residentialguy
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Listing and Pending: "arm length" or "listing"?
- Thread starter yes4me
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residentialguy
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Here is what the UAD specs say.
Line 1
The appraiser must indicate the sale type for each comparable property. If more than one sale type applies to the comparable property, the appraiser must start at the top of the list and identify the first sale type that applies
Says nothing about it being a closed sale. They want to know what type of sale that is. It is a pending SALE. Some may argue that listing could also apply. Ok, what does it say when there are more than 1 possible answer? It says, "the appraiser must start at the top of the list and identify the first sale type that applies" Listing is at the bottom of the list, thus that is not the option to choose for a pending sale.
You also mentioned that you state concessions for active listings. Here's what the UAD says about concessions: "The appraiser must enter the financing type from the list below and the total amount of concessions, if any, for each settled sale."
Notice the key words "for each settled sales"
Line 1
The appraiser must indicate the sale type for each comparable property. If more than one sale type applies to the comparable property, the appraiser must start at the top of the list and identify the first sale type that applies
Says nothing about it being a closed sale. They want to know what type of sale that is. It is a pending SALE. Some may argue that listing could also apply. Ok, what does it say when there are more than 1 possible answer? It says, "the appraiser must start at the top of the list and identify the first sale type that applies" Listing is at the bottom of the list, thus that is not the option to choose for a pending sale.
You also mentioned that you state concessions for active listings. Here's what the UAD says about concessions: "The appraiser must enter the financing type from the list below and the total amount of concessions, if any, for each settled sale."
Notice the key words "for each settled sales"
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gregb
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Pending is regarded as "listing" on form lines stating "sale or financing concessions"
Form line below states "Date of Sale/Time" where one can click contract date
On one of the two form lines that says "sale or financing concessions" it is appropriate on a pending sale to disclose if the seller if offering any concessions instead of stating 0, unless the listing agent states or discloses in interview it is an all cash transaction with no seller concessions.
Form line below states "Date of Sale/Time" where one can click contract date
On one of the two form lines that says "sale or financing concessions" it is appropriate on a pending sale to disclose if the seller if offering any concessions instead of stating 0, unless the listing agent states or discloses in interview it is an all cash transaction with no seller concessions.
residentialguy
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Greg wrote: Pending is regarded as "listing" on form lines stating "sale or financing concessions"
No, it is not. It is a pending sale, not a pending listing... and they want to know what type of sale is taking place. It might have some relevance if it is a non arms length sale, don't ya think?
Greg wrote: Form line below states "Date of Sale/Time" where one can click contract date
On one of the two form lines that says "sale or financing concessions" it is appropriate on a pending sale to disclose if the seller if offering any concessions instead of stating 0, unless the listing agent states or discloses in interview it is an all cash transaction with no seller concessions.
I agree that it is very appropriate to state any known concessions agreed upon by both parties for a pending sale (and I do this), although UAD states to list it for "settled sales"
No, it is not. It is a pending sale, not a pending listing... and they want to know what type of sale is taking place. It might have some relevance if it is a non arms length sale, don't ya think?
Greg wrote: Form line below states "Date of Sale/Time" where one can click contract date
On one of the two form lines that says "sale or financing concessions" it is appropriate on a pending sale to disclose if the seller if offering any concessions instead of stating 0, unless the listing agent states or discloses in interview it is an all cash transaction with no seller concessions.
I agree that it is very appropriate to state any known concessions agreed upon by both parties for a pending sale (and I do this), although UAD states to list it for "settled sales"
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residentialguy
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You treat the comps no different then you treat the subject pending sale. What did you put down for the subject in the contract section? The subject contract area has the identicle sale indicators as the comps.
This is the options for the subject's pending sale - notice that "listing" is not even an option
This is the options for the subject's pending sale - notice that "listing" is not even an option
AnonApprsr
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I'm sorry res, you know I hate to say it but I'm right and you're wrong.
J Grant
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Sonce the UAD gives us limited choices, for a pending or contingent contract listing, I put "listing" in the top and "active" on the bottom of the fields, then I explain in narrative that comp 5 is a listing with a pending contract, that it is a short sale listing, and if I am aware of any concessions, I will put that information in as well in narrative.
I wish UAD had a choice for pending contract and contingent contract, but it doesn't, it makes us choose between listing and sale, and till it closes, it is not a sale, so imo disclose any pending or contingent contracts and explanation about sale type or other feacts known in the narrative.
I wish UAD had a choice for pending contract and contingent contract, but it doesn't, it makes us choose between listing and sale, and till it closes, it is not a sale, so imo disclose any pending or contingent contracts and explanation about sale type or other feacts known in the narrative.
residentialguy
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Then I don't know what else to say. You are doing it incorrectly and lack deductive reasoning by doing it that way.
- How difficult is it to realize that you describe the comps exactly like you describe the subject when it has a contract?
- How difficult is it to realize that it is a pending SALE and you are to describe what kind of sale it is?
- How difficult is it to state that it is under contract and is no longer active?
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Mike Kennedy
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See Pages 21-24
FANNIE'S
UAD Appendix D: UAD Field-Specific Standardization Requirements Page 21 of 37
Page 23
Date of Sale/Time
For each comparable property, the appraiser must first identify the status type from
the list of options below.
Status Type
Active
Contract
Expired
Withdrawn
Settled sale
�� If the comparable property is an active listing, the appraiser must specify ‘Active’.
�� If the comparable property is under contract, or an expired or withdrawn
listing, the appraiser must first indicate the date status type using the
abbreviations below followed by the corresponding contract, expiration,
or withdrawal date in mm/yy format. Use ‘c’ for contract, ‘w’ for
withdrawn listings, and ‘e’ for expired listings.
Page 24
Status Type – Appraiser must select one value from the specified list
Date – mm/yy
Contract Date Unknown Indicator (for Settled Sales only) – Select ‘Yes’ or ‘No’
The PDF creator will automatically insert the abbreviated Date Status type and a
semicolon to separate the data values (for settled sales only). If the appraiser indicates
the contract date is unknown, the PDF creator will populate ‘Unk’ after the
semicolon.
Examples:
Active listing: Active
Contract: c04/10
Expired listing: e04/10
Withdrawn listing: w04/10
Settled sale (contract date known): s04/10;c02/10
Settled sale (contract date unknown): s04/10;Unk
FANNIE'S
UAD Appendix D: UAD Field-Specific Standardization Requirements Page 21 of 37
Page 23
Date of Sale/Time
For each comparable property, the appraiser must first identify the status type from
the list of options below.
Status Type
Active
Contract
Expired
Withdrawn
Settled sale
�� If the comparable property is an active listing, the appraiser must specify ‘Active’.
�� If the comparable property is under contract, or an expired or withdrawn
listing, the appraiser must first indicate the date status type using the
abbreviations below followed by the corresponding contract, expiration,
or withdrawal date in mm/yy format. Use ‘c’ for contract, ‘w’ for
withdrawn listings, and ‘e’ for expired listings.
Page 24
Status Type – Appraiser must select one value from the specified list
Date – mm/yy
Contract Date Unknown Indicator (for Settled Sales only) – Select ‘Yes’ or ‘No’
The PDF creator will automatically insert the abbreviated Date Status type and a
semicolon to separate the data values (for settled sales only). If the appraiser indicates
the contract date is unknown, the PDF creator will populate ‘Unk’ after the
semicolon.
Examples:
Active listing: Active
Contract: c04/10
Expired listing: e04/10
Withdrawn listing: w04/10
Settled sale (contract date known): s04/10;c02/10
Settled sale (contract date unknown): s04/10;Unk
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