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How many comps do u want? 9?
- Thread starter Carmella
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RSW
Elite Member
- Joined
- Feb 18, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Tennessee
The underwriter may just need more information that clarifies and supports the value in your original appraisal report. You may not have used comparable sales that are reflective of the subject's value. Are your line, net and gross adjustments out of line? How well do your original compararable sales meet FNMA guidlines? We are to use a minimum of three comps. That's not the maximum. Like Rex said, he uses six and nine comps. Why not give them to the lender up front and not have to wait for them to ask for them. I have been giving 5 - 6 comps for almost a year now.
Hamlet
Elite Member
- Joined
- Aug 14, 2006
- Professional Status
- Certified Residential Appraiser
- State
- Ohio
Hey Mr. Rex...can I get another comp?
Sorry, I could not help myself!
I hear he routinely keeps back 14 or so good ones on manufactured housing just for such requests.
DonRico
Senior Member
- Joined
- Nov 26, 2002
- Professional Status
- Certified General Appraiser
- State
- South Carolina
You should ask for a chance to look at the Review Appraisal. You most certainly have that right. Be sure to take note of the Reviewer's credentials....licensed? In the same zip code as the subject? Same county? Metro Statisical Area?? Time Zone? Same Continent?? Hemisphere??
I always have fun shooting holes in the comps provided by this so-called market area expert (usually located in some obscure boiler room in Sh!tshoe Iowa or Bangalore India).
It's a chance to sharpen your Creative Writing chops, and it's usually so easy to burst their balloon on the dissimilarities of their comps vs. your comps.
Here's a recent ending paragraph I used when an out-of-state reviewer missed the mark completely....
"If the goal is to find the lowest recent sales, then this review could be considered a success.
However, if the goal is to spend time at the subject property, observing the condition and quality of construction, and documenting the subject’s amenities with photos and text, and then analyzing a list of recently closed sales within the subject’s market area, visually inspecting these homes and citing the most similar comparable sales in the grid, and finally making market-based adjustments where necessary to establish an Opinion of Value.....the clear advantage goes to the original appraisal.
I always have fun shooting holes in the comps provided by this so-called market area expert (usually located in some obscure boiler room in Sh!tshoe Iowa or Bangalore India).
It's a chance to sharpen your Creative Writing chops, and it's usually so easy to burst their balloon on the dissimilarities of their comps vs. your comps.
Here's a recent ending paragraph I used when an out-of-state reviewer missed the mark completely....
"If the goal is to find the lowest recent sales, then this review could be considered a success.
However, if the goal is to spend time at the subject property, observing the condition and quality of construction, and documenting the subject’s amenities with photos and text, and then analyzing a list of recently closed sales within the subject’s market area, visually inspecting these homes and citing the most similar comparable sales in the grid, and finally making market-based adjustments where necessary to establish an Opinion of Value.....the clear advantage goes to the original appraisal.
Alison Swain
Senior Member
- Joined
- Sep 13, 2005
- Professional Status
- Certified Residential Appraiser
- State
- Florida
I had a tough assignment last week so I included 9 comps. Yes, you read it correctly --- 9 comps. Today, I got two calls. One from the seller's agent who doesn't understand how I came in so low and wants me to look at her comps (which were apparently hiding when I did my several searches). :new_all_coholic: The other was from the borrower who told me I'm not charging enough for what I do. 
m2:
m2:
Hamlet
Elite Member
- Joined
- Aug 14, 2006
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- Certified Residential Appraiser
- State
- Ohio
The other was from the borrower who told me I'm not charging enough for what I do.
That's cool!
Webbed Feet
Elite Member
- Joined
- Feb 11, 2005
- Professional Status
- Certified Residential Appraiser
- State
- Canada
I could dazzle you with the polite ways I have of saying go mate with yourself Mr or Mrs UW.
At least the thread would be more entertaining, and perhaps even more useful, than others lately.
Webbed.
Ken B
Elite Member
- Joined
- Feb 18, 2004
- Professional Status
- Certified General Appraiser
- State
- Florida
I always have to wonder what kind of response people expect when they ask why my opionion of value is different from someone elses when the only information they provide is "Someone else said it was zzz."
A response of "So?", while an accurate portrayal of my thought at the time, is somewhat abrupt. Normally I just say "And?" That puts not knowing how to respond back in their court.
A professional client would ask you to examine the results of the review and reconcile the differences. Being outside of the scope of the original assignment, whether one chooses to do so is a business decision. If the request came from a one-hit wonder, I would be inclined to decline the request.
A response of "So?", while an accurate portrayal of my thought at the time, is somewhat abrupt. Normally I just say "And?" That puts not knowing how to respond back in their court.
A professional client would ask you to examine the results of the review and reconcile the differences. Being outside of the scope of the original assignment, whether one chooses to do so is a business decision. If the request came from a one-hit wonder, I would be inclined to decline the request.
Ted Martin
Senior Member
- Joined
- Jan 17, 2002
- Professional Status
- Certified General Appraiser
- State
- Kansas
Good thing you didn't give them the best comps the first time or you wouldn't have had any extras to give them when they ask for more.
I'm also sure all you additional comps had transaction dates equal to or older than the effective date of the report. Right??
I'm also sure all you additional comps had transaction dates equal to or older than the effective date of the report. Right??
Mary Tiernan
Senior Member
- Joined
- Dec 16, 2003
- Professional Status
- Retired Appraiser
- State
- Michigan
Must be nice to live in an area where there are more than three comps . . .
If, however, I find that I need 4, 5, 6 or yes, 9, comps to adequately present my opinion of market value, they are included in the report before it goes out the door.
Any questions about adding additional comparables are easily answered - so sorry, I utilized all the sales in the area that were appropriate. There are no more comps.
I would certainly ask to see the reviewer's comps - and I would provide a paragraph about each comp utilized in reviewer's report - not a review, a review of new sales data provided, and explain why they are not applicable to the subject and were not used in original report.
Make your client understand your report and your reasons for the opinion of value the first time around - and these requests should get fewer and fewer, and eventually disappear.
If, however, I find that I need 4, 5, 6 or yes, 9, comps to adequately present my opinion of market value, they are included in the report before it goes out the door.
Any questions about adding additional comparables are easily answered - so sorry, I utilized all the sales in the area that were appropriate. There are no more comps.
I would certainly ask to see the reviewer's comps - and I would provide a paragraph about each comp utilized in reviewer's report - not a review, a review of new sales data provided, and explain why they are not applicable to the subject and were not used in original report.
Make your client understand your report and your reasons for the opinion of value the first time around - and these requests should get fewer and fewer, and eventually disappear.
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