date of sale
377) Effective Date of Data Sources
08/07/08
Dear H2,
On the 2nd page of the URAR, there is a section entitled: Effective date of data source(s). How is this supposed to be used? I was under the impression that appraisers went back in history as far as 3 years from the date of the appraisal for the subject property, and 3 years from the sale date for the comparable sales.
A number of lenders have told me that it should be the date of the current appraisal for both the subject and the comps. Could you tell which way it should be and where I can find the info to send to them in either case.
Thank you,
Larry Bauer lbauer@cfl.rr.com
Dear Larry,
The "Effective Date of Data Sources" section is intended to report when the information in the data source actually took place. For example, information published in a May MLS publication may actually have been as of an April date. The current Fannie Mae requirement is for a three year sales history of the subject property from the effective date of the appraisal report and a one year sales history from the date that the comparable sale was last sold. These requirements are printed right on the URAR.
H2
On the 2nd page of the URAR, there is a section entitled: Effective date of data source(s). How is this supposed to be used? I was under the impression that appraisers went back in history as far as 3 years from the date of the appraisal for the subject property, and 3 years from the sale date for the comparable sales.
A number of lenders have told me that it should be the date of the current appraisal for both the subject and the comps. Could you tell which way it should be and where I can find the info to send to them in either case.
Thank you,
Larry Bauer lbauer@cfl.rr.com
Dear Larry,
The "Effective Date of Data Sources" section is intended to report when the information in the data source actually took place. For example, information published in a May MLS publication may actually have been as of an April date. The current Fannie Mae requirement is for a three year sales history of the subject property from the effective date of the appraisal report and a one year sales history from the date that the comparable sale was last sold. These requirements are printed right on the URAR.
H2
183) Date of Sale
12/14/07
Dear H2,
My question concerns date of sale. I am looking at an 11/07 update of a 05/2007 appraisal. The subject was pending sale at time of appraisal . . . the appraiser references Dec. 07, 2006 as the "date of sale". The MLS shows the sale pending as of 04/07.
MLS records show 06/18/07 as the selling date and Assessor records show 06/06/07 and county document records show 06/18/07 on excise tax and deed of trust.
So what is the date of sale?
Linda S Glover linda.glover@homestreetbank.com
Dear Linda,
The date of sale is the date the sale closed. This can be determined when you verify the sale from whomever you verify it with.
H2
My question concerns date of sale. I am looking at an 11/07 update of a 05/2007 appraisal. The subject was pending sale at time of appraisal . . . the appraiser references Dec. 07, 2006 as the "date of sale". The MLS shows the sale pending as of 04/07.
MLS records show 06/18/07 as the selling date and Assessor records show 06/06/07 and county document records show 06/18/07 on excise tax and deed of trust.
So what is the date of sale?
Linda S Glover linda.glover@homestreetbank.com
Dear Linda,
The date of sale is the date the sale closed. This can be determined when you verify the sale from whomever you verify it with.
H2