of dates

I can not find anything else. Now its possible that it is a supplemental requirement outside of USPAP.

 

[Richard J. Glesser]

Just about to respond to Rich's reply when I read the balance of the posts.

Andrew & Mary - thanks for covering my back!

I was only trying to help out some non-appraiser with a question, not have my answer picked apart. If it needs correction or clarification, I agree. But I'm pretty sure I'm correct on this point. :usa:

 

[xmuyb6rt]

Thanks again for all the replies.

I haven't even taken the initial 75 hours of coursework required for trainee status (but planning for a Sept. class), so I'm very attentive and appreciative of all the great tutoring and advice.

Thanks!

Shaun

 

[Farm Gal]

By the way: HAPPY BIRTHDAY :rainfro: Shaun!