How many comps do you use?

[DWiley]

It's quite a dilemma when your computer program tells you to make a $100 adjustment, but you have no experience to rely on

I almost feel bad for the parea graduates. Took an education class and the masters called it experience.

You don't think that kind of thing is done by 30+ year vets? I see it all the time.

 

[Mile High Trout]

Yep I work 7 days a week 8+ hours everyday often up to 12 hours. I am probably the youngest appraiser you'll ever meet so I can handle it for now...

You made the wrong career choice.

 

[Mile High Trout]

You don't think that kind of thing is done by 30+ year vets? I see it all the time.

Nobody cares anymore in mortgage lending.

Dial it in like the rest.

Name of the game is lower internal review alerts.

Then nobody reads the report anyways.

The state of this GD forsaken industry.

 

[Surf Cat]

You don't think that kind of thing is done by 30+ year vets? I see it all the time.

Two wrongs make a right....AI Ahoy Matey!

Loans for all my friends!

 

[Zoe]

You don't think that kind of thing is done by 30+ year vets? I see it all the time.

Do you kick it back to the lender? Are you holding it as ace in the hole?

Are you scared of another bailout?

 

[NC Appraising]

Just use fancy software to put in as many as you want and let it adjust for you. Here’s an example from one of the national firms and their software making its rounds on FB:

View attachment 110599

I guess the software doesn't adjust for concessions?

O i forgot.....typical for the market...lol. lame arse excuse appraisers make.

The software didn't tell me to, so no seller conessions were deducted.

 

[Mark K]

I agree with this, it feels like shorting the client, yet I've also had a reviewer directly tell me he doesn't like too many comps because it's more work for them....

I've been told the same thing by reviewers but in the past 20 years, 90%+ of my reports have been narratives. They basically said not to include unnecessary data or info because 1) It adds nothing to the report but fluff and length and 2) They have to check everything and they don't want to check facts that add nothing to the report.

As far as the number of comps, anywhere from 2 to 10 depending on the complexity of the property.

10 a week? I did that for a number of years for a local S&L that kept everything in-house, no F/F. Definitely helps your financial situation. I paid off my house and all other debts during that time. Financial security is worth working overtime but you can burn yourself out.

 

[Mark K]

I love adjustments that come all the way down to the exact dollar. I learned about significant digits in middle school.

Some appraisers have no clue about the importance of significant digits. Some believe that they can render an accurate value to the $1 level based on data rounded to $1,000.

 

[Joe Flacco]

I try not to use more than six total. I might talk about some other ones in the addendum.

 

[cdanj]

3 active 2 sold is my go to, unless I have a bracketing issue that needs addressing.