Choosing Comparables?

[Deleted member 134708]

@ucbruin

1) I don't have any desire to sit in the car on a street and decide which comps to use. Every time I would choose going back to office and doing the proper research.

2) I've heard that too. #1, a witty saying proves nothing. #2, I subscribe to 1 sale (small sample) does not make a trend. While yes, the comps on the grid are just proving out your analysis of the whole area and 100 comps on the grid won't change the OMV from the 3 shown --- but, if you have a bunch good comps, easier overall to grid them all out for me. This removes the inevitable question of "why didn't you use this comp" from an UW or reviewer.

I stopped doing this a while ago as lenders didn't like it as it made too much work for them.

 

[ucbruin]

@ucbruin

1) I don't have any desire to sit in the car on a street and decide which comps going to use. Every time I would choose going back to office and doing the proper research.


2) I've heard that too. #1, a witty saying proves nothing. #2, I subscribe to 1 sale (small sample) does not make a trend. While yes, the comps on the grid are just proving out your analysis of the whole area and 100 comps on the grid won't change the OMV from the 3 shown --- but, if you have a bunch good comps, easier overall to grid them all out for me.

I stopped doing this a while ago as lenders didn't like it as it made too much work for them.

1. I'm suggesting that you could consider taking 4-5 sales (not a boatload of sales) that you verified with assessor's online data prior to your appointment. That way if those 4-5 turn out to be comparable to the subject, it would save you the 2nd trip. I too wouldn't want to sit in my car trying to whittle down dozens of sales.

2. Agreed, back in the day, over 3 sales did make more work for the reviewer.

 

[Joe Flacco]

9 comps is a lot unless there is a lot of unique features. 3 or 4 sales and 1 or 2 listings is straight.

I usually view all the sales and listings that are similar in the subdivision. Usually like 15 +/- properties. 90% of the time I am good with the 15+/-. If not then I have to go back.

 

[Deleted member 134708]

It wouldn't be 9 every report, just saying it wasn't uncommon. 7 closed and 2 pending. It would only be when I had 7 comps all sold within 1/4 mile and all equally good.

What I do now, is grid out 4 sold, 2 pending and in comment section write out the addresses that were also analyzed and considered to be good replacement properties,,,,blah, blah.

Should did that from beginning but learn from experience.

 

[ucbruin]

7 closed and 2 pending. It would only be when I had 7 comps all sold within 1/4 mile and all equally good.

Damn, I miss the days of living and appraising in Huntington Beach!!!!!

 

[Tim The Enchanter]

I usually pick 10 or 12 to look at ahead of time.
That way I have a range of comps, and hopefully don't have to make a second trip.

 

[Deleted member 134708]

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[Restrain]

Thank God for Google Street. Get to look at the home, the neighborhood, aerial view of the home (pool, etc), so we have a pretty good idea of the home. Then like Lee, take a bunch of comps spreading the spectrum, and most probable sales. On occasion have had to go back (garage enclosed, etc), but not often.