Tidewater...agent submission of sales

[RSW]

Maybe my question wasn't clear. Of course, there are vast differences in the higher priced properties (of course, the agents involved in the Tidewater response don't think so!). My question was whether or not I should feel obligated to include these sales in my response to the lender; just acknowledge they were submitted but not relevant to the analysis.

You need to go back and study up on the Tidewater protocol. There are specific guidelines on what we appraisers are required to do.

 

[Surf Cat]

There are some key pieces of the puzzle missing in this one....

 

[Tim Hicks (Texas)]

Just address their comparable sales and why or why not they are relevant and move on.

 

[Larry Phillips]

It seems as if the Tidewater appraisal process is intended to help the appraiser find any comparable properties that may have been overlooked in the initial search. The appraiser needs to have an open mind and do a thorough analysis. I have often asked, invited, and accepted sales from informed market participants to provide the most credible opinion of value. The buyer of the higher prices homes had the means to purchase the lower priced properties. It may be fitting to consider the property from that angle rather than assuming that the current buyer is purchasing the maximum they can afford.

 

[Mark K]

Even if similar properties, would these sales be inappropriate due to huge variations of value?

Uhhh, no.

If they are truly similar properties, it would be appropriate to take a good look at them. Do your homework and the research.

 

[JTip]

Maybe my question wasn't clear. Of course, there are vast differences in the higher priced properties (of course, the agents involved in the Tidewater response don't think so!). My question was whether or not I should feel obligated to include these sales in my response to the lender; just acknowledge they were submitted but not relevant to the analysis.

Provide a one line data source presentation of ALL the sales used in the MC Form results (pretend 55 closed sales in the past 12 months, whatever).

If within your search range, those comps will be within the raw data search results.

"Sales provided were considered in the raw data search, see line items #14, #27 and #32 (wherever they are). These sales were considered but not deemed comparable or as comparable to the subject as the provided closed sales in the report."