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New 3 Year Sales History

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Richard J. Glesser

Junior Member
Joined
May 16, 2002
Professional Status
Certified General Appraiser
State
Michigan
Haven't taken the new USPAP class for Con Ed but realize that new guidelines require a 3 year history of property transfers. It was my understanding that it requires 3 years for the subject but comps remain at 1 year. This requirement is extremely difficult in our market area where public records are very often poor or less. Sometimes difficult to find a legal description and parcel number.

Now I have a lender who wants 3 year history on subject and all comparables.

Is this the new regulation or just something extra that they've added? If so, I can see a substantial fee increase in the near future.

Also, where do I find this new guideline? (In normal times, I'm usually quite well read on appraisal issues and guidelines but have spent the last year to the present just trying to get them out faster than they come in.)

Thanks in advance! :usa:
 

Rich Hahn

Senior Member
Joined
May 2, 2003
Professional Status
General Public
State
Colorado
3 years
36 months

subject and sales and any listings/pendings you might want to add.

Just the rules
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
3 year history on comps was an FHA/HUD requirement. FHA/HUD just changed it back to 1 year. But lenders can require more than guidelines if they want.

Read this thread. "Click Here"

Or go to HUD for ML 2003-09.
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
You can read the new USPAP requirements on the appraisal foundation website. It covers listing and sales history for the subject for the past 3 years. The comps well that depends on the request. I personally just list them down and have started just listing the last sales data for the subject and/or comps regardless of year.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Rich:

You are not correct in terms of USPAP

As CLedet indicates: 3 years subject, 1 year comps.

Many lenders and AMC's have made it a client requirement to have 3 years of comp sales.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Since this issue just keeps changing and I/we can never be really sure of what who wants when, I just do a minimum of 3 years history on all and never get questioned that way.

If the information is not readily available in your state, just say so and go on your way.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
this is July, should this be considered a "new" requirement anymore?
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I agree with Pam....just do 3 years on everything UNLESS you can't readily obtain the data through normal sources. Most underwriters are mis-interpreting the rule.
 
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