Comps No Pool

[Farm Gal]

Alan...

He's the cert but that doesn't absolve you of liability should either your client or state board have an issue with the report...

SO here's what I would do (assuming you have already made your case based on this forums advice (which seems purty consistant...) you can perceive this as a warning or danger or a confirmation of your instincts

Despite instruction from higher sources... I'd grid my three 'best' from the immediate area, then take a close look at the differences between homes like your subject area and those in the superior area which happens to have a pool or two. I'd print that page and keep it in my file.

Also take a look to see if there are any older sales with pools in your immediate area.

Having all this STUFF in my file I'd feel reasonably covered B) . I also mighta learned a thing or two in the process :usa: .

 

[Mike Garrett RAA]

Hey, we certs aren't always right!

 

[The Bob]

Why not use two from the subject subdivision and one from a competing s/d with a pool? Any underwriter worth his/her salt will usually not accept an across the board adjustment for a pool. If the pool REALLY does add value, you should be able to support that with at least one sale.

 

[FRED GARCIA-CARTAYA]

I wish this thread would have been around two weeks ago. I had a similar situation, except my comp, within the same subdivision, had a pool and the subject did not. The review appraiser deemed it not comparable, because of the pool.

I jumped through hoops to find comparables within the same subdivision that were close enough. Evenso these additional comps had greater % adjusments than the comp with the pool.

It sounds to me that a couple more comps, outside the area and explained as it was mentioned above would have prevented the extra work.


Any opinions on what triggers a review appraisal?


Again thanks for your advice it is much appreciated and utilized.

Fred

h34r:

 

[Farm Gal]

Fred:

When you are STUCK with a pool as a best available comp, as you indicated, I would tend to toss in a comp from 'outside' and toss in this loverly throw away sentence: comp#X which has a pool is considered one of the best and most comparable properties, despite the presence of an in-ground pool. Other comps would be less {proximate, comparable due to size, quality, locational value differences ~whatever ~} and result in net and gross adjustments in excess fo the preferred.

Never had one come back on me if I tossed in a 4th (and on ugly occasion) 5th comp AND that disclaimer... but best have done your research carefully, if there are a bunch of lower $$ comps in that subdivision you better explain exactly WHY the ones you used are 'mo betta'. <_< cause THAT does trigger reviews.

 

[Richard J. Glesser]

You guys could solve your pool proplems by moving way up north where they are of no or negative value. :usa:

 

[Pamela Crowley (Florida)]

Personally, that sounds like one I would take my name back off from as the appraiser and just make sure I was mentioned as assisting somewhere else in the appraisal.

No way I would not use the sales within the subject project. I would then add a couple with pools from the nearest, most similar project. I would not consider this a 3 comp appraisal...... unless I used the 2 newest sales from the subject project and 1 with a pool from outside. Even then, this sounds like one where I would have many comps gridded with those printouts put in the file for additional support of the 3, 4 or 5 that I did use.

Deep in your gut, what do you believe is right? I took my name back off from many, many appraisals after my first supervisor 'finished massaging' them.

 

[Ghost Rider]

I agree totally with Pam, but hey, I've only been doing this for about 4 years - I'm still learning every day I go out on the road.....

 

[Judy Whitehead (Florida)]

If you have another similar neighborhood, I vote for two in (no pools) one out....with pool. That's what I would (and have) done.

In Florida, we have a pretty good idea of the contributory value of pools (or if you are any kind of appraiser you do!). Therefore, the adjustment can be easily supported in the market. The neighborhood should support the bulk of the market value with another "similar" with pool in another....

As some old guy in Colorado says

"Thus sayeth the old girl"

 

[David Aliberti]

Gee it's not rocket science and your not finding a cure for cancer. I would be happy finding one comp in the subdivision and you found three and you are debating not using them.