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hglenbetts

Senior Member
Joined
Dec 3, 2007
Professional Status
Certified Residential Appraiser
State
Michigan
Just had an underwriter request "all statistical data supporting analysis of stable mkt"

My analysis was a chart showing 3 years of sales data in the subject neighborhood with graphs showing sales (High, low and Median), DOM and $ per sqft. (All quite stable, by the way)

My narritive for market condition, stated that the Stable market condition was unique to the neighborhood of the subject and comps, and some other neighborhoods within the municipality, but that the County, region and State are all in decline.

Do I make the 15+ pages of raw data taken from the MLS part of the report?? or provide it seperately as a supplement?? This is the first time that I've had an UW question my data.
 
Active Listing Analysis
Contract Listing Analysis
Expired Listing Analysis
DOM trend Analysis
Concession Analysis

or just CLOSED sale analysis

included in Report?

General AND Specific breakouts?

Appears UW seeks ADDITIONAL market data in support of the MOST current trends.
 
Active Listing Analysis
Contract Listing Analysis
Expired Listing Analysis
DOM trend Analysis
Concession Analysis

or just CLOSED sale analysis

included in Report?

General AND Specific breakouts?

Appears UW seeks ADDITIONAL market data in support of the MOST current trends.

No contract - re-fi
provided analysis of solds (High, low, Median, DOM, $ per ft, three years back, broken by quarter) charted and graphed.
Commented on concessions: frequency, typical amount as % of sale.

Reported results of analysis of current listing in market: list price range, $ per ft, DOM, $$ reductions.

Three of five comps were under 90 days AND w/i 200YDS of subject (2 were across the street)

Just the SOLD analysis data contains at least 17 pages of "one line" property info for about 200 properties.

My question is, in addition to the charting and graphing of the data and a thorough narrative explaining it all, what more would you include to "Prove" your analysis?? I have never had my analysis challenged in this manor before, so I'm a little lost. Spoke with the Loan officer who is totally lost on this too. I'm about ready to make a "Did you read the report" call...
 
underwriter request "all statistical data supporting analysis of stable mkt"

UW kindly clarify request. Thanks.
 
You might just remind the underwriter that you have completed a "SUMMARY" appraisal report. That an alalysis of the extent that he/she is requiring would be a self contained or "NARRATIVE" appraisal report, not required by the secondary market and would cost $zzz,000. more dollars to complete. I would also remind the underwriter what a summary appraisal means. That can be found in AO-11, and required content in SR 2-2(b).

You are not required to do what this individual is asking you to do.
 
underwriter request "all statistical data supporting analysis of stable mkt"

UW kindly clarify request. Thanks.


Yep.. That's where I'm at.

Don, thanks for the comment. That's about the right amount of zeros too!!
 
is your property in Milford?
 
I think I would take the data used for the analysis and scan it as a picture (no text of any kind) and save it as a PDF if that is ultimately what they want. That way, it cannot be easily altered. PITA? sure! Should there be a charge? Absolutely!
 
With A2 I would want to see your data as well
 
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