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Question On Reporting Prior Sales Information On Comparable Listings

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Wayne Henry

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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.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
It is sales or transfers. No just "sales". Technically a foreclosure could be considered a transfer not a sale. Same with a divorce transfer, among other examples. If ownership has been changed or modified for whatever reason, it should be reported.
 

Noreen

Senior Member
Joined
Feb 5, 2011
Professional Status
Certified Residential Appraiser
State
New Hampshire
It is sales or transfers. No just "sales". Technically a foreclosure could be considered a transfer not a sale. Same with a divorce transfer, among other examples. If ownership has been changed or modified for whatever reason, it should be reported.

And I will agree with this but it sounds like they are splitting hairs, i.e. sales versus listings. If you know this is the best data out there, I think I would take the transfer info out of the grid pages just to get them quiet and explain the facts in the addendum. It is what it is and once again, they refuse to acknowledge that the square peg will not fit in the round hole...
 

Mr Rex

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Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
And I will agree with this but it sounds like they are splitting hairs, i.e. sales versus listings. If you know this is the best data out there, I think I would take the transfer info out of the grid pages just to get them quiet and explain the facts in the addendum. It is what it is and once again, they refuse to acknowledge that the square peg will not fit in the round hole...

What am I missing? either there was a transfer or not sales or listings?
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
That has been a bounce back for a year on the UAD Review rules for the AMCs the wife works for. Sales only, no listings.
 

Wayne Henry

Member
Joined
Nov 17, 2003
Professional Status
Certified Residential Appraiser
State
Maryland
Always put active listings on a generic active listing grid. No UAD to deal with.

The problem with the SFR 2005 listings page, at least for ACI is this form is a non UAD form. I will ask ACI if they have a UAD version of this form. I would agree it is a good idea to separate the listings from the sales.
 

DWiley

Elite Member
Joined
Apr 4, 2007
Professional Status
Certified Residential Appraiser
State
Tennessee
This is a common question that is readily answered by thorough reading of the wording on the Fannie forms. Two observations:

1. The field on the Fannie Mae forms specifically addresses "prior sale or transfers of the comparable sales..."
2. The field on the Fannie Mae forms also specifically addresses prior sales that occurred within, "...the year prior to the date of sale of the comparable sale." For a listing, there would be no date of sale from which to measure the prior year.

Hence, responses in that field should be based on the history of the comparable sales. The question is not applicable to any comparable listings that might have been used.
 

Noreen

Senior Member
Joined
Feb 5, 2011
Professional Status
Certified Residential Appraiser
State
New Hampshire
What am I missing? either there was a transfer or not sales or listings?

Dan Wiley broke it out more clearly than I did, the only history is that of the SALES not the listings... and that's why I said they are splitting hairs, esp when you are gridding all the data. another PIA.. I know for myself, I'm only caught up in being accurate with my data at that point...
 

residentialguy

Elite Member
Joined
Mar 24, 2009
Professional Status
Certified Residential Appraiser
State
Minnesota
The problem with the SFR 2005 listings page, at least for ACI is this form is a non UAD form. I will ask ACI if they have a UAD version of this form. I would agree it is a good idea to separate the listings from the sales.
There is no UAD version of that form...nor do you want it to be! There is no requirement that listings have to go on a UAD form, just as the sketch, photos, additional comments are not UAD forms. Anytime you can get from feeding the monster our data, the better.
 
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