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

[ucbruin]

So you are questioning one of us for using a sale that was not fully verified after reading the REQUIREMENTS from four different sources but you don't verify ANY of your sales?

"So you are questioning one of us for using a sale that was not fully verified...."

MCG,

It's either verified or it's not verified....
Fully verified is a new phrase in this thread.....

In ResGuys last post, which is a sidestep (HUD) from what we have been discussing....
But I will still point out a phrase....

"If the sale cannot be verified with someone who has first-hand knowledge of the transaction, use public records."

Then it seems public records (deed) is permissible.....
But then again, I believe ResGuy is introducing new language and new source to this thread.....

MCG,

Using the past posts and language regarding verification....
What's the difference between employing 1 comp or 2 comps that was/were not verified verses 3 comps that were not verified....????
In ResGuy's and your world....
There should be no difference...
Violating a rule is violating a rule....

Bottom line....
Even those who profess to do all the right things will at times fall short....
And when they do, they do the practical and common sense thing...
Things they might even criticize others for doing.....

 

[Pittsburgh Pete]

So you are saying that you do "try" to verify with a party to the transaction. After all the language "if the sale cannot be verified..." would indicate that an attempt is expected to be made!?

Funny how some adamantly defend flawed methods and then poo poo appropriate methodology.

wouldn't criticize you for using "unverified" sales if you consistently make the attempt to verify. But I get the sense such required verification never landed on your radar screen.

Sorry, but it is what it is.

(FYI, some of you'd would never be able to do eminent domain work in PA. Penndot requires verification along with the name of the person with which the data was verified, their relationship to the transaction, and their phone number. If one cannot verify a sale it cannot be used in the report. All reports are treated as if they will be going to litigation. That said, we get good fees for our efforts)

 

[ucbruin]

So you are saying that you do "try" to verify with a party to the transaction. After all the language "if the sale cannot be verified..." would indicate that an attempt is expected to be made!?

Funny how some adamantly defend flawed methods and then poo poo appropriate methodology.

wouldn't criticize you for using "unverified" sales if you consistently make the attempt to verify. But I get the sense such required verification never landed on your radar screen.

Sorry, but it is what it is.

(FYI, some of you'd would never be able to do eminent domain work in PA. Penndot requires verification along with the name of the person with which the data was verified, their relationship to the transaction, and their phone number. If one cannot verify a sale it cannot be used in the report. All reports are treated as if they will be going to litigation. That said, we get good fees for our efforts)

Are these questions for me?

 

[Michigan CG]

Using the past posts and language regarding verification....
What's the difference between employing 1 comp or 2 comps that was/were not verified verses 3 comps that were not verified....????
In ResGuy's and your world....
There should be no difference...
Violating a rule is violating a rule....

Bottom line....
Even those who profess to do all the right things will at times fall short....
And when they do, they do the practical and common sense thing...
Things they might even criticize others for doing.....

I am sure you read what Resguy posted and if you did you will see we do follow the rules as was printed. So we are not violating a rule and doing things EXACTLY the way it is supposed to be done.

You on the other hand..................

 

[Michigan CG]

All reports are treated as if they will be going to litigation. That said, we get good fees for our efforts)

UCbruin will question anything you say about litigation work as he has numerous times in another thread. And he IS an expert, completing three litigation reports in his 30 years of appraising.

 

[Michigan CG]

Funny how some adamantly defend flawed methods and then poo poo appropriate methodology.

His list of adjustments says he doesn't need to attempt any verification.

 

[ucbruin]

From post #14

Data and Verification Sources of Comparable Sales
Examples of verification sources include, but are not limited to, the buyer, seller, listing agent, selling agent, and closing documents in certain situations. Regardless of the source(s) used, there must be sufficient data to understand the conditions of sale, existence of financing concessions, physical characteristics of the subject property, and whether it was an arms-length transaction.

From post #79

I don't have much time, but here's a snippet from HUD

8. Confirmation of Sales and Transaction Information

Whenever possible, interview a party to the sale to determine the expectations and
motivations for purchasing the property. Also, determine whether significant capital
expenditures funded by the seller were made shortly after the transaction occurred. If so,
determine whether the expenditure needs to be added back into the sale price to reflect the
actual conditions surrounding the sale.

The appraiser MUST verify sale information with the buyer, the seller or one of their
representatives (broker, lender, lawyer, etc.) . If the sale cannot be verified with someone
who has first-hand knowledge of the transaction, use public records. However, the
appraiser must clearly state how the sale was verified and to what extent. Do not use or
rely heavily on any sale that was not verified with an involved party or one of their
representatives because concessions have become more common in the market.

Slightly different language and from a different source than we have been discusing....
Although slightly different language.....
It seems to me that the verification sources include more than agents/sellers/buyers/attorneys/etc. (public records)....

If the appraiser MUST verify....
Then attempting to verify is not the same as verifying...
So maybe appraisers should never employ a comp that they could not actually verify with an agents/sellers/buyers/attorneys/etc.
But that would be impractical.....

 

[djd09]

Then you have been violating FNMA, FHA, USDA, etc. rules for your entire career.

Oh ok. 18 years and counting. Who said i did work for the crooks anyways. You make assumptions without facts.

 

[djd09]

each post of yours is worse than the previous. you not only have a severe lack of intelligence you apparently don't have any common sense either. it must be really rough living your life. then again you aren't smart enough to know so maybe it isn't.

I might be dumb as a rock but you keep reading them, so does that make you?

 

[TRESinc]

I might be dumb as a rock but you keep reading them, so does that make you?

bored