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[Mike Ault]

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.

All any seasoned appraiser needs is a properly configured CMA with the relevant fields displayed. You don't need to narrow search parameters down at all and should be able to just glance at 50 listings and come up with the comparables that you're going to use. The narrowing down takes place when you get back to the office and start trying to define your subject market segment and analyze statistical data. Outliers don't belong in there and so the price field is a handy one to narrow it down with. Again, that is a "reporting" task, not a "development" task.

 

[Overimprovement]

All any seasoned appraiser needs is a properly configured CMA with the relevant fields displayed. You don't need to narrow search parameters down at all and should be able to just glance at 50 listings and come up with the comparables that you're going to use. The narrowing down takes place when you get back to the office and start trying to define your subject market segment and analyze statistical data. Outliers don't belong in there and so the price field is a handy one to narrow it down with. Again, that is a "reporting" task, not a "development" task.

I take a list of potential comps to every assignment, and decide on them in the field so I can take comp pics while I am right there.

Why are you condemning my practices? You are the one bringing up the example of 400 possible comps. My entire post was in response to that highly unlikely event occurring.

 

[Mike Ault]

I take a list of potential comps to every assignment, and decide on them in the field so I can take comp pics while I am right there.

Why are you condemning my practices? You are the one bringing up the example of 400 possible comps. My entire post was in response to that highly unlikely event occurring.

I'm sorry, I didn't think I was condemning your practices and as a matter of fact, I "liked your post" immediately after you posted it. I shouldn't have replied to your post while I was having a "stream of consciousness rant" there. Please forgive my impertinence.

 

[Overimprovement]

I'm sorry, I didn't think I was condemning your practices and as a matter of fact, I "liked your post" immediately after you posted it. I shouldn't have replied to your post while I was having a "stream of consciousness rant" there. Please forgive my impertinence.

Even at 50 listings to examine, it seems our markets are likely quite different--beyond the obvious locational factors. My reality for the last 5 years is having to expand my parameters more often than narrowing them down. Many of my reports have no active listings IN the comp grid. I might make mention of one or two of the 'best' listings, but they may not be 'good'. I won't put a bad listing in the grid just to meet a 'want' from the lender. If there aint none, there aint none.

I do frequently take rural or borderline properties for various reasons (stability in request flow is one of them--many appraisers hate rural). It seems the nice tract developments or cookie cutter neighborhoods get handed out to the mills/hybrids/$350 appraisers. I see very few of those.

 

[Mike Ault]

Even at 50 listings to examine, it seems our markets are likely quite different--beyond the obvious locational factors. My reality for the last 5 years is having to expand my parameters more often than narrowing them down. Many of my reports have no active listings IN the comp grid. I might make mention of one or two of the 'best' listings, but they may not be 'good'. I won't put a bad listing in the grid just to meet a 'want' from the lender. If there aint none, there aint none.

I do frequently take rural or borderline properties for various reasons (stability in request flow is one of them--many appraisers hate rural). It seems the nice tract developments or cookie cutter neighborhoods get handed out to the mills/hybrids/$350 appraisers. I see very few of those.

Although not a huge town we have several $200,000-$300,000 developments that generate 50 -100 sales per year but like yours, listings are scarce. If it wasn't for bank rotation panels I would be on here a lot more often griping about AMCs. I watch them bidding for rural orders that nobody wants and when they get to a couple K I will occasionally take them. One of my bank clients sent me the "hybrid appraisal form" email last night wanting to know "what terms would be acceptable" so I am bummed over that.

 

[glenn walker]

Although not a huge town we have several $200,000-$300,000 developments that generate 50 -100 sales per year but like yours, listings are scarce. If it wasn't for bank rotation panels I would be on here a lot more often griping about AMCs. I watch them bidding for rural orders that nobody wants and when they get to a couple K I will occasionally take them. One of my bank clients sent me the "hybrid appraisal form" email last night wanting to know "what terms would be acceptable" so I am bummed over that.

When are $200,000 sales Comparable to sales at $300,000 ? There not so whats the point ?

 

[Mike Ault]

When are $200,000 sales Comparable to sales at $300,000 ? There not so whats the point ?

Did you miss the "-"? How do you express a "range of values"?

 

[glenn walker]

Did you miss the "-"? How do you express a "range of values"?

No I all I know is after reading Nandos Posts today and his appraisal advice and questions after he says 25 plus years in business I would never let a new person- A trainee or anyone come on here for appraisal advice. This is really sad ( Mike Not About You --Your Work Looks Solid ) but god where have all the real appraisers gone to. * When you get a chance just look through some of the posts today .

 

[Mike Ault]

No I all I know is after reading Nandos Posts today and his appraisal advice and questions after he says 25 plus years in business I would never let a new person- A trainee or anyone come on here for appraisal advice. This is really sad ( Mike Not About You --Your Work Looks Solid ) but god where have all the real appraisers gone to. * When you get a chance just look through some of the posts today .

Unfortunately, you decided to branch out into "community organizing" like Obama and this whole place went to pot.

 

[glenn walker]

Unfortunately, you decided to branch out into "community organizing" like Obama and this whole place went to pot.

Partially true but three or four died and or retired and all that was left was some wacko people still on the AMC and issues that have been over for 15 to 30 years ago. Notice when I do give appraisal advice I dont bring politics into it .