bracketing

[Linderfly]

some sales do not bracket for a number of reasons...i.e. relocation REO sale etc. what are you supposed to say in the report.

 

[residentialguy]

Explain those reasons in detail. Bracketing is a guideline, not a rule. You can't do what is not there to do.

 

[Michigan CG]

Bracketing....the other white meat.

 

[J Grant]

Why are you bracketing by sale type? Sale type can be adjusted for, (if you see adjustment in the market, per paired sales or statistics or other comparison,), or a comp can be weighted more or less, if you felt conditon of sale impacted price. Bracketing is usually reserved for physical characteristics of a subject. Not sure why you are applying bracketing to sale type.

 

[Terrel L. Shields]

If a client insists you bracket by SF, price, age, etc....and there is insufficent market data to do that, I would argue you must turn the assignment down because the conditions of the assignment are unacceptable under USPAP.

 

[Doug DeMars]

Bracketing....the other white meat.

Thanks for the chuckle Mich...

 

[Mike Kennedy]

Bracketing, as defined in The Dictionary of Real Estate Appraisal, Fourth Edition, Appraisal Institute, is “a process in which the an appraiser determines a probable range of values for a property by applying qualitative techniques of comparative analysis to a group of comparable sales. The array of comparable sales may be divided into two groups – those superior to the subject and those inferior to the subject. The adjusted sales prices reflected by these two groups limit the probable range of value for the subject and identify a bracket in which the final value opinion will fall.” It is advisable to bracket sales using both dwelling size and sales price whenever possible. If bracketing is not possible, the appraiser should explain why. “

 

[Delta85]

You can't do what you can't do. I make every effort to bracket the items in my sca grid even if I have to extend my search parameters farther than 1 mile and older than 6 months. However, it has to be within reason. If there are no decent sales then there is not much you can do. Just explain what you did and tried to do as well as your search parameters and that should be acceptable.