My First Collateral Underwriter Revisions

[Sierra Dale]

They rated my sales within the 20 comps. I guess I was lucky my comps were within their 20. My appraisal was given a 2.7. There were discrepancies with a bedroom count and locations be noted as beneficial or adverse. I reported the busy road, the bedroom conversion and the comp that backed open space. Who knew. The rating system did not care about the time of sale of the comp. Some of their best sales were almost a year old. The system had an adjusted value for each comp. I could not tell where, how or why that adjustment was given or how it was derived. If I followed the adjusted sales amounts my subject would have appraised for much higher. I do not agree with their adjusted values.

 

[djd09]

So CU is making adjustments to the comp sales. Wonder if it is market reaction adjustments?

Sales within the one year theory is for the birds. Was it the AMC's or HUD that made appraiser use two sales within 3 months for declining market?

Did they show you their 20 sales or just tell you where your sales ranked?

 

[Sierra Dale]

It has the list of 20 sales.
Rank, Address, Age, Lot, GLA, Bed, Bath, Bsmt T, Basm F, C, Q, V, L, Date, Sale. GD, Model Adj.
Some of the top ranked sales were over 30% of subjects GLA and almost a year old. There were many sales that were within 100 sq. ft of subjects GLA, similar location, quality, condition and within the immediate neighborhood that sold in the past 5 months that I wouldn't use something with that huge of a variance and sale date.