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[glenn walker]

Mike the way you were screaming at Sadie --I thought maybe you were having a Grant Moment or you just got off the Russian-Uckraine thread read my last post and had finally blown a head gasket

 

[Mike Ault]

Actually someone else started the thread. And you were the one who said you relied on the price range. Perhaps you did not mean as the sole parameter, but the statement implied that. Your post #3 indicates a price only search. You later clarified that.

I don't believe this statement "the "list price range" that you entered as "search criteria" for that data set" indicates a "price only search". That's just the particular part of the search criteria that portion of the form calls for, it doesn't call for acreage, quality, or any other criteria that you might apply when searching for comparables. Mentioning "price" as a search criteria seems similar to advocating for "wokeism" or "critical race theory" here on the forum.

 

[glenn walker]

I don't believe this statement "the "list price range" that you entered as "search criteria" for that data set" indicates a "price only search". That's just the particular part of the search criteria that that portion of the form calls for, it doesn't call for acreage, quality, or any other criteria that you might apply when searching for comparables. Mentioning "price" as a search criteria seems similar to advocating for "wokeism" or "critical race theory" here on the forum.

O' No Grant has entered his body now we are talking about "wokeism" or "critical race theory"

 

[Sadie]

I don't believe this statement "the "list price range" that you entered as "search criteria" for that data set" indicates a "price only search". That's just the particular part of the search criteria that that portion of the form calls for, it doesn't call for acreage, quality, or any other criteria that you might apply when searching for comparables. Mentioning "price" as a search criteria seems similar to advocating for "wokeism" or "critical race theory" here on the forum.

it just came across that way. As I stated above you did clarify it later. And please for the love of anything, don't bring up politics. It would be nice not to have a thread spiral down that particular rabbit hole. But I get what you are saying.

 

[KYLECODY]

It should be the "list price range" that you entered as "search criteria" for that data set. $100,000-$300,000 for instance.

Never heard that one before. Straight zeros is how the "form helper" programs like Spark populate that section and is UAD good.

 

[CindyR]

Do you throw in all the outliers? Do you consider repossessions & tear downs along with McMansions with helicopter pads to be comparable to most manufactured homes you appraise or do you filter those out by price? Why is "price" the subject of that questionnaire at the top of page 2 of the URAR if it has no bearing on comparability?

i search for comparable properties based on their features and characteristics. have never searched by price and likely never will. just sounds like a number hitter strategy to me.

 

[Mike Ault]

i search for comparable properties based on their features and characteristics. have never searched by price and likely never will. just sounds like a number hitter strategy to me.

If you have 400 recent sales in a tract home development are you going to narrow them down any? Or set about analyzing each one of their features and characteristics? Do you analyze each of the teardowns and REO properties? Or do you look those over and immediately disqualify them due to their sales price?

 

[Sadie]

If you have 400 recent sales in a tract home development are you going to narrow them down any? Or set about analyzing each one of their features and characteristics? Do you analyze each of the teardowns and REO properties? Or do you look those over and immediately disqualify them due to their sales price?

Well, I would know I was not in any market I have worked. I have yet to come up that many comparables in a search.
First go to applicable characteristics, then see what you have. Narrow or widen the parameters as needed. The REOs and/or tear downs may be your best comparables. I only use price if I have an incredible POS or a super fine mansion thing, and it is not my only search parameter, just one of them.

 

[Mike Ault]

Well, I would know I was not in any market I have worked. I have yet to come up that many comparables in a search.
First go to applicable characteristics, then see what you have. Narrow or widen the parameters as needed. The REOs and/or tear downs may be your best comparables. I only use price if I have an incredible POS or a super fine mansion thing, and it is not my only search parameter, just one of them.

I worked for the HUD M/M contractor and did all the REO's in the Texas Panhandle for a while until they dreamed up those "indemnification clauses". I sure wasn't going to sign one of those holding me responsible for any losses that might occur down the line and so I was done with that. That being said you must realize that I'm well versed in spotting when something is a comparable for a home I'm appraising and when it's not. I still appraise REO's by the way and use them as comparables as well. I'm proud of Puritan instincts you exhibit while selecting your comparables but be aware that you would never wind up with a report more credible than mine by doing so. If you were well-informed we'd end up with the same comparables.

 

[Overimprovement]

If you have 400 recent sales in a tract home development are you going to narrow them down any? Or set about analyzing each one of their features and characteristics? Do you analyze each of the teardowns and REO properties? Or do you look those over and immediately disqualify them due to their sales price?

What the heck kind of fantasy assignment is that? Man, I could kick 10 a week with those kinds of developments. For my 'typical' assignment, I am thankful to get 3-5 good recent sales with characteristics as similar as possible to subject (the definition of comparable you were seeking, BTW ) without having to search beyond 6 months or 1 mile.

If I do get that dream assignment where there are too many potential comps, I will zero in on these items, in this order: (time, distance, GLA, and if needed, BR/BA count, garage spaces, current condition--more a manual one by one look). By this point, price has taken care of itself, other than perhaps the outliers that are in C5 or come with 4 extra buildable lots. I like the =/- two std dev rule. If there are still too many, than I will zoom in again--at that point I am probably looking for model matches on the same street that sold last week. Again, with a search that tight, price will be taking care of itself.

I understand what you are saying about narrowing search parameters, we all have a rough idea what properties are valued at in our markets, but I think searching BY price is usually not necessary. This has helped me sometimes because I like to examine outliers and see why they are...outliers. I feel like I need to understand those strange sales in my market. I wouldnt see the outliers if I searched by price alone, or first.