Listing and Pending: "arm length" or "listing"?

[Scott FL]

Comparing the contract analysis drop down box on page 1 (and its instructions) with the comparable sale drop down boxes on page 2 reveals one variance, “listing”. Why mix apple juice and orange juice instructions?

A listing is not a sale. A pending or active with contract, is not a sale. The noun “sale” is preceded by an adjective in the page 2 comparison sales grid drop down box selections.

The only noun utilized on the page 2 drop down box other than sale, is listing.

Adjectives (active, contract, expired, withdrawn) are clearly offered in the next drop down box for use with the noun “listing”.

The final choice in the second drop down box is the noun, “sale” preceded by the adjective settled.

Then again, who knows, English and logic were never Fannie’s strength.

 

[residentialguy]

In summary, for normal (armlength) transaction, the correct way is:

PENDING: armlength for "sale or financing",contract date for "Date of Sale"
ACTIVE: Listing for "sale or financing", Active for "Date of Sale"

Is that correct?

If you mean for Pending that you select contract option under the date of sale line (which locks the date of status and only the contract date open), then Yes, that is correct!

For active listings, I would not put them on the sales comparison grid. If you have an Listing Grid, put them on that grid.

Comparing the contract analysis drop down box on page 1 (and its instructions) with the comparable sale drop down boxes on page 2 reveals one variance, “listing”. Why mix apple juice and orange juice instructions?

I agree. I think it is there because some softwares do not have an active listing page to put the actives on. I never list the active listing on the sales comparison grid, so I never select "listing". I put the actives on a separate actives grid.

 

[NorthTexValuation]

First time I've heard of that. I've been told on the UAD to mark as a listing and then report the contract date. The property has not sold so it isn't an arms length transaction.....yet.

That is correct.

"Arm's length" is only applicable to CLOSED sales.

How would anyone know if it was an arm's length sale until it closed and the buyer (and all sale terms) were identifed?

 

[NorthTexValuation]

A listing is not a sale. A pending or active with contract, is not a sale. The noun “sale” is preceded by an adjective in the page 2 comparison sales grid drop down box selections.

Also correct.

"Joliet" Jake is incorrect, but will argue his "side" forever.

I refuse to argue points such as this, the other guy can just keep doing it wrong.

 

[Mr Rex]

Arms length listing....:new_smile-l: They aren't selling(or offering) short, REO, or to their double first cousin at a discount....

 

[residentialguy]

That is correct.

"Arm's length" is only applicable to CLOSED sales.

How would anyone know if it was an arm's length sale until it closed and the buyer (and all sale terms) were identifed?

Incorrect. It also applies to pending sales, just like you applied it to the subject contract. Any agent will disclose this information.

If you put something different for your subject, you have a valid argument. What do you put for the subject contract?

 

[residentialguy]

In case you missed that, Tex...

If you treat your subject the same way as you do your comps, you have a valid argument. What do you put for that first line in your subject contract section. Do you put listing?

I have no problem with conceding to facts backing an argument, but so far the only thing that you have going for you in the realm of support is that Anon does it that way.

 

[Mike Kennedy]

First time I've heard of that. I've been told on the UAD to mark as a listing and then report the contract date. The property has not sold so it isn't an arms length transaction.....yet.

re Pending/Contracted Listing

Post 20

http://appraisersforum.com/showpost.php?p=2226184&postcount=20

 

[Sarge]

Mike - As stated I select the contract box and enter the contract date. My disagreement is reporting that it is Arms Length rather than Listing. What if the listing is in an Active Option or Active Contingent status? It still has a contract on the property but I don't think entering Arms Length (or REO, Short, etc) is appropriate. I've seen many times here in the Dallas/Fort Worth market where the property will go from Active Option to Sale on MLS, the agent just never changed the listing to pending.

 

[J Grant]

Re, since the UAD can be confusing and force us to make choices that we may feel does not apply 100% to a property, explain in a narrative below the status of the listing...that comp 5 is an REO home listing that has a contingent contract, for example.