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What About That 4th Comp ??

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jtrotta

Senior Member
Joined
Jan 16, 2002
when ya'll git those order's for an assignment, how many of you receive the request for a 4th comp :?:

If in the origination of the order you don't git that request, it would appear to me that the three you provide fulfill the request. any further requested info. should be considered an extension of that report and subject to additional "Tech Fee's" - whats yer thoughts :?:

The reason why I see it that way, is cause all of the company's I buy stuff from give you the original package, but as soon as you ask for more items to that package, a new Fee is required to obtain that information.

8)
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
When an appraiser receives an order, they should analyze the problem, do the research necessary and include in the report what it takes to explain and illustrate the answer to the problem. That might mean three comparables only or it might mean many more comparables in the original report. Each report has its own unique situation--so just three comparables isn't always the "one size fits all" situation. Then if the report can be read with the reader coming to a similar conclusion, the appraiser has done their job. And I mean actually reading the entire report, not just looking at the number at the bottom of the second page. Then any calls back from the client can be answered by read paragraph three on page two for example--end of conversation. Let the subject, the subject neighborhood and the subject marketing area tell you how many comparables to use, not the loan officer or underwriter or the form itself.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
And I mean actually reading the entire report, not just looking at the number at the bottom of the second page.
There is the true problem. But being in a rural area, I usually use 4 to 5 comps, sometimes 6 or 7. It can be tough to get the point across to the UW. But when I lived in a more metro area, I rarely used 4 to 6. Then like J, it became a pointless exercise for which more $$ was requested.
 

Ted Martin

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Kansas
Depends on the property. If I think it needs more than three I'll provide as many as necessary. I've even been know to include under contracts and active listings "for information purposes, not used to establish the value". It's more cost effective for me to only have to write a report once than to have to deal with additional information requests at a later date. I probably don't get three additional information requests a year, and dont' have a problem either telling them to climb a tree or charge them an additional "stupidity fee".
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
j , ......To answer your question, very rarely. The order in a higher-priced neighborhood may speak to an extra and needed pending and at least one listing. I will always have gridded extra comps anyway as I never go out with only 3 pieces of sold data to look for and photograph. After the shuffling of grid columns, so as to isolate those which function best at focusing the value of subject, the extra comps reside on page 2 and/or pg 3. Their use would generally bring forth certain adjustments too large, or create a wider range of final adjusted price....so of course, they are secondary comps. If a client were to call and ask for "extra comps", and maybe say they need photos too, they would get PDF'd that other grid page and photo page, and that could happen while we are still on the phone together. Sure wish a client would ask me for extra comp(s) so I could have a chance to impress them with turn-time. Do you think they would appreciate that ?........nah, probably not. Just like all those toys we got as kids....with "batteries not included" in small print on the packaging, maybe we need to start putting such words in an obscure location within the report...."extra comps not included" !
 
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