• 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.

Blown up about within 1 mile previously

J Grant said:
Sorry but if you are clueless about markets and how or why buyers choose properties as subsitties for a subject ( our comps) you will have trouble appraising residential real estate - maybe ask a friendly RE agent or trade services with one to let you ride around with them or talk to them about how buyers choose houses . If you don't have a mentor or your mentor is incompetent ( a problem), then try to spend time or help out a seasoned experienced appraiser.

It is ideal to use comps within a mile in many cases - however, in a number of assignments, the best or better ( or only ) comps are located over a mile away. It is not about the rules , or regulations, it is about what makes sense in the appraisal development.

Your lack of comment or explanation about why you exceeded a mile was why it came back, not the distance itself. Clients l want an explanation even though a mile guideline has been retired as a GSE recommendation for comps.
Click to expand...
Yeah, you think of competing properties as of the effective date of the appraisal. You may have perfect comps in the subject subdivision, but they have not sold. So you have to jump to a competing subdivision. Trying to stay within 1 mile and 10% line item, 15% net, 25% gross can get you in trouble because you are not focusing on the most similar competing properties with your subject.

All this reviewer is asking for is an explanation in the reconciliation of the sales comparison approach. Just a summary explanation. That is it.
 
OG80 said:
Some of you on here blew me up when I mentioned I wanted to stay within a mile with my comps. Seems most of you don't adhere to that. So, I started to use comps more than a mile if needed and just got this revision request (not the first one either I might add):
-Please comment on why appraiser exceeded 1 mile for sales? 2-Please provide an additional sale within 1 mile that supports.
Click to expand...
What will get you in trouble is jumping better comparable(s) (more similar) closer. Do you understand? This reviewer is only wanting a quick summary why you went beyond 1 mile.
 
Surf Cat said:
I'm blaming Shields....stinking rural appraiser...
Click to expand...
I agree it is Terrel's fault. :LOL:

Trust me if you are urban or suburban in a very homogeneous area, you don't want to trade places with Terrel. LOL

He works a very heterogenous area.

You even got a laugh out of Terrel.
 
Last edited:
OG80 said:
Some of you on here blew me up when I mentioned I wanted to stay within a mile with my comps. Seems most of you don't adhere to that. So, I started to use comps more than a mile if needed and just got this revision request (not the first one either I might add):
-Please comment on why appraiser exceeded 1 mile for sales? 2-Please provide an additional sale within 1 mile that supports.
Click to expand...
1 mile is a cutoff point, LMAO.....WHAT ???? People should blow you up in a good way. 1. So communicate in the first place why you exceeded 1 mile or reached further out, that was not already in your comments ? 2. So if there is no comparable ( in your mind ) that fits an UW silly 1 mile proximity idea and tell them so, then ask back to them...."There is nothing I consider worthy for the sales grid.....if 1 mile or less is you only criteria" IF they continue to insist then ask them to choose if they want a much more dated similar type house OR how about a house that is much larger, smaller or disimilar in many ways but right next door'ish to the comp. Place it on an extraneous grid, cleary define that it is not part of your final reconciliation but part of UW particular 'requirement'. Scholl them ( UW) like we chime to "school" you haha. GL. Of course it is fantastic to have super close locational comps but obviously that is not always the case for various reasons. Take pride and be humbled that people respond to you, if they did not care, you post would blow in the wind. It is just the various people's opinion and not an actual beat down.
 
You must log in or register to reply here.
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
Back
Top