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Correct way to add additional comparables

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Tim Schneider

Thread Starter
Member
Joined
Feb 8, 2007
Professional Status
Certified Residential Appraiser
State
Wisconsin
I need to add an additional comp at the request of UW. Good thing I kept that really good one out! So what is the preferred method to add the comp. I have come up with the following options:

A - Add an addendum & comps 4-6 page to the original, then resign with new date (same file #)
B - Same as A with new file number, 2008MainSt123-A for example
C - Send just the addendum comps 4-6 page with new file number

Please let me know what you are doing, or if there is a "right" way to do it.
 

Tom Barclay

Senior Member
Joined
Apr 7, 2002
Professional Status
Retired Appraiser
State
Oregon
I use option "B" above. Not sure there is a "right" way to do it, but I prefer to change the file number and report date, add any required information and include an addendum stating exactly what I did and why I did it.
 

Lawrence R.

Senior Member
Joined
Mar 27, 2007
Professional Status
Certified General Appraiser
State
South Carolina
I need to add an additional comp at the request of UW. Good thing I kept that really good one out! So what is the preferred method to add the comp. I have come up with the following options:

A - Add an addendum & comps 4-6 page to the original, then resign with new date (same file #)
B - Same as A with new file number, 2008MainSt123-A for example
C - Send just the addendum comps 4-6 page with new file number

Please let me know what you are doing, or if there is a "right" way to do it.

I like A with these modifications: I usually rename the file by putting rev. at the end and the number of the revision. I create a new workfile referencing the old one, and insert the written instructions from the client. Change the date of signature, but not the effective date of report, as I don't use comps after the effective date unless I simply must...and that hasn't happened in years. I usually comment on why I left the sale out in the first place, such as redundancy or lower overall comparability, etc.. and then send it on.

I have no clue about what USPAP says on this, I am ashamed to admit. I don't get too many of these requests to look.
 
Last edited:

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
I'll let you know if it ever happens.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
I can confirm that if you gave an AMC 3 comps, and then were
asked for a bracketing comp and it was No. 7 (workfile had
No. 4-No.6), they cannot understand it, their heads would
explode unless you call it No. 4.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
I add the comp as an additional comp with something like the following statement in the addendum:

"At the specific request of the client, an additional sale has been added to the sales grid of the original report submitted to the client and dated 2/2/2008. This additional sale, while being similar to the subject in size and style, is consider marginally relevant, due to distance to the subject and is given minimal consideration in the final opinion of value.

Signed
Date"

I then change the signature date of the report to the date of the date contained in the addendum, sign it and send it off to the client.
 

Tim Schneider

Thread Starter
Member
Joined
Feb 8, 2007
Professional Status
Certified Residential Appraiser
State
Wisconsin
Richard, do you ammend the original report, or create a seperate new file?
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
I need to add an additional comp at the request of UW. Good thing I kept that really good one out! So what is the preferred method to add the comp. I have come up with the following options:

A - Add an addendum & comps 4-6 page to the original, then resign with new date (same file #)
B - Same as A with new file number, 2008MainSt123-A for example
C - Send just the addendum comps 4-6 page with new file number

Please let me know what you are doing, or if there is a "right" way to do it.

I just add the comps to a new grid page and write a statement that...."at the request of lender (or underwriter)made on xx/xx/xx, two additional comps were provided...." Then I state what influence, if any, these additional comps have on value and/or marketability. I also state why I did not use them in the first place. I do not change the effective date of the report and do not sign it.
 
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