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Three year review of comp sales

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Durano Joe

Junior Member
Joined
Sep 4, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I just started working for a different appraiser and the new office has not heard of the need to review the comps for sales in the last three years. All the information was left at the previous office and my short memory does not know where to find something in writing to present to the new office. Was it in a USPAP document this January??
Thanks in advance for the help. :?
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Three years for the subject, one year for the comparable sales.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
to expand on Tim's comment:

1. USPAP 2003 requires disclosure of 3 years sales history for the subject if reasonably available to the appraiser in the normal course of business... mind you this may be paraphrased, I DON'T have it memorized... go check the source (or run a search function in the general forum, there have been a lot of comments on this)

2. Typical forms require analysis and commentary on 1 year (old format) of sales on subject... and some allude to a listing history as well.

3. Many clients are requiring a 3 year comparable sales history as a supplimental requirement.

4. Many clients are requiring a listing history on the subject (again supplimental -client- requirement)...

Hope this helps!
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
Bruce here is what you are looking for from USPAP.

Standards Rule 1-5 (This Standards Rule contains binding requirements from which departure is
not permitted.)

In developing a real property appraisal, when the value opinion to be developed is market value, an appraiser must, if such information is available to the appraiser in the normal course of business:

(a) analyze all agreements of sale, options, or listings of the subject property current as of the effective date of the appraisal; and

(b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective date of the appraisal.9

Comment: See the Comments to Standards Rules 2-2(a)(ix), 2-2(b)(ix), and 2-2©(ix) for corresponding reporting requirements relating to the availability and relevance of information.

Hope that helps.

Ryan
 

Durano Joe

Junior Member
Joined
Sep 4, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
:D

That is more info than I expected and alot faster.
Thanks for the replies!!

Bruce
 
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