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Reconsideration of value

Danica Ketover

Thread Starter
Freshman Member
Joined
Mar 28, 2005
Professional Status
Licensed Appraiser
State
Wisconsin
Hello all. Have a question about completing a reconsideration of value. In the original report I have two listings under contract. One of the listings has sold since the signed report. Can I amend this listing to a comparable sale in the ROV report?
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Hello all. Have a question about completing a reconsideration of value. In the original report I have two listings under contract. One of the listings has sold since the signed report. Can I amend this listing to a comparable sale in the ROV report?
I wouldn't add it as a comp.. The purpose of the ROV is to address the info others have sent you. You can address in commentary the listing that closed if it helps support your value or rebuttal.
 

Dublin ohio

Senior Member
Joined
Mar 20, 2008
Professional Status
Licensed Appraiser
State
Ohio
Just got my first ROV in over a year. 2 of the three were already in report. 3rd closed after effective date and would not have made a difference. Called AMC and aked if they vetted the sales before they sent them over. Answer was it slipped through the cracks and to disregard.
 

sputnam

Senior Member
Joined
Apr 24, 2012
Professional Status
Certified General Appraiser
State
North Carolina
The reconsideration isn't a new appraisal. Unless you want to reinspect the subject property and change the effective date..... then no. It would be appropriate, if you choose, to include comments in your response that that listing has closed.
 

ramrcdk

Senior Member
Joined
Jan 15, 2008
Professional Status
Certified Residential Appraiser
State
North Carolina
Hello all. Have a question about completing a reconsideration of value. In the original report I have two listings under contract. One of the listings has sold since the signed report. Can I amend this listing to a comparable sale in the ROV report?
Date of the Inspection IS the USE-BY Date of the "historical" sale info'. So, NO you can't. IF it "was a listing" then ...it was a listing AS OF...
Please reference the FNMA- Fannie Mae Instructions regarding CU Underwriter software checker AND/OR "did the lender-client have THE COMPLIANT REASON of "why" of (ROV)
use of the additional sales you were to review-for use In the PAST DATED report?

ALSO: here is a recent article (08/20) of info': attached "IT IS IMPERATIVE that a Lender read, analyze the sales used IN THE REPORT prior asking... "

***ROV: Because "they ask" you do need to/or should respond via an Addendum IN the Original Report. ***
 

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Last edited:

Rlong

Member
Joined
Jan 31, 2002
Professional Status
Certified General Appraiser
State
Colorado
I do not "reanalyze" my existing data, I almost always find (as above) they: 1 are a ridiculously different nbhd, 2) ridiculously different improvement, 3) (at best) no better than the comarables already in the report (and often simply confirming my value, and finally 4) are already in the report. So if it was none of those you might clone your report and "model them" and see if it makes any difference (in which case you have proof you may have missed good data); but your not changing effective date, so don't change that listing. I don't think it is unethical to mention "subsequently closed for x" but you shouldn't use that to weight or bias your reconciliation in that direction as it did not occur prior to effective date.

Bob
 

Tom4value

Senior Member
Joined
Dec 4, 2016
Professional Status
Certified Residential Appraiser
State
Massachusetts
The listing was in the report. That means it was considered when you did your final reconciliation. If that one (now) sale threw your entire opinion of market value off, then you did a poor job of reconciliation. My guess is that you did a good job. Don’t let that one comp sink you.
 
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