What Do You Consider To Be Data Sources And Verification Sources?

[ucbruin]

Easy... Those agents have no interest in your subject. What that "verification from a disinterested source" applies to the subject's interest when getting comp info; for example if the Listing Agent of your subject gives you a comp and say something like "oh that's a distressed sale and sold below market value", you have to verify that through a disinterested source. You can't take their word at it.

Cert 10....
"I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or the financing of the subject property."

Nice try Nancy.....
The cert clearly states "verified" "all information in this report".
Not just the comps in the SCA.....
So how have you been "verifying" ALL of the information in your report, including but not limited to, buyer/seller motivations if you aren't allow to employ the participants to the transactions as a source of verification for the buyer/seller motivations??????
Do you ask the neighbors, mailman, milkman, grandparents, ex spouse, employer, clergyman, what????

Nancy....
"I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or the financing of the subject property."

From your answer I believe you are asking about the sellers/buyers motivations of the subject property, but may not have been "verifying" their motivations with a disinterested source....

 

[residentialguy]

Cert 10....
"I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or the financing of the subject property."

Nice try Nancy.....
The cert clearly states "verified" "all information in this report".
Not just the comps in the SCA.....
So how have you been "verifying" ALL of the information in your report, including but not limited to, buyer/seller motivations if you aren't allow to employ the participants to the transactions as a source of verification for the buyer/seller motivations??????
Do you ask the neighbors, mailman, milkman, grandparents, ex spouse, employer, clergyman, what????

Nancy....
"I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or the financing of the subject property."

From your answer I believe you are asking about the sellers/buyers motivations of the subject property, but may not have been "verifying" their motivations with a disinterested source....

Sorry, but you're taking that out of context. Read this

It is acceptable to obtain comparable sales data from parties that have a financial interest in either the sale or financing of the subject property; however, the appraiser must verify the data with a party that does not have a financial interest in the subject transaction. For example, if the real estate agent of the subject property has provided comparable sales data, that information must be verified through another disinterested source.​

https://www.fanniemae.com/content/guide/selling/b4/1.3/07.html

 

[ucbruin]

Sorry, but you're taking that out of context. Read this

It is acceptable to obtain comparable sales data from parties that have a financial interest in either the sale or financing of the subject property; however, the appraiser must verify the data with a party that does not have a financial interest in the subject transaction. For example, if the real estate agent of the subject property has provided comparable sales data, that information must be verified through another disinterested source.​

https://www.fanniemae.com/content/guide/selling/b4/1.3/07.html

Cert 10....
"I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or the financing of the subject property."

Nancy.....
Please read Cert 10 and HIGHLIGHT where it mentions comparable sales....
Please read Cert 10 and provide your interpretation for the phrase ALL INFORMATION IN THIS REPORT

The link you provided is specific to comparable sales....
But not to Cert 10....

What have you been/are doing to comply with verification as written in Cert 10???
It appears to me that Cert 10 allows verification to be just about any source other than the participants to the transaction....

 

[residentialguy]

I agree it is written poorly...welcome to Fannie World. One can not take it literally to include the subject sale, otherwise, you couldn't add the buyer's name, the contract price, the financial information, in fact the whole contract itself...nothing (if you take Cert 10 to literally encompass everything, like you're suggesting) in the subject contract area could go into the report because that is all information from the interested party.

Rather, you'll see that the subject Cert is #5 and it falls under the certs that deal with the comps 6-10. The selling guide also indicates that this language is for the comp data. And we are to research analyse and verify the subject sale, and the verification sources are clearly interested sources when it comes to the subject contract.
Therefore, the only logical conclusion one can make is that Cert 10 does not mean that we can't verify the sale conditions with the subject party, because they are the only ones that would know that information.
But, if you want to stay hard-line...just state "Cert 10 does not allow me to state this information" in all of the contract section. That ought to be fun. Keep us posted

but alas...this is just another attempt to justifying you skipping the work necessary for a credible/compliant report. If you spent as much time verifying as you do looking for loopholes on how to get out of verifying, you'd have a much stronger report and probably have more free time to post more threads in the Watercooler.

 

[DTB]

That is the conundrum of the Certs and IMO that's is not accidental. The appraiser really can't develop/write the report properly according to the form and certs which are mandated for conventional financing.

The out for an appraiser who gets in a pickle on any of the issues is that Fannie has been accepting it and set the precedent. Then again, they could bleed you dry.

 

[residentialguy]

That is the conundrum of the Certs and IMO that's is not accidental. The appraiser really can't develop/write the report properly according to the form and certs which are mandated for conventional financing.

The out for an appraiser who gets in a pickle on any of the issues is that Fannie has been accepting it and set the precedent. Then again, they could bleed you dry.

I actually believe there is some truth to this. They don't have our best interest at heart. I added many clarifications and CYAs to my reports just for that very reason.

 

[Artemis Fowl]

I did not mention anyone by name nor did I aim the comment towards a specific person. The pronouns I used were specific to the reader. Left it up to the reader to decide if it applies to them or not.

 

[TRESinc]

We've learned something about that sale already haven't we? All from a simple phone call.

Believe nothing from them now and find someone else to talk to if I just have to use that sale...otherwise I'm thinking of finding a different comp...this one doesn't look so great anymore.

naaa, can't do that. that would entail using simple common logic to solve a problem...

In the language RG shared, I didn't read the words "due diligence"...
I did read the words "must verify"...
I also read if "cannot verify"....

no one can help you if you don't understand the term "due diligence", and since you don't you really should not be appraising. to paraphrase a favorite movie, stupid is as skippy does.

I wouldn't find out? Really? When I buy and sometimes when I sell I get a copy of the appraisal, just for curiosity. Some of the beautiful prose of how you interviewed Sally Highheels and she said I paid over market because blah, blah, blah.

Did I say that I would sue the agent? A good talking to from an attorney and his/her broker will suffice. Zip it!

you seem to forget we are talking about verifying comparable info, which means your deal is done and gone, and unless you are the borrower in the new transaction, which you would not be, you are not getting a copy of the appraisal.

 

[ucbruin]

no one can help you if you don't understand the term "due diligence", and since you don't you really should not be appraising. to paraphrase a favorite movie, stupid is as skippy does.

On the subject of "verification" meaning interviewing the participants to the transaction....
I will give you your due and say I bow down to you....
Because of all of the AF members who have posted a comment....
You remain the only person to have shared that you not only always interview participants to the transaction that you employ as comps but that you also always interview participants to the transaction of sales that you consider to be potential comps......
But more importantly...
I salute you for never violating your own personal standards.....


Din...
That you have never cut corners on "verification"....
I salute you for being 100% pure!!!!!

 

[TRESinc]

I salute you for never violating your own personal standards.....

why would anyone ever violate their own personal standards? by doing so you are admitting that you don't actually have any standards.