Do you put the Pending Date on the grid?

[EVAUSA]

For the past year I've been using neg time adjustments against the Pending Date. If there aren't any concessions, that line is free to put the PD, right above the Closing Date. If there are concessions for any of the comps, I put the PD at the bottom of the grid on it's own line. I tried putting the PD on the Date of Sale line and the CD at the bottom of the grid, but that freaks check list reviewers out and they think I'm only using Pending Sales for #1 - #3. These same reviewers get confused no matter how I make my neg time adjustments. I got a condition yesterday to explain why in the body of my report it notes 2% per month decline and why no time adjustments were applied to sales. They WERE applied to the PD, right above the SD. Do y'all show both dates?

Example:
Concession 02/01/08 PD -25,000
Date of Sale 03/15/08 CD

 

[Betty H Church]

- I have attached a sample of how I handle pendings, contingent sales, etc. Hope this helps.

 

[EVAUSA]

View attachment 15398 - I have attached a sample of how I handle pendings, contingent sales, etc. Hope this helps.

This is more of a time adjustment question, where do you make the adjustment? I presume against the Pending Date. If so, where do you put the pending date?

 

[Betty H Church]

I make the time adjustment based on the "contract date" and put it on the "Date of Sale/Time" line in the grid, and explain it in the report.

 

[Mike Boyd]

Why not use.....6/08 close,5/08 pend. on same line? (or vis versa)

Unless it's a super long escrow...like more than 90 days, I don't bother because I can't verify the pending date.

 

[Blue1]

For the past year I've been using neg time adjustments against the Pending Date. If there aren't any concessions, that line is free to put the PD, right above the Closing Date. If there are concessions for any of the comps, I put the PD at the bottom of the grid on it's own line. I tried putting the PD on the Date of Sale line and the CD at the bottom of the grid, but that freaks check list reviewers out and they think I'm only using Pending Sales for #1 - #3. These same reviewers get confused no matter how I make my neg time adjustments. I got a condition yesterday to explain why in the body of my report it notes 2% per month decline and why no time adjustments were applied to sales. They WERE applied to the PD, right above the SD. Do y'all show both dates?

Example:
Concession 02/01/08 PD -25,000
Date of Sale 03/15/08 CD

I am wondering what the reason is for supplying the contract date and and the COE date if the escrow period is within your typical Market parameters. According to this, it was a 44-day escrow. Unless the Market significantly chages during that time I see no need to identify both dates.

From your example, it looks like you are applying a concession adjustment not a time adjustment.

 

[TJSum]

sample

This is how I fit it on the grid. I show...

List Price
Days on Market
Type Financing
Closing Help
Contract Date with Time Adj
Settlement Date

It does not follow the grid exactly, but I never have had any complaints, who knows it may cause the automatic data mining programs to go haywire

 

[EVAUSA]

I am wondering what the reason is for supplying the contract date and and the COE date if the escrow period is within your typical Market parameters. According to this, it was a 44-day escrow. Unless the Market significantly chages during that time I see no need to identify both dates.

From your example, it looks like you are applying a concession adjustment not a time adjustment.

Yea, bad example. In some of the area's I appraise, a time adjustment is warranted to all sales closing escrow greater than 30 days, but not always.

Here's one I did where I used the concessions line for time adjustment and got a condition why I DIDN'T use a time adjustment...but I DID, they just didn't know where to look.

View attachment 15401

 

[Mztk1]

I have my financing and concessions go where they are listed on the report. For date of sale I have the date of closing. My days on market is down in my basement section because hardly a home in market has a basement so it is an area rarely used. I have the contract date at the bottom of the grid in one of the "other" spaces. My market adjustment is from the date of contract of the comparable to the effective date of the report. Declining values have been as high as 5% per month, even more in some neighborhoods, so adjustments are made for short time too. I think how the grid functions best becomes very regional. I doubt, for example, DOM is a good place for most every other state in the basement section.

Here's a PDF of a file I did, addresses of subject and comps removed.

 

[Mike Garrett RAA]

If I am going to make a time adjustment it is from the contract (pending) date. This is not quite as critical as it used to be with closings occuring within a couple of weeks of the contract date.