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Sale date of comp after effective date by 1 day

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Tim Schneider

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Member
Joined
Feb 8, 2007
Professional Status
Certified Residential Appraiser
State
Wisconsin
Effective date is July 10. Comp closed July 11. Ok to use?
 

Metamorphic

Senior Member
Joined
Mar 15, 2008
Professional Status
Certified Residential Appraiser
State
California
Its not misleading, and doesnt detract from the credibility of the report. If anything it adds adds to the support for you opinion.
 
Joined
Jun 3, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
Okay to use -- and if you have any qualms, drive by the subject and change the effective date -- with the original full inspection and the drive by reinspection dates noted in the comment addendum.

Btw, this often happens with active or UC comps -- they close soon after the inspection, and are better indicators as closed sales than actives or pendings.
 

Robert Gonsalves

Sophomore Member
Joined
Apr 21, 2003
Professional Status
Certified Residential Appraiser
State
California
OK to Use, but since it closed after effective date of report it needs to be shown as Pending Sale on Grid showing original Listing Price adjusted to show Final Selling Price, than explained in Summary of Sales Comparison Approach and commented on in Reconcilaition as needed.
Just my Thoughts, Robert G.
 

Metamorphic

Senior Member
Joined
Mar 15, 2008
Professional Status
Certified Residential Appraiser
State
California
Almost makes me wonder if I should be running a check for recent sales if more than a few days pass between inspection and report finalization.
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
Okay to use -- and if you have any qualms, drive by the subject and change the effective date -- with the original full inspection and the drive by reinspection dates noted in the comment addendum.

Btw, this often happens with active or UC comps -- they close soon after the inspection, and are better indicators as closed sales than actives or pendings.

Mr. Knutson,

If you mean "drive by" and don't look at the interior again, and the 03/2005 forms are being used with an interior inspection one at play, you just advised to violate the signed certifications.

Webbed.
 

TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
The effective date is the effective date, that is why it is called that. If you start using things that have taken place after that, then they should be able to hold you responsible for everything that has taken place after the effective date, not just the things you wish to pick and choose. Use it as a fourth comp as Under Contract on the grid, then below the grid, you can tell the reader that it did actually settle the day after with known sales price, closing help, you name it. Use it, but be honest, follow the guidelines and all is well.
 

c w d

Senior Member
Joined
Oct 2, 2006
Professional Status
General Public
State
Florida
You can't get more recent than 1 day after the effective date. Crazy are the naysayers!
 

tyfsu

Freshman Member
Joined
Jul 11, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Effective date is July 10. Comp closed July 11. Ok to use?


I would schedule a re-inspection and use the comp as a closed sale. It’s a pain with $4+ gas but if you’re asking if you can use the comp means to me that it would be a likely indicator of market value for your subject. Try to make a positive out of this situation by scheduling the appointment around lunch time and hit up one of the local restaurants near the subject that you haven't been to in a while. :new_all_coholic:
 
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