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SUBJECT INSPECTED 11/15...BEST COMP SETTLED 11/18

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Charlotte Dixon

Thread Starter
Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Thought I'd run this by you all.
Manufactured home on permanent foundation (on the mkt, by the way, until I called loan officer)
Only 1 comp in the subdivision settled within year, and that was today.
Effective date of subject, or date of inspection, was 11/15

I had toyed with the idea of using it as a pending sale, because of the shortage of doublewide sales within close proximity. But, I couldn't get a call back from Realtors, and I'm not wild about using pendings, especially in that market area. Surprise, I did another search and that good comp settled today.

I've used it, and have "splained and splained" the situation. Plus, I've mentioned that the subject was on the market until today. Anything wrong with using a comp after the fact? It's the BEST comp!

I'm sending the report out tonight....hope you all say ...o.k. :!:
 

Nancy in Friday Harbor

Junior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Washington
Charlotte,
My take on it would be that the sale was agreed to prior to your effective date and the settlement date/date of closing took "x" amount of time. It has closed and is, therefore, valid. :D When there aren't any comps, ya gotta use whatever ya got!!!
Don't sweat it!!
JM2CW!!

Nan
 

liznindy

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
Charlotte,

I agree with Nancy. "Meeting of the minds" took place prior to effective date of the appraisal...very recent.. makes it a great comp for CURRENT market value of the subject.
 

Charlotte Dixon

Thread Starter
Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Thank you both. The appraisal was just sent over the internet. Too bad for the borrower who told me it was worth $120,000, "easy"....Then I pulled the listing of his doublewide today....at $115,000 and on the market a couple of months (must have pulled the sign up). Then the new comp within one block JUST like his only no deck or scr. porch, sold for $89,000....Today. What goes around......etc. etc. :roll:
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
The date of inspection does not have to be the effective sate of the appraisal. Why not use the date you signed the appraisal and hold off on that until comp X closed? Just explain it in your addendum.
 

Dave Smith

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Wisconsin
Charlotte:
In that situation I might consider using the "after inspection" closed sale as comp #4, give it the most weight in valuing the subject and explain, explain, explain.

I use "after the fact comps" for estate appraisals from time to time when the after the fact comp closed quite soon after the date of death and it was the best evidence of value on the date of death, so long as it was under contract.

How many times have lenders asked for another comp or two, even if its necessary to use sales that closed after the effective date? They just seem to want evidence of value.

My $.02.
 
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