Agent gave me comps

[CGinMN]

Very poor communication of the issue.

Agreed. Probably a dozen appraisers from Chase and the AMCs read this and approved it before it went out to their panel. These people are not very bright.

 

[Indiana Jones]

Whenever an agent reaches out to me with "comps", I know immediately they are worried about the appraisal coming in under the purchase price. 99 times out of 100.

 

[Fernando]

Whenever an agent reaches out to me with "comps", I know immediately they are worried about the appraisal coming in under the purchase price. 99 times out of 100.

In this case, there were few comps sold recently so I did appreciate to have his viewpoint (and comps) in justifying the sale price.
Agent gave me comps from last year which is interesting to consider. Because prices in area are downward trend, I couldn't really use the high price comps over 6 months ago.

 

[George Hatch]

Agents usually search by price and work from the outside parameters (distance, date of sale, size) that they think appraisers are allowed to use. They are using the answer to the question (price) as the primary search parameter. They are approaching the question of value from the perspective of what the appraiser can nominally support.

Appraisers are supposed to work from the most similar parameters and only expand outward as necessary. The value is the answer to that question, not the primary search parameter.

These are two completely opposing approaches to picking comparables, each reflecting their different roles. The brokers look at MV in terms of 1 willing buyer + 1 willing seller because that's what it takes to make a sale; whereas the appraisers look at MV as the most probable via many buyers and sellers.

 

[ZZGAMAZZ]

Agents usually search by price and work from the outside parameters (distance, date of sale, size) that they think appraisers are allowed to use. They are using the answer to the question (price) as the primary search parameter. They are approaching the question of value from the perspective of what the appraiser can nominally support.

Appraisers are supposed to work from the most similar parameters and only expand outward as necessary. The value is the answer to that question, not the primary search parameter.

These are two completely opposing approaches to picking comparables, each reflecting their different roles. The brokers look at MV in terms of 1 willing buyer + 1 willing seller because that's what it takes to make a sale; whereas the appraisers look at MV as the most probable via many buyers and sellers.

It seems unnecessary to do so, but it's usually necessary to advise an agent that they can't use "Selling Price" as a filter for the comp search. And then just yesterday a seller described his agent's search for comps . . . "within about a 5-mile radius" . . . . which explained perfectly why the list price was so much above market, although I'm unsure of the buyers' motivation for offering too much...

 

[glenn walker]

I do not advise anyone give me your comps or data and I will look at it when I get back . I have also been a broker since 1984 and quite frankly I know more smart Realtors then appraisers.