Date of death valuation for a condo

[DKAYTES]

I have this assignement for a date of death on a condo. I have done these in the past but this is the first one for a condo. Typically for mortgage purposes I use two comps within the project and one outside of the project. The client needs this for tax purposes and I am wondering if I need to use the same 2 in and 1 out rule.

Do you guys and gals think using all 3 comps within to best show market value of the specified date within the project or stick with 2 in 1 out ?

 

[bart nathan]

I only use the 2-1 if it is new construction and sales are from the builder.

 

[Carnivore]

dykates,

Use what ever gives you the most credible report. Stop operating under the influence of FORM THINK.

Good luck, these can be a fun assignment and gets you away from mortgage hacks.

p.s. Fix your report so a mortgage hack can not use it!

 

[DKAYTES]

dykates,

Use what ever gives you the most credible report. Stop operating under the influence of FORM THINK.

Good luck, these can be a fun assignment and gets you away from mortgage hacks.

p.s. Fix your report so a mortgage hack can not use it!

The more I think about it, the true indicator of value would be as many comps within the project. I am going to use all within the project on a condo GP form -

 

[Lee Lansford]

I have this assignement for a date of death on a condo. I have done these in the past but this is the first one for a condo. Typically for mortgage purposes I use two comps within the project and one outside of the project. The client needs this for tax purposes and I am wondering if I need to use the same 2 in and 1 out rule.

Do you guys and gals think using all 3 comps within to best show market value of the specified date within the project or stick with 2 in 1 out ?

If the project has a LONG re-sale history, why bother with data from outside of the project?

 

[Kali the Boston Terrier]

Make sure if its for IRS purposes you don;t make the newbie mistake of valueing the wrong type of value...if you don't know the right type of value I'm speaking of then...

 

[Joyce Potts]

Why do so many appraisers live and die by Fannie Mae guildelines? Look at the mess they're in. So much for those guidelines. Do what makes sense and write a supportive and compelling report to back up your value opinion and forget Fannie Mae guidelines.

 

[DKAYTES]

Why do so many appraisers live and die by Fannie Mae guildelines? Look at the mess they're in. So much for those guidelines. Do what makes sense and write a supportive and compelling report to back up your value opinion and forget Fannie Mae guidelines.

Joyce - I agree. That is why I posted this previous message " The more I think about it, the true indicator of value would be as many comps within the project. I am going to use all within the project on a condo GP form - "

It is not a Fannie or Freddie deal so all of that goes out the window and after thinking about it longer (examining the situation) it made more sense to me to follow my original instincts. Thanks for your input.

 

[Dennis J. Black ASA IFAS]

Another appraiser learns to appraise.


I'm so happy I could cry.

 

[Doug Meyer]

Now Dennis, we all had our growing pains over the years...