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LO/UW Stip this afternoon

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Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Just got a call from and LO wanting me to change my report. In the sale comparison analysis section where you list prior sales. I have always put "No sale in the past year then the selling date above", if there were no other sales with in the year of the appraisal. This LO is saying there underwriter and he fax me the request that I enter the sale information in the grid as to the last sale date of the comparable. Becasue that sale happen with in 12 months and should be noted other then in the upper grid.

It is the way I have been taught by three mentors.

Is this nuts or have I been doing it wrong???

What say you??????
 

lizhorvath

Member
Joined
Dec 11, 2003
Professional Status
Licensed Appraiser
State
Michigan
We always put "No other sales within past [12 or 36 or whatever] months."
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
"Prior sales within 1 yr." for the sold comparisons is for the 1 yr. period PRIOR TO the date of sale of those properties that you have reported and analyzed in your appraisal.
 

OSU Beavers

Elite Member
Joined
Jan 10, 2007
Professional Status
Licensed Appraiser
State
Oregon
"None for 12 months prior" ...to the last sale.
 

Doug Trites

Junior Member
Joined
Oct 17, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
The U/W is smoking things. If you are doing a Purchase appraisal, the sale is not past, it is present. I have always done it the way you and the others have done it. Call them and tell them that if the sale is past then this needs to be a Refi appraisal and a new order is required.
 

Chris Colston

Elite Member
Joined
Jul 24, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Just to be contrary

I have always (since this has been on a form) put the last transfer or sale date, even if it was just Quit Claim deed and even if the last sale was in 1964 or older. Saves having to answer yet another UW stipulation. Besides it's no more work, the information is on line and actually it's less typing than what y'all are doing.

OK I've got my asbestos suit, FLAME AWAY :new_ukliam2:
 

Rudy Canoza

Senior Member
Joined
Sep 27, 2003
Professional Status
Certified Residential Appraiser
State
California
I always measure UW stips by (1) How does it effect my report; and (2) is it a hill worth dying on. This isn't much work and it isn't a hill worth dying on IMHO.

/Just sayin'...
 

Mike Plumlee

Junior Member
Joined
Feb 21, 2007
Professional Status
Certified Residential Appraiser
State
Texas
I think I understand what you're saying.

The URAR wants 3 year sales history on the subject from the appraisal effective date.

The URAR wants one year sales history on each comp for the 12 months prior to the sale date of the comparable, not the effective date of the appraisal.

The LO/UW want to know if the comparable is a flipper.
 

Susan Klimaszewski

Junior Member
Joined
Jan 9, 2003
Professional Status
Licensed Appraiser
State
Texas
I think I understand what you're saying.

The URAR wants 3 year sales history on the subject from the appraisal effective date.

The URAR wants one year sales history on each comp for the 12 months prior to the sale date of the comparable, not the effective date of the appraisal.

The LO/UW want to know if the comparable is a flipper.


I read it as meaning that the sale that is shown in the sales comparison grid occurred within the past 12 months so that same sale should be referenced in the Previous Sales/Transfer Grid also.

But then again, it is New Year's Eve.... It might be my last chance to be wrong this year!
 

Ray Miller

Thread Starter
Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
I read it as meaning that the sale that is shown in the sales comparison grid occurred within the past 12 months so that same sale should be referenced in the Previous Sales/Transfer Grid also.

But then again, it is New Year's Eve.... It might be my last chance to be wrong this year!


No you are right on.

=============

This stuff is not that easy to get on line. This is in one of those 10 counties that I cover that have no on line records. It means time with the micro-fish at the court and paper and pencil. We are still in the dark ages in a lot of places.
 
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