1 Bedroom with no 1 bedroom comparables

[TMG]

"Acknowledged sales # _, #_ and # _ are over 12 mos old and over 1 mile away. Scarcity of 1 bedroom comparables required expanding search criteria."

 

[J Grant]

If the appraiser can not find one bedroom SFR sales or listings within a year plus and a reasonable distance, a hypothetical buyer can not find them either. Since it is assumed most buyers want at least 2 bedrooms in a SFR house, then the subject would have other things going for it to make it competitive. Chances are the first buyers either custom built or modified it after purchase to a one bedroom... in any case, though an older sale price can be useful, I would not want to rely on it's percent difference extrapolated to today as the only indicator of marketability today. Buyers are not idiots and if there is enough Sf in the dwelling/ placement o lot, they can envision adding or converting a second bedroom if they want to modify the house after purchase.

 

[Digger88]

since the lower level is exposed like that call it GLA and include any bedrooms down there.

 

[J Grant]

Certain proprety types , condos or small villas have common one bedroom configurations and a market for them.

However, I doubt there are many, if any, buyers trying to find a one bedroom SFR. On the other hand, a buyer might choose to modify a house, making 2 bedrooms into one, or custom desiging a one bedoom open plan house. Being that is likely the case, find the most similar sf and design houses and adjust for /talk about the bedcroom differences. Either a bank will want to lend on it or not, that is their decision to make

The OP never came back to explain what the house is like. Idk why people ghost their own help threads

 

[Salty]

Keep in mind you are signing off that you have adequate market data to develop a reliable sales comp approach. If that's what you are doing.

Sounds like there might be an additional page of comps needed and this might be more of a qualitative report. I had one like this where I provided a very old 1 bedroom sale with a market conditions adjustment, then I had another unique home as a comp, another was a similarly sized 2 bedroom home, then I went far out to another location for a 1-bedroomhome with a location adjustment applied and a few more I can't remember. It was an ugly report with few adjustments because I was not able to credibly develop adjustments for such a unique home. There was no "typical buyer" for this thing since they just did not exist in this area. I think I may have found one in another area and compared that price to other homes with more bedrooms and developed a % difference, but I was not sure it was reasonable to apply that % to this area - so I did not input a monetary adjustment, but discussed it in the addendum. Once I had everything assembled, I had to ask myself if this was a credible valuation and if I had adequate market data. I had two other appraisers review my work and together we also developed a cost approach using the latest manual at the time. The whole thing sucked, Mainly because you do the best you can do and in the end you really have no idea if the number is accurate should the home be listed for sale. Such a unique home could result in many scenarios.

 

[J Grant]

A bedroom is drywall, a door and a closet. It does not cost much to make a bedroom in a house and it does not cost much to subtract one. Window placement for a legal bedroom exists or not..

Making a comp search centered only around the bedrooms makes no sense. Would a buyer purchase far away just to find a one bedroom house, or could they, take out a second bedroom of an existing house to get their dream one bedroom home? Unless the subject is truly specific contemp design of course, What makes it unique, a 30 year old contempray can either be a desireable house, or it could be a weird , or outdated obs house. I've seen both in contemporary An appraiser should not focus on just one element , espeically a low cost to cure elment of the whole.

 

[glenn walker]

Certain proprety types , condos or small villas have common one bedroom configurations and a market for them.

However, I doubt there are many, if any, buyers trying to find a one bedroom SFR. On the other hand, a buyer might choose to modify a house, making 2 bedrooms into one, or custom desiging a one bedoom open plan house. Being that is likely the case, find the most similar sf and design houses and adjust for /talk about the bedcroom differences. Either a bank will want to lend on it or not, that is their decision to make

The OP never came back to explain what the house is like. Idk why people ghost their own help threads

The OP realized there is no comparables and that one bedroom homes have no marketability and going back in time wont help and after Covid-19 its hard to even sell 2 bedroom homes unless they are in Retirement communities and even those now are getting hard to sell as the old geezers need a home office . My guess is what I would be doing and that is getting out my date which is Jack Daniels and Jim Beam and then sending a E-Mail informing the Lender or AMC that I had suddenly come down with Flurona and since I am not Vaccainted My Doctor Grant has advised that I will surely die- So please take my free inspection and assign this nice little one bedroom California Bungalow to someone who is in good physical and mental health.

 

[Fernando]

Before I take an order, I check the comps. If no comps, either decline it or ask for hefty appraisal fee.
Many appraisers aren't as creative as Fernando.

 

[glenn walker]

Before I take an order, I check the comps. If no comps, either decline it or ask for hefty appraisal fee.
Many appraisers aren't as creative as Fernando.

I dont want it at any fee and most appraisers could appraise two houses in less time than dealing with that POS an all the stips the appraisers is going to get hit with. JUST SAY NO

 

[Tim Hicks (Texas)]

I dont want it at any fee and most appraisers could appraise two houses in less time than dealing with that POS an all the stips the appraisers is going to get hit with. JUST SAY NO

And you have never been burned even after research. The one bedroom lake house I did this week was supposed to be double wide manufactured home. The home owner removed the double wide this year and the tax office has not updated anything yet.