Date of sale adjustment

[snackpack]

I'm somewhat new in the appraisal business, and I'm unclear as to how to do a 'Date of Sale' adjustment.
For example: my newest comps were sold 08/2004...these are all rural properties. How do I do that ajustment, and where would I make the adjustments on the appraisal.m2:

snack1@sbcglobal.net

 

[Mike Garrett RAA]

Boy, are you in for a thrill!

 

[Mike Kennedy]

...........gulp.

 

[Michigan CG]

Try this....

http://appraisersforum.com/showthread.php?t=141305

 

[Lee Lansford]

I'm somewhat new in the appraisal business, and I'm unclear as to how to do a 'Date of Sale' adjustment.
For example: my newest comps were sold 08/2004...these are all rural properties. How do I do that ajustment, and where would I make the adjustments on the appraisal.m2:

snack1@sbcglobal.net

First things first: What exactly is it that indicates to you that an adjustment for "date of sale" (aka, market conditions) is necessary?

 

[beowulf]

If you had a compentent supervisor, then you wouldn't have to be blogging such an elementary question on this site. My answer to your question - find a new supervisor.

 

[Appraisal Santa Fe]

If you had a compentent supervisor, then you wouldn't have to be blogging such an elementary question on this site. My answer to your question - find a new supervisor.

That's probably not helpful to him.

I have a time adjustment thread that is recent on here, you may want to look at it. No o ther sales after 2004? That's a big time spread. How far are you looking away for comps?

RC

 

[Doug Wegener]

Your kidding? You are going to use comps from nearly four years ago?

 

[Metamorphic]

Step 1 - Analyze the market till you know how prices have changed for properties similar to the comp, going back at least as far as the oldest comp.

Step 2 - Adjust the price of the comparable to the price equivalent in today's market.

Step 3 - Put the dollar value adjustment you found in Step 2 in the box just to the right of the one where you put the sale date of the comparable.

Step 4 - Write a detailed explanation of: a) why you're using such old comparables and the lengths you went to to find better sales, b) describing in detail the methods and data you used to derive your adjustment, and c) put all your back up and analysis on your desk immediately in front of the telephone so when the underwriter calls you about the job to explain all of the above because they could not bother to read what you wrote, you'll have it all at your finger tips.

 

[Carnivore]

First things first: What exactly is it that indicates to you that an adjustment for "date of sale" (aka, market conditions) is necessary?

great question