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Why Didn't I Think of That?

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athome77

Member
Joined
Apr 1, 2008
Professional Status
Certified Residential Appraiser
State
Illinois
Got this underwriting condition today, my underlining:

Appraiser to provide two new comps that have sold within the past 6 months that are similar to subject in all areas including style, square footage, condition, frame construction, etc.

Wow, what a great idea. One sale in the project in the past six months (included as comparable sale one). No other sales within six months or two miles. Actually had to include comparable sales which don't meet FNMA guidelines and apply adjustments. Felt like an appraiser for a little while. I guess the AVM didn't work out on this one.

 

Hamlet

Elite Member
Joined
Aug 14, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
Got this underwriting condition today, my underlining:

Appraiser to provide two new comps that have sold within the past 6 months that are similar to subject in all areas including style, square footage, condition, frame construction, etc.

Wow, what a great idea. One sale in the project in the past six months (included as comparable sale one). No other sales within six months or two miles. Actually had to include comparable sales which don't meet FNMA guidelines and apply adjustments. Felt like an appraiser for a little while. I guess the AVM didn't work out on this one.



Did you point out that their condition is redundant? Comparables already are what they described above, or they wouldn't be comparable.:rof:
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
I got a request today for 'two new sales equal to the subject's sales price.'
That'll be a tough one. They also wanted them to have smaller net and
gross adjustments than the original appraisal. Oh well.
 
Joined
Aug 16, 2007
Professional Status
Licensed Appraiser
State
Virginia
Next stip... three new comps with same amount of boxwoods planted across the front left side of the house!
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
Appraiser to provide 3 sales -made within 60 days and 1/2 mile radius - requiring no
adjustments.
.
 

athome77

Member
Joined
Apr 1, 2008
Professional Status
Certified Residential Appraiser
State
Illinois
Here was my "addendum." My first draft was much more sarcastic, but can't afford to burn many bridges right now:

At the request of the client a review of available closed sales data has been made in an effort to provide comparable sales which are "similar to the subject in all areas." None were found. According to the NIMLS, there has been only one sale within the subject's Asbury Place project within the past six months. This sale was included as comparable sale one. There have been no other sales of homes which are more similar in style, square footage, condition, and construction within the subject's market area within the six month period prior to the effective date of the appraisal. As a result it has been necessary to utilize those comparable sales which are considered the most similar available and apply market supported adjustments to compensate for their value related differences.
 
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