Comp Sold 11/2007 And Now Its Back On The Market

[Charlie]

What part of my post that you quoted did I single the OP out?

No part of your quote, Joyce. I agreed with everything you said and thought it was worth repeating. Did not mean to imply that your were calling him out.

I see many reports where a brief glance of the recent expired and withdrawn listings gives a clear indication that the opinion of value was off base. In some of these it seems that the appraiser was trying to do an accurate job but was stuck in "closed sales" mode.

I just wanted to encourage the OP to provide more info and make it clear no kind of trap was being set. The original post provided little information with no follow up response to the questions that were asked and my curiosity was aroused. Usually when I see the situation where the closed sale is used instead of the more recent active listing it is not good. For example - Comp 2 sold for $500,000 - $40,000 higher than the list price after being on the market for a year- but the report does not mention that the house later went into foreclosure and is currently offered for $300,000.

 

[Joyce Potts]

Why not use is as both a comparable sale and a listing? If both transactions are arms-length, it's the perfect matched pair to determine the appropriate time adjustment.

DING, DING, DING-- We have a WINNER!

 

[Workbox]

Very good question, One should also start analyzing the listing history and take note of any price reductions and also go down all of the comparables, even if they are not similar to the sale and review their listing history for any market trend. I also had used a sale then months later to be back on the market. I mentioned it on the Sales history area and explained it's listing activity.