1. MARCO TEÓRICO
1.2 CONTROL INTERNO
1.2.11 Bienes de larga duración
1.2.11.1 Registro de bienes por construcción de obras
The BPO report should include information and data that serve as the basis for the opinion of price or value stated in the report. This includes a description of the market in general, the regional market, and the immediate market area of the subject property. The description could:
• include comments about the unemployment rate and prospects for changes in employment and the local economy.
• provide answers to questions about supply and demand. (Is there balance, an oversupply, or short- age of available listings or comparable properties?)
• provide an explanation of how the subject property is affected when the type of inventory of competing listings in the area or neighborhood has an effect on the opinion of price or value.
The customer is depending on the preparer of the BPO to disclose if there are competing listings offered as short sales or bank owned properties, or if the opposite is true.
The basis for the opinion of price or value should also include a disclosure of trends discovered through research. Provide information and supporting data about the absorption rate, changes in the level of inventory, demand, prices, and values. Disclose if the number of distressed offerings or sales is increasing or decreasing.
absorption rate is the number of sales in an area or market category per month. When compared to the current inventory, it helps determine the relationship between supply and demand.
Trends in marketing time may also provide a basis for the value or price opinion. Examination of this data will also assist in the event the request is for an esti- mate of price or value based upon a specific or maxi- mum time on the market.
An example of market conditions and trends descrip- tion is provided below. (Please note the numbers are relevant to a specific property and should not be considered applicable to other properties or neighbor- hoods.)
As of the effective date of this report, the regional multiple listing service indicates there are approximately 140 active listings of single family residences within the neighborhood boundaries described. These range in price from $25,000 to $299,900. Although some listings have been on the market for over one year, the average time on the market is under three months. About 70 of these listings are under contract or pending sale after an average of about 70 days on the market. Over 66% of the listings are offered as short sales or bank owned properties. Over 80% of the listings classified as active with contract or pending sale are offered as short sales or bank owned properties. Of the active listings not classified as active with contract or pending sale, over 50% are offered as short sales or bank owned properties.
There have been 210 sales of single family resi- dences reported by the regional multiple list- ing service in this neighborhood over the last 12 months. These range in price from $22,000 to $325,000. The average time on the market for the 210 sales reported by the regional mul- tiple listing service is 135 days. Over 55% of the sales were offered as short sales or bank owned properties. These include 54 short sales and 62 sales of bank owned properties.
Examination of single family residential sales data for this area indicates that the median listed price for single family residences in this area has been stable over the last year. In the most recent quarter the median listed price was $79,900. The median sales price in this area has increased slightly over the past 12
months. In the most recent quarter the median sales price was $74,000. The absorption rate has been relatively steady over the past year at 15–18 units per month. The number of active listings is up slightly in the most recent quarter. Of the 140 active listings, only 12 are similar to the subject in age and size. These range in price from $119,900 to $299,900. The average time on the market for these active listings is just over four months. Over the past 12 months the regional multiple listing service reported 12 sales of single family residences similar to the subject in age and size in this area. These range in price from $75,000 to $205,000. The average marketing time for sold listings similar to the subject in age and size over the past 12 months is just over four months. Examination of single family residential sales data for resi- dences similar to the subject in age and size in this area indicates that the median listed price and median sales price in this area has been stable over the last 12 months. In the most recent quarter, the median listed price for resi- dences in this area similar to the subject in age and size is $154,200 and the median sales price is $145,000.
The number of listings of residences in this area similar to the subject in age and size has increased slightly over the last two quarters. Although the absorption rate is relatively stable at one-half to 1.3 units per month, demand con- tinues to lag supply in this area. Competition from short sales and bank owned properties is not as pronounced for listings of properties similar to the subject in age and size, but still represents about 25% of the active listings. The availability of financing and the type of financing obtainable has an influence on the marketability of the subject property. Financing alternatives are part of the basis for the opinion of price or value, and may be important to certain customer groups, particularly lenders in possession of the property or about to take possession through foreclosure.
A description of the subject property will be a signifi- cant component in the basis of the opinion of price or value. The level of detail in the description will depend on the type of report (CMA, BPO, or evaluation) and the customer instructions. It may be as simple as fill- ing check boxes on a form, or may involve a narrative description. The age and type of construction of the
The Real Estate Professional’s Role in Valuation 87 improvements should be part of the description. The
opinion of price and value will depend, to a significant extent, on the size of the improvements, the number of bedrooms and bathrooms, and the number and type of auxiliary structures such as garages, patios, and porches. Another significant component to con- sider and disclose is the condition of the improve- ments and the mechanical equipment.
A description and presentation of comparable sales and listings, and completion of the sales compari- son approach to value or price are some of the most important elements to provide a basis for the opin- ion of price or value. It is not likely the cost approach or income approach will be included as a basis for the value or price opinion. The development of an approach other than the sales comparison approach is beyond the scope of nearly all BPO assignments.
seLectiOn OF cOMParabLe saLes
Regardless of the type of valuation report being pre- pared, a major factor will be the selection of compa- rable sales and development of the sales comparison approach. In the case of BPO reports, the customer may have specific requirements that limit the use of certain properties or require the use of compa- rable properties sold under specific conditions. For instance, a customer may request the licensee to base the opinion of price or value on an analysis of sales of bank owned or real estate owned (REO) properties only. This requirement might exist if the subject property is bank owned or about to be fore- closed.Comparable sales and listings are those worthy of comparison with the subject property. They should be competitive with the subject property and have the same highest and best use. Comparable sales and listings should be similar to the subject in loca- tion, size, design construction, age, physical charac- teristics, and amenities. To ensure the current market influences are reflected, the date of sale for compa- rable sales should be recent, if possible within three to six months. Active listings should be offered under the same or similar terms to those of the subject property.