• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

3 questions for you guys.

Status
Not open for further replies.

65076507

Thread Starter
Junior Member
Joined
Jan 1, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
This site is awesome, I read every response. Thanks!

1. Once I get licensed, how do I then go about getting FHA approved?
2. Do driveby's require exterior measurements?
3. All things being equal please rank which you guys would prioritize when selecting comps.

a. Comps are identical to subject (type of house and features are the same) and in same sub-division but are 10-12 months old?

b. Exact same as last example but comps sales are only 1-2 months old, but are in the next subdivision over (2-3 miles away) that is similar to subject

c. Or last, comps are in same exact subdivision, sold within the last 1-2 months but do/do not have a garage? a basement? a built-in pool? Central Air? Etc?

I was taught to always stay in subdivision, so I think choice "b" I wouild put last. But I am confused because the subdivision is similar!!!!!!! Please help guys!!!!!!!

I know you probably have to do on a case by case basis but assuming you have 15 comps, 5 that match choice "a," 5 match "b," and 5 match "c." Any safe rules of thumb?

Trying to learn Trainee
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
This site is awesome, I read every response. Thanks!

1. Once I get licensed, how do I then go about getting FHA approved?
Go to the HUD/FHA website and read the requirements. I recommend you take an FHA class first.

2. Do driveby's require exterior measurements?
As a rule, no, but it depends on the SOW.

3. All things being equal please rank which you guys would prioritize when selecting comps.

a. Comps are identical to subject (type of house and features are the same) and in same sub-division but are 10-12 months old?

b. Exact same as last example but comps sales are only 1-2 months old, but are in the next subdivision over (2-3 miles away) that is similar to subject

c. Or last, comps are in same exact subdivision, sold within the last 1-2 months but do/do not have a garage? a basement? a built-in pool? Central Air? Etc?

The answer is "it depends". Given the choices, I think the best choice is to analyze comps from all three groups! :new_smile-l:

Good luck!
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
I agree with Denis but if I had to make a selection, I would use A, B, and C.
That's right, 9 comps!
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
1st, as Denis stated is his post immediately above.

2nd, as to "comps"...don't forget current offerings and pending sales that are the best substitutes for the Subject!
 

Chris Colston

Elite Member
Joined
Jul 24, 2003
Professional Status
Certified Residential Appraiser
State
Florida
1st, as Denis stated is his post immediately above.

2nd, as to "comps"...don't forget current offerings and pending sales that are the best substitutes for the Subject!

3rd...whatever way your supervisor tells you until you have enough experience to decide for yourself. :peace:
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
It took me 3 years before it clicked, you have another 2-3 years when you figure if are ready. The Way FHA is, SO What!? You might as well do Conventional with your eyes closed. Learn to do it right so you will be able to defend yourself when a knuckle head reviewer want to bring you down in flames.
 

Lawrence R.

Senior Member
Joined
Mar 27, 2007
Professional Status
Certified General Appraiser
State
South Carolina
This site is awesome, I read every response. Thanks!

1. Once I get licensed, how do I then go about getting FHA approved?

At this point, I think all you have to do is ask.

2. Do driveby's require exterior measurements?

Not last time I checked, but I don't do any....yet....

3. All things being equal please rank which you guys would prioritize when selecting comps.

a. Comps are identical to subject (type of house and features are the same) and in same sub-division but are 10-12 months old?

b. Exact same as last example but comps sales are only 1-2 months old, but are in the next subdivision over (2-3 miles away) that is similar to subject

c. Or last, comps are in same exact subdivision, sold within the last 1-2 months but do/do not have a garage? a basement? a built-in pool? Central Air? Etc?

C, then, it is a tie between A and B, but B will win due to the age of comp, and you can adjust for the location if it is superior/inferior.

I was taught to always stay in subdivision, so I think choice "b" I wouild put last. But I am confused because the subdivision is similar!!!!!!! Please help guys!!!!!!!

2 in, one out is a good rule of thumb. You need to see what similar, competeing markets are doing to make sure you don't have a "glitch" in your subject subdivsion.

I know you probably have to do on a case by case basis but assuming you have 15 comps, 5 that match choice "a," 5 match "b," and 5 match "c." Any safe rules of thumb?

Yes, use what you have learned about the market and make informed, verifiable, credible adjustments that you can justify to your reader.

Trying to learn Trainee

My blue.

Those are all good questions, and I applaud you for seeking information beyond just your current mentor.

How far off are you from getting your license. These are all good questions, and answers here will differ slightly.

The thing about "comps" is this: YOU need to make the determination what is comparable to your subject and what is not. In our current state of affairs where I work, I would be averse to using anything over 6 months old, as conditions are starting to change here.

Just because a sale is in another subdivision, don't count it out, especially if it competes for the same buyer/type of buyer.

Good luck to you on your quest.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks