• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Do appraisers only use sold comps for the same type of loan they are appraising for??

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
One of the key points to be made in the my post above is Reasonable EXPOSURE TIME. in an open and competitive market.

So if you restrict the sale of your property to ONLY CASH Sale and expect to close in a day or so after contract agreement , then dependent on your property market segment you just may be taking forever to sell your property. You most likely will be exceeding the Subject Market Exposure time considerably.

Why is that?

Terrell made a great point about sellers and Government type loans FHA, fmha VA etc That's fairly market specific. Some Market Segments it is not an issue at all, other market Segments that will be a huge issue. It could extend your exposure time significantly or you will likely have to reduce your Price just to reduce the exposure time.
 

Fernando

Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
If it's a real good comp in appeal and location, I would include it as Comp #4 or later.
Your Comp #1, #2, & #3 are more relevant and given more weight.
As long as you discuss the lack of exposure time or financing, it may explain the low or high price.
Worse case, I just state that the comp appears to have sold below or above market.
 

Fernando

Senior Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
Also I noticed some comps sold in the start of the pandemic fear actually had prices below market.
Those lucky buyers buying during time of fear scored in getting a cheaper price.
 
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks