Wayne Henry
Member
- Joined
- Nov 17, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Maryland
Question on reporting prior sales information on comparable listings
Exactly one year today @netappr posted on this General Discussion forum a question that I find myself asking as well. It was not clearly answered so I am posting it again and adding my questions towards the end.
His post 12/01/2015 stated:
"I completed a 2055 for servicelink. I included the listings in the sales grid, #5 & #6. I always provide the 1 year sales/transer data of the listings same as required for the sales. I had 1 listing which had a transfer within the past 1 year but was not a sale (type of transfer was unknown due to being in a non disclosure state). Now the AMC will not accept the report. They replied with:
"The FNMA form states it clearly (as circled above) – you should only mark the “DID” box if your research of the prior sale/transfer history of the comparable sales yields a prior sale/transfer– this should not include listings, though the listing information can be disclosed within the grid. Unfortunately, the report cannot be accepted with the “did” box marked, and the revision should be addressed.
This rule was derived directly from the Fannie/Freddie UAD Compliance Rules – throughout this, FNMA dictates that the research should be completed on the comparable sales, not the comparable listings. I understand where your point, and where you are coming from – however this is not how FNMA expects the reports to be completed.
Please revise and resubmit."
Yes, the form does state the data is needed for sales, however, the listings were clearly provided in the sales grid.
Anyone have or had this issue? Any advice on a reply? I know if I don't they will just reassign with no pay. I do know one thing, I will no longer accept requests from servicelink (LSI) anymore."
I am having the same problem but not with an AMC. It just does not appear to be clear from all of the research I have conducted.
I understand that the box should only be checked if an actual sale sold within one year before the sale date of the comparable sale (not the effective date of the report) but what about reporting for the listings? Since the listings did not settle we can not go back a year before their sale date to report a prior transfer, or should we bother at all? Should we go back a year before the effective date of the report or not report anything about listings?
Due to the form showing in position 4 and 5 the words "Comparable sale" in the header, even though they are listings, it begs the question if this FNMA guideline is required for listings on a comparable sale grid. Any help would be appreciated to settle this issue once and for all.
Exactly one year today @netappr posted on this General Discussion forum a question that I find myself asking as well. It was not clearly answered so I am posting it again and adding my questions towards the end.
His post 12/01/2015 stated:
"I completed a 2055 for servicelink. I included the listings in the sales grid, #5 & #6. I always provide the 1 year sales/transer data of the listings same as required for the sales. I had 1 listing which had a transfer within the past 1 year but was not a sale (type of transfer was unknown due to being in a non disclosure state). Now the AMC will not accept the report. They replied with:
"The FNMA form states it clearly (as circled above) – you should only mark the “DID” box if your research of the prior sale/transfer history of the comparable sales yields a prior sale/transfer– this should not include listings, though the listing information can be disclosed within the grid. Unfortunately, the report cannot be accepted with the “did” box marked, and the revision should be addressed.
This rule was derived directly from the Fannie/Freddie UAD Compliance Rules – throughout this, FNMA dictates that the research should be completed on the comparable sales, not the comparable listings. I understand where your point, and where you are coming from – however this is not how FNMA expects the reports to be completed.
Please revise and resubmit."
Yes, the form does state the data is needed for sales, however, the listings were clearly provided in the sales grid.
Anyone have or had this issue? Any advice on a reply? I know if I don't they will just reassign with no pay. I do know one thing, I will no longer accept requests from servicelink (LSI) anymore."
I am having the same problem but not with an AMC. It just does not appear to be clear from all of the research I have conducted.
I understand that the box should only be checked if an actual sale sold within one year before the sale date of the comparable sale (not the effective date of the report) but what about reporting for the listings? Since the listings did not settle we can not go back a year before their sale date to report a prior transfer, or should we bother at all? Should we go back a year before the effective date of the report or not report anything about listings?
Due to the form showing in position 4 and 5 the words "Comparable sale" in the header, even though they are listings, it begs the question if this FNMA guideline is required for listings on a comparable sale grid. Any help would be appreciated to settle this issue once and for all.
