Tim Hicks (Texas)
Elite Member
- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Texas
Ow, Pam....my ears....errr, my eyes, I mean! :rainfro:
Good Point. We have a sea of appraisers and appraiser trainees that obviously believe the adjustment guidelines are a criteria for comp selection. They are if you have plenty of sales from the immediate market (subdivision) that don't need large adjustments, but it is still better to use sales from the immediate market if they are the only sales available because they represent the subject's market. Sales over a year old is out of lender guidelines too, but if it is the most similar sale from the area, it should be relevant. That is why I frown on the "only three sales" crowd. I will furnish old or out of guideline sales to further support my opinion of value and adjustments in order to perform a credible opinion of value. Sometimes that means 4-6 sales on the appraisal, but at least I am including relevant data from the immediate market and other sales to meet their silly time and adjustment guidelines.
Good Point. We have a sea of appraisers and appraiser trainees that obviously believe the adjustment guidelines are a criteria for comp selection. They are if you have plenty of sales from the immediate market (subdivision) that don't need large adjustments, but it is still better to use sales from the immediate market if they are the only sales available because they represent the subject's market. Sales over a year old is out of lender guidelines too, but if it is the most similar sale from the area, it should be relevant. That is why I frown on the "only three sales" crowd. I will furnish old or out of guideline sales to further support my opinion of value and adjustments in order to perform a credible opinion of value. Sometimes that means 4-6 sales on the appraisal, but at least I am including relevant data from the immediate market and other sales to meet their silly time and adjustment guidelines.