Encyclopaedia - Real Estate

Now, to be fair…. there was some seller paid closing costs (just under 3%). But, the contract was below the list price of $232,000!

Typica

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

l deal. Realtor writes up contract close to list price with seller paids. All is good in approval land until the appraisal comes in really

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

ow. Then, yep, you guessed it, the listing agent calls me to tell me they have another appraiser who will be able to come in higher. They fo

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

nd some comps that were priced higher. Seems that the builder in town is putting out some killer incentives and driving down the existing sa

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

es market for the time being…. But they really feel like the property supports the higher price as it has upgrades itself.

But, it seems th

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

t this appraiser was willing to build an appraisal out of a deck of playing cards…. because these new comps are NEW CONSTRUCTION.

Now, lets

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

not even get into the discussion about why you can’t use new construction for an appraisal comp on existing sales. I am sure that Meg Stewar

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

can discuss all the ins and outs of that. But for ANY Realtor, regardless of which side of the transaction you are on, to suggest that we ‘

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

eed a new appraiser’ is absolutely ridiculous.

I blogged about this a while back, Don’t Be That Realtor
actually got all of 3 comments

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

(one of them was my own comment). It seems that either this topic is a sore subject… or maybe it is just so darn ridiculous that no one thin

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

s it is necessary to mention. But it seems that it IS worthy of mention…. Because it keeps happening!

My first notice of this was when the

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

appraiser left me a message. 30 minutes later I get a phone call from listing agent wanting to use new appraiser. My first phone call was to

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

the referring Buyer’s Agent and she was rolling on the floor laughing. She would NEVER agree to a new appraiser. Besides, the current apprai

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

er is very well respected around town and unless there are some FSBO comps they missed the Listing Agent will have to explain himself to the

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

sellers.

So, we all agreed to have the Seller Agent submit any new comps to the appraiser for reconsideration as they do have a right to ch

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

llenge the appraisal. And it seems that the Seller Paid Closing Costs will have to be amended out of the contract as the buyer wants to proc

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

ed. But myself and the Buyer’s Agent undoubtedly have counseled the borrower/buyer on the ramifications of paying full list price and have e

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

couraged them to resist any thoughts of re-appraising the property so they can roll in the seller paids. Although it would be nice to keep t

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

at extra cash free for curtains and appliances, they do qualify with paying those expenses out of pocket.

Realtors, how do YOU respond when

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

the appraisal comes in low?

Or, for that matter…. how do you respond when an appraiser is willing to fabricate an appraisal out of thin air

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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