Sale settled post Effective date, prior to report date

[Sadie]

Hmmm.... My thought was, if I issue a new Date of Report, its essentially a new report. If its a new report, shouldn't all data available today ne taken into account.

It may be a new report, but the effective day is still the same. If it closed prior to the effective date, but it was not entered into the system until later, you could potentially use it as long as you disclose.

 

[CCAAMO]

Why would the effective date of value change? Only the date of signature should change to reflect the date the appraisal was revised

 

[CCAAMO]

Sounds like you used the listing price of the comparable and not the pending price. Did you call the agent and ask what the sales price was once it was under contract or did you just use what the MLS showed as the listing price when it went into escrow.

 

[ZZGAMAZZ]

It may be a new report, but the effective day is still the same. If it closed prior to the effective date, but it was not entered into the system until later, you could potentially use it as long as you disclose.

Reinspect to provide the basis for a new Effective Date, but like Nephew said don't tip over the apple cart just because 1 apple was spoilt, although the source of the problem should be identified to determine whether its a worm or an infestation. -- Chauncey Gardiner

 

[Zephyr999]

Did you call the agent, is there a particular reason this unit sold for the lower price ?

 

[LAJones]

I believe you may be confusing effective date and date of report. You can make a revision/correction at any time after the original report was signed, and changing the report date to the date of the change indicates to the reader that a change was made. However, if you want to update the report with new market data, then you would need to have a new effective date, and thus a new report date. But you would need to re-affirm that no alterations have been to the observations you made as of the prior effective date. Then disclose the prior services. Also, if this is for a FNMA lender, then you also need to re-visit and re-observe.

 

[ZZGAMAZZ]

I believe you may be confusing effective date and date of report. You can make a revision/correction at any time after the original report was signed, and changing the report date to the date of the change indicates to the reader that a change was made. However, if you want to update the report with new market data, then you would need to have a new effective date, and thus a new report date. But you would need to re-affirm that no alterations have been to the observations you made as of the prior effective date. Then disclose the prior services. Also, if this is for a FNMA lender, then you also need to re-visit and re-observe.

I'm wondering whether "prior involvement" must be invoked if the original report was never submitted, because the issue in question was addressed before the "Original Version" of the report (Actually a different report) was completed, because the prior service would not have been consummated, so to speak; and a site observation, per se, might or might-not be considered as a formal involvement, per se.

 

[Flakey]

Bet you money if the pending sale that closed supported a higher value, they would be singing a totally different tune. Anyway, their behavior (including the UW) is unacceptable. If it's going to Fannie, they are in violation of Fannies AIR guidelines https://singlefamily.fanniemae.com/media/21986/display

 

[sputnam]

Nevermind.

 

[The Bob]

Unit B is a Model Match from the same complex, also Listed for Sale and was pending as of the effective date of the report. Sale B was utilized as a Listing comparable.
Newly settled sale is 11% below my AV and 19% below the subject PP. I feel it is significant.

11-19% is significant. I think I would seriously consider lowering my OMV based on that.
They're asking you to reconsider, how can you ignore that? How do you say your OMV is unchanged?