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No listings, top of page 2

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Fishing Girl

Freshman Member
Joined
Jan 4, 2019
Professional Status
Certified Residential Appraiser
State
Tennessee
If there are no comparable listings, at the top or page 2 I put “0” and the list price range of 0 and 0. I run a UAD and Par review through ACI. I just ran the review and, although it passed the UAD review, the Par review states that the list price range is an error and will not pass. What should the list price range be if there are no competing listings?
 
I've been entering "0"'s in all three places in ACI with no fail for at least the past 10-12 months.
 
If there are no comparable listings, at the top or page 2 I put “0” and the list price range of 0 and 0. I run a UAD and Par review through ACI. I just ran the review and, although it passed the UAD review, the Par review states that the list price range is an error and will not pass. What should the list price range be if there are no competing listings?
It should be the "list price range" that you entered as "search criteria" for that data set. $100,000-$300,000 for instance.
 
I've never gotten a revision request putting zeroes. I HAVE gotten revision requests when leaving those fields blank. Its all about their review systems...

So...my answer is not necessarily what 'should' go there, but what results in the least work, though I have never seen any issue, UAD or otherwise, for putting zeroes there, though leaving blank makes more sense.
 
It should be the "list price range" that you entered as "search criteria" for that data set. $100,000-$300,000 for instance.
The above makes absolutely no sense. That is not what it says at the top of page 2. Would be difficult for that to match the 1004MC. Which it is supposed to do.
 
It should be the "list price range" that you entered as "search criteria" for that data set. $100,000-$300,000 for instance.
is that a joke? never heard of searching by price....
 
The above makes absolutely no sense. That is not what it says at the top of page 2.
It says "comparable properties". How is the reader of your report to know what you consider to be a "comparable property"? Unless clearly identified in the report what search criteria you used to find "comparable properties" simply saying that there are "no listings" found from $0-$0 is poor practice. The neighborhood could be overrun and oversupplied with listings that you don't consider "comparable" that somebody else might. If, somewhere in the report you clearly identified what a comparable property would be defined as (say on the 1004 MC) then you could skip that particular disclosure. Otherwise, it is much better to let the reader of the report know that you found no listings between a certain "comparable" price range, not that there were no listings in the neighborhood from $0-$0. You won't find that guidance written down anywhere, just an observation from somebody who does lots of reviews and is "triggered" by laziness.
 
is that a joke? never heard of searching by price....
Do you throw in all the outliers? Do you consider repossessions & tear downs along with McMansions with helicopter pads to be comparable to most manufactured homes you appraise or do you filter those out by price? Why is "price" the subject of that questionnaire at the top of page 2 of the URAR if it has no bearing on comparability?
 
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It says "comparable properties". How is the reader of your report to know what you consider to be a "comparable property"? Unless clearly identified in the report what search criteria you used to find "comparable properties" simply saying that there are "no listings" found from $0-$0 is poor practice. The neighborhood could be overrun and oversupplied with listings that you don't consider "comparable" that somebody else might. If, somewhere in the report you clearly identified what a comparable property would be defined as (say on the 1004 MC) then you could skip that particular disclosure. Otherwise, it is much better to let the reader of the report know that you found no listings between a certain "comparable" price range, not that there were no listings in the neighborhood from $0-$0. You won't find that guidance written down anywhere, just an observation from somebody who does lots of reviews and is "triggered" by laziness.
It also says There are "x" comparable properties currently offered for sale in the subject neighborhood. So if there are actual comparable properties for sale. You put in your "price range" search criteria instead of the actual range of of those properties. Same for comparable sales?
 
It also says There are "x" comparable properties currently offered for sale in the subject neighborhood. So if there are actual comparable properties for sale. You put in your "price range" search criteria instead of the actual range of of those properties. Same for comparable sales?
I let the listings and sales speak for themselves, if one or the other is unable to "speak" then I do a little better at informing the reader of the report what price criteria was researched than a bunch of zeros. You should as well.
 
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