# of Units Sold

[NJ Valuator]

I have always only included settled closed sales in the condominium project data section for # of units sold. Client told me to also include under contract.

 

[Mike Ault]

Are they signing the report? Why are they getting into your business at that level of minutia? I would tell them that I would be happy to do that as soon as they actually sell. An offer to purchase is not a purchase.

 

[Dublin ohio]

I have always only included settled closed sales in the condominium project data section for # of units sold. Client told me to also include under contract.

Is it a new complex?

 

[glenn walker]

New Units or older development ?

 

[NC Appraising]

I always closed escrow...settled sale.

I have the 2011 version of the UAD and it is not even mentioned. Anybody got other copies of the uad that states it?

I do wonder if they want it that way so that the project meets certain requirements....??

FHA states...# of units sold..enter the number of units in the sold in the subjects project.

Food for thought....when you fill out the top of page 2 and the 1004mc.....you going to include pendings in the sold data sections?

I know for a fact FHA requires you to include pendings in the active sections.

 

[Flakey]

You are correct. Your client is telling you to be misleading.

 

[NC Appraising]

I do appreciate the word salad...

Comparable SALES top of page 2.


Comparable sales (settled) 1004mc

# of units sold. Page 1

Playing devils advocate (who knows, the AMC person) could have been a on-site sale agent for a builder. They use "sold" for homes that are under contract.

What is the definition of sold?

Chatgpt kinda funny...

Fannie & Freddie base project eligibility and marketability on closed sales, not contracts.

• A sale is not verifiable until it closes
• Contracts can fall through → counting them as sold would misstate absorption and risk

This is why lenders will kick back appraisals that:

• Inflate “Units Sold” using pendings
• Don’t explain large numbers of under-contract units in new projects

 

[Tom4value]

Use only actual closed sales. Then state number of pendings in a comment. Client gets what they want, you are not being misleading, everybody happy.

 

[James Micozzi]

I have always only included settled closed sales in the condominium project data section for # of units sold. Client told me to also include under contract.

Client is wrong. Units under contract are just that, under contract listings awaiting a closing date to transfer title. UC goes into active listing section. If you are so inclined, you can elaborate in the addendum that out of the XX number of listings, X number are under contract. My guess is that your numbers of active and sold didn't add up to the total # of units?

 

[NJ Valuator]

New Units or older development ?

new