What would my peers do?

[DonRico]

That second appraisal is probably looking at the same comps that you have.

Make the phone calls and document who you spoke with, and make sure you have produced a solid appraisal. If there's any dicrepancies between the data in these 2 reports.....be certain it's your appraisal that conveys the truth.

 

[PropertyEconomics]

Look them up in the Orange County recordings.

BINGO .. great advice Pam .... and I see no reason for this report not to have six sales and a listing if you have that much data .. the more the better and the fewer stips.
Especially if I knw there is a second appraisal coming behind me, mine will be the best they get with the most information and the best analysis.
May pick up or keep a client with that kind of work.

 

[Joyce Potts]

Ask for the HUD-1's and then lobby the Florida Legislature to mandate the recording of the HUD-1's.

Outside of that, use them and cite your exact source with an additional disclosure that your information could not be verified in the tax rolls or public records. Let the underwriter make the educated call.

 

[CANative]

For sales that are too recent to have been recorded I put in the Listing and/or selling agents name(s) along with their phone numbers. I include the results of my interviews in the section where I describe each comparable sale presented in the report.

Works for me and apparently for my clients because I've never had anyone question me.

 

[Michigan CG]

For sales that are too recent to have been recorded I put in the Listing and/or selling agents name(s) along with their phone numbers. I include the results of my interviews in the section where I describe each comparable sale presented in the report.

Works for me and apparently for my clients because I've never had anyone question me.

That is the way it should be done...on every report. Another one of the good guys.

 

[SANDY]

GREG:
Good advise for sales too new to be recorded-what scares me is that the 3 sales in question are dated 12/2007. You would think that the error would have been corrected by now by the realtor/title company. Sounds fishy but maybe not, will keep an open mind. Yes we did time adjustment on all three based on market research.
Client has advised us to make every reasonable attempt to verify data until at least their client applies more pressure for the report. I would love to know what the other appraisal is going to use for comparables and how they are verified. Owner said other appraiser had already been there last week.

Anyway, thanks to everyone for the excellent advise-it is much appreciated.

 

[Carnivore]

I'd put the MLS number as my source and then as my secondary source I'd write "Agent Verified" and down below state the steps I took. You can knock on doors when inspecting the comps from the outside too.

Jim,

Maybe I am misunderstanding your reply. I dont believe this meets the minimum standards of verification. Where is the disinterested party verification?

 

[Pamela Crowley (Florida)]

YIKES! 12/2007 is way too old to still not be recorded in the correct county. Have you considered knocking on the doors of those 'sales'. I no longer believe these are arms-length transactions. I would mention who told you about them, but that no other reliable record of them was found. Tell it all.

 

[Carnivore]

That is the way it should be done...on every report. Another one of the good guys.

Not so fast key-mo-sabie. If the sale has closed it occurred somewhere at some specific time and specific signatures are available on specific legal documents. i.e closing statement, and MOST importantly(at least in NC) the prior owner has signed the new deed relinguishing over all rights to the real property to the NEW owner. That must happen in NC before real property is transferred. If you as the appraiser in North Carolina have that signed deed, then you almost have a verified sale!!!!

Now, NC is a "race" state. That means the new DEED is not official until actually recorded! The new owner or their agent, i.e attorney, must "race" to the court house and record the deed. If the seller were to sign two different deeds and the other guy gets there before you, then, well you are SOL! Sort of(caveat)! This is a simplification of the process, but it is true for NC.

So I require at least a copy of the unrecorded SIGNED deed! No Deed...No Sale...Period!!

Here is why I am such a stickler on this issue in NC. I dont know of one attorney in this state that leaves deeds around their office waiting to be recorded for more then a weekend(closings on Friday at 6:00 PM are common). Come monday morning the Law Office personel are waiting in line to record the deed. Why is this so important you may ask? Simple, the attorney is holding EVERYONES funds in Escrow and he aint gonna let it go until the parcel has been officially transferred in public records.

NOTICE: To NC appraisers THIS will get your license jerked in a heart beat if you dont verify or get a copy of the signed deed.

Example NC deeed attached of where the ex-w_fe gave me the big house in the divorce

 

[Ken B]

I have seen deeds of correction recorded which noted the original deed was recorded in the wrong county. The clerk of the court doesn't read each deed, they just record them.

Request HUD-1s and/or ask for the deeds and verify them in whichever county they were supposedly recorded.