- Joined
- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Illinois
Im Doing an exterior inspection of an older 2 story frame home appearing in good/above average condition.
Current sales gridded indicates $132,000, $ 145,000 & $150,000. 1st two sales are within 2 blocks of the subject. 3rd is in an similar neighborhood. All sales within the past year, one within the past month.
3 Homes currently for sales within the same block of the subject property (gridded as the sales0 $175,000, DOM 133, $165,000 DOM 57, $132,000 43. MLS shows homes selling at about 95% of listing price. $132,000 home is in inferior condition to the subject and comps.
With the little information I have about the home, I would have to believe that the subject were to put on the market it would be $165,000-$175,000 range.
Since this is a drive by and lender wants a cheap appraisal, should I just base my opinion on the sales only, and just explain that the listings are listings and sales are sales.
Other suggestions ? ? ?
Thanks
Current sales gridded indicates $132,000, $ 145,000 & $150,000. 1st two sales are within 2 blocks of the subject. 3rd is in an similar neighborhood. All sales within the past year, one within the past month.
3 Homes currently for sales within the same block of the subject property (gridded as the sales0 $175,000, DOM 133, $165,000 DOM 57, $132,000 43. MLS shows homes selling at about 95% of listing price. $132,000 home is in inferior condition to the subject and comps.
With the little information I have about the home, I would have to believe that the subject were to put on the market it would be $165,000-$175,000 range.
Since this is a drive by and lender wants a cheap appraisal, should I just base my opinion on the sales only, and just explain that the listings are listings and sales are sales.
Other suggestions ? ? ?
Thanks