Can I do this no inspection appraisal and be safe?

[Mike Boyd]

1) I'm

That said, the subject is a 2Bed/1Bath condo owned by the wife of the lawyer's client. Apparently it is rented. The client only wants sales comparison at this point. OK, not necessary to develop income approach. But as far as 2Bed/1Bath w/ similar sq. ft. comparables, is it ok to list all sales for, say, the past 3 or 4 months and do a simple average. Since I have little to no basis for adjustments, it seems to be the most sensible way to give a point value. There are only 5 sales in the project for the last 4 months (3 in Dec, 2 in October) ranging from 175K to 201K (Average 188,800). There are 2 current listings 190K and196K. The 190K was under contract in 99 days, the other has been on the market for 154 days (overpriced). So the Average seems to make sense here. Am I making sense? What say you all.

Instead of AVERAGING the sales prices, Why not Bracket? I think that would be more credible.

 

[Zero]

Mostly what I've heard so far is that a lot of us wouldn't want to do such an assignment, but that it can be done without any USPAP issues. Am I right?

I have worked with this client in the past and have yet to be asked to appear in court, but he always is willing to sign the engagement agreement regarding add. fees, etc.

Client wants info NOW, not 2 months from now when he gets the court order and I can get into the wife owned, tenant occupied, condo. At that point, another appraisal with inspection would be ordered with same agreement to testimony. Client is OK with this and I will not proceed until a written agreement stating the above is signed.

So, if I write a an adequate EA about interior condition, etc and be sure to cover intended use/users, and further fees for court appearance (I make sure it is agreed I get paid for this whether called by my client as an witness or subpeonaed), there shouldn't be any real reason not to accept the assignment as such...other than fear of the black robe planet.

And as it is a condo and the 2Bed/1Bath models are essentially the same, and I have little to no grounds for adjustments, would averaging the most recent sales as I suggested be considered a legitimate method of determining market value in this particular assignment(if I explain the method and the reasons why it is being used based on SOW)?

 

[Zero]

Instead of AVERAGING the sales prices, Why not Bracket? I think that would be more credible.

If sales were averaged, the average value would be "bracketed." Or did you mean something along the lines of find a 1BR a 2 BR and a 3BR and adjust accordingly? Not sure what you're suggesting here.