This is a request from MB.
These are the conditions on our loan approval.
Listings do not support value-these comps indicate a lower value in current market. Appraiser to re-evaluate with the current market information.
This underwriter asked us to supply two active listings to support value and to use a list to sale price ratios of the 3 comparable sales and apply adjustment to active listings. I choose ratio from the comp which I placed most weight on and it brought adjusted values of listings in below subject value and value of comparable sales. This MB has sent back appraisal 3 times prior, we have complied with all requests. They insisted on Comps in the subject's "immediate neighborhood" which there were none within the past 6 months. The 2 active listing are in the subject's immediate neighborhood and have been on the market for 264 & 306 days respectively. In using the ratios on the listings I had to account for the prior price reductions which occurred before the current list price at the time of the appraisal. My supervisor called the MB and they asked him to lower the value to the adjusted values on the active listings on the appraisal and also that mentioned calling the appraisal board on us. He doesn't want to argue with them and told me to do what they want. He couldn't tell me whether they can legally do this. Any comments will be appreciated. Has anyone ever based their final value on active listings??
These are the conditions on our loan approval.
Listings do not support value-these comps indicate a lower value in current market. Appraiser to re-evaluate with the current market information.
This underwriter asked us to supply two active listings to support value and to use a list to sale price ratios of the 3 comparable sales and apply adjustment to active listings. I choose ratio from the comp which I placed most weight on and it brought adjusted values of listings in below subject value and value of comparable sales. This MB has sent back appraisal 3 times prior, we have complied with all requests. They insisted on Comps in the subject's "immediate neighborhood" which there were none within the past 6 months. The 2 active listing are in the subject's immediate neighborhood and have been on the market for 264 & 306 days respectively. In using the ratios on the listings I had to account for the prior price reductions which occurred before the current list price at the time of the appraisal. My supervisor called the MB and they asked him to lower the value to the adjusted values on the active listings on the appraisal and also that mentioned calling the appraisal board on us. He doesn't want to argue with them and told me to do what they want. He couldn't tell me whether they can legally do this. Any comments will be appreciated. Has anyone ever based their final value on active listings??