Stip to add specific comp to grid or a different comp within 1 mile of the subject

[Surf Cat]

Maybe the OP did do all of the things you suggest they didn't. Nobody but the OP knows.

Maybe so....Bottom line is that the lender wants a sale from the immediate neighborhood. The lender must like the op well enough to supply him with one. I'd want to be in control of that though.

I'm assuming we got ANSI the very same way we got the C ratings. The lender's were tired of all the non-standard Avg/Gd., Avg.+, Gd.+/Avg. It was all over place. Problem is, public records, MLS listings are primarily non-ANSI. So to put that on our plate when mostly everything isn't....makes it a sh*t show.

Maybe the OP is stubborn because they did do their due diligence and they know it. Sorry if I tend to take the appraiser's side in some of these threads. But I try to at least give them the benefit of the doubt.

The lender's not having it.... it's not like they're sending non-competitive sales over for an ROV because the op didn't meet the contract price..... #1 client, not an AMC? Sheesh, give them a sale within a half mile, problem solved.

 

[RCA]

If you are using a FNMA form you are certifying you are using the best comparables. Putting a sale in there with no weight kind of goes against that certification. So you have to decide with business decision or going against the certs.

An older sale in the immediate market area would be the safest approach. Its still the best locationally, physically etc.

All of my comp adjustments result in the same adjusted sale price for as many comps have you have thrown into the regression, whether it is 3,6,12,24,48,100 - or 2000. Breaking the residual up into various "subjective" adjustments is however a manual process that is only done for the comps that get thrown into the sales grid and takes more time as you increase the number of comps you decide to display in the sales grid. I have on many occasions put 12 comps into the sales grid, but the average is probably 8-9 comps. The "best" comparables are of course homes that share characteristics in common with the subject. Now, that does not necessarily mean "most similar". If you have a house that has some unusual features - you want comps that share these unusual features, even if they are very different in other ways. -- And this is when you will likely throw more than the usual number of comps into the sales grid. The the subject is a 125 year old Craftsman which has a large luxury kitchen with high end appliances - like a $25K oven and a $8K range and $8K, you had better find some comps with the same - even if they are much newer homes. Of course you will have to have some old Craftsman homes as well. Then what if your subject has a 4 car garage, a larger lot, a swimming pool, etc.? To be honest I have gone as far as 15 comps on two occasions.

 

[Tom D]

also, don't forget that each appraisal gets a CU score from 1-5. 1 being impossible, and 5 you really bad appraisal. most lenders let it go with a 2.5. now it's typically an underwriter who will ask for whatever security they need to calm them down. the comps distances are not a problem, depending on how built up it is, we don't know. but if the CU score came in at 3 or above with CU spitting out sales then the underwriter won't take a chance of a buyback. and don't expect anyone to look at CU sales except you to defend yourself. if this was the only time in your princess life that the lender did this, be happy that they are giving you a chance to prove CU wrong. no realtor, or lender, is going to give you a lower sale ever. when CU spit out it's report it spit on you. now just do it and make CU look stupid. and like said earlier maybe an additional older sale on top that one. whatever it takes to look like a value genius. i had that happen a couple of times over this century. the CU sale was pitifully bad.

 

[djd09]

the failure to understand AIR continues...

 

[Tom D]

the failure to understand AIR continues...

so you never question your doctor or the mechanic fixing your whatever. when you looked in the dictionary for appraiser definition, did it say princess, questions not accepted.

 

[sputnam]

Oh... let me see if i got this straight. You appraised a property that has a pool. None of the comparables you reported have pools. Consequently, you have nothing in your report that supports the idea that propeties with pools are marketable in the area and nothing supporting the adjustments for the pool. Is that right? If so, then the Lender's request is 100% appropriate.

 

[CGinMN]

Oh... let me see if i got this straight. You appraised a property that has a pool. None of the comparables you reported have pools. Consequently, you have nothing in your report that supports the idea that propeties with pools are marketable in the area and nothing supporting the adjustments for the pool. Is that right? If so, then the Lender's request is 100% appropriate.

I hate it when reviewers don’t read the report before giving their opinion.

it's the comp they want me to use that has an in-ground pool, the subject and all other comps have no in-ground pool.

 

[OSU Beavers]

Realtors suggest high priced comps and underwriters demand that I add really low sales as comps. In both cases they are usually properties that would not be considered by the buyer of the subject property for several reasons. I just state the reasons and the requests go away.

 

[andrew81]

Need some advice here please.

A lender client who sends me the majority of my assignments sent a stip to add specific comp to grid or a different comp within 1 mile of the subject. To me this seems to "limit the scope of work to such a degree that the assignment results are not credible in the context of the intended use." It also confuses me because the completed assignment resulted in the opinion of value being above contract price, albeit 7k above, and the comp they want me to add would bring the opinion of value well under contract price. The comps I used were 0.8 miles, 1.6 miles, 2miles and 3 miles from the subject and were extremely similar substitutes which also bracketed GLA, adjusted sales and overall adjustment percentages. In short they were the best comps available.

My first inclination was to tell them to stop trying to influence assignment results and pay me for what I felt was a job well done. My problem is that I don't want to "bite the hand that feeds me" and it could be that they have legitimate concerns about surrounding subdivision values that I did not find in my research. Before I get blacklisted by my best client by refusing the stip and telling them that I think adding any other comps from a 1 mile radius would produce misleading assignment results, I wanted to get some other perspectives. Am I making too big a deal out of this or thinking about it wrong? How would you handle or have you handled situations like this? Thanks

Is this a rural market?

 

[Zoe]

They are not questioning value. You can add like one comp on the grid and virtually give it no weight in your final reconciliation.