Is This Appropriate To Add To The Report

[swapp]

First thing, my appraisal is going to come in way under the contract price. Back story, I get to the house and the homeowner gives me pages of comps, stating that's how "they" determined the sales price. I asked if the comps were from the agent and she stated that she was told it was something she could give me and that they were found on Zillow. The comp sheets are full MLS listing sheets printed out with the agent's name. And these "comps" are so different that I have to wonder what the agent was thinking? It doesn't even make sense.
My report will speak for itself, but do you ever add information such as, the list of comps given to you and why they were not used when the situation is ridiculous as this?

 

[Tom Woolford]

I don't worry about contracts. I don't even look at them until the report is finished. As far as owner or agent supplied sales, they usually aren't worth the paper they are printed on as they don't know how to select a non-biased "comp". Thank them and tell them you'll look at them back in the office.

 

[Mr Rex]

Most agents pull comps by price. Had one present me several today. Subject is 3600sf and comps ranged from 1600-7000sf...but all were in a certain price range. Hmmm, no thanks...

 

[swapp]

I don't worry about contracts. I don't even look at them until the report is finished. As far as owner or agent supplied sales, they usually aren't worth the paper they are printed on as they don't know how to select a non-biased "comp". Thank them and tell them you'll look at them back in the office.

I do, but I don't usually add their supplied info to the report; only if the lender sends a request for consideration. This one is so far off that I thought it might be necessary.

 

[hastalavista]

I would definitely comment on it.
I would summarize (as you note) the owner provided me with sales data at the time of the inspection; I reviewed the data and determined they inconsistent with my comparable selection data and did not use them in my analysis.

This way, if the data comes back in the form of an ROV, you've already addressed it.
Likewise, I think it would be prudent to mention it if the data was relevant; in that case, you've likely already captured them in your search and can note that as well.

It took me longer to type this post then it would for you to do this in your report.

 

[Mr Rex]

Make a comment that they are not considered reasonable or relevant and refer to Appraisers Certification #7.

 

[swapp]

I would definitely comment on it.
I would summarize (as you note) the owner provided me with sales data at the time of the inspection; I reviewed the data and determined they inconsistent with my comparable selection data and did not use them in my analysis.

This way, if the data comes back in the form of an ROV, you've already addressed it.
Likewise, I think it would be prudent to mention it if the data was relevant; in that case, you've likely already captured them in your search and can note that as well.

It took me longer to type this post then it would for you to do this in your report.

Thanks!

 

[NachoPerito]

It is normal to be handed comps. You can take it seriously or not depending on the credibility of the person giving it to you. I put a comment in the appraisal when there is a comp that appears to be a good comp, but ends up not getting used.

 

[Restrain]

We just state that the market does not support the contract price and don’t go into any detail as to sales data provided by borrower, etc.

 

[miktay]

...