StephHigdem
Member
- Joined
- Jan 5, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Idaho
I-REA-2008-70 C alleges the R used four (4) refinanced properties rather than sales, plus two (2) properties 100+ miles away from the subject. Numerous other USPAP violations were noted in the C's Review. INV reveal that the R used three refinances and one construction loan appraisal report as comparable sales in an appraisal report along with two sales of properties over 100 miles away. The C completed a review and used 4 properties that were not available to R. Although the R used a different technique, the same opinion of value was reached as the C's review. INV did not reveal evidence to support the allegation or a violation. IBOL recommends the Board authorize closure.
So if I'm reading this correctly, it's OK to use refi's & construction loan properties as comparable "sales" as long as the final number is OK?!!! It's simply a "different technique"!!??? Did I miss that part of class?
So if I'm reading this correctly, it's OK to use refi's & construction loan properties as comparable "sales" as long as the final number is OK?!!! It's simply a "different technique"!!??? Did I miss that part of class?