Question On Reporting Prior Sales Information On Comparable Listings

[Wayne Henry]

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.

Thank you very much @DWiley your response here and on the phone with this matter was greatly appreciated.

 

[Mike Garrett RAA]

Yes, thank you Danny. I'm still conflicted because it says "transfers". I have had underwriters tell me I need to include and analyze even correction deeds or change from individual to joint ownership and/or trusts. Isn't this over-kill?

 

[bnmappraisal]

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.

Thanks for that reply DWiley. I am literally working on a file right now and one of the listings (client/AMC requires 2 active/pending - imagine that?! - it's not for your company, btw) One of the listings transferred in the past year as of the effective date of the appraisal, however, as you state (my bold) above, is not applicable.
My personal SOP still comments on the prior transfers/sales, but your post made me think a little more about what the "form" is actually asking.