Pulling Comps

[Green Hornet]

It is always weird to be on the other side of the fence. I am in the proces of refinancing our 24 year old home. Get a call from the appraiser's assistant to set appointment. So far, so good.

We have done many updates and upgrades in the last 12 months, some of the quality is for our own enjoyment and is outside of what the market supports, but most is what was needed to bring it back into 2008. Updates include roof, windows, exterior paint, custom deck, both baths remodeled from the studs with slab granite, slate, travertine, heated floors, kitchen appliances, garage door, etc.

I asked if she wanted to know about the updates to help his comp selection and she said to just tell him at the inspection.

Ok, maybe I am weird, but I like to know a bit about the subject prior to pulling comps. When I am setting the appointment, I always ask about updates.

How do the rest of you deal with this. Do you run off 20 comps and then pick at the inspection. What if non of the comps you pulled are really comps due to erroneous assumptions and lack of information about the subject? Do you go back out or ???

 

[OSU Beavers]

I Do you run off 20 comps and then pick at the inspection. What if non of the comps you pulled are really comps due to erroneous assumptions and lack of information about the subject? Do you go back out or ???

Yes and if they don't work then I have my laptop handy to find new ones.

Write down all improvements since you bought the place with cost and year added to give to the appraiser. Give them a sketch of the improvements. Provide the six best comps. Hope for the best.

 

[Green Hornet]

Beaver,

Thanks for the advice and input. As an appraiser, I do like it when a list of upates is provided. Heck, I will do the whole report and hand it to him

Looks like spring is finally here for the Northwest!!

 

[Elliott]

I don't pull comps prior to inspection. After inspection, I check the file
in my car and see if there are any new sales, similar to the subject I
just inspected, which are close to the subject. I don't need to know
about all your upgrades prior to inspecting it.

 

[Restrain]

Definitely give a list of upgrades (cost, date) at the time of inspection. Consider it like a Relo appraisal. If you have some sales you feel appropriate, provide them. I wouldn't provide a commentary on the sales.

 

[444nutman]

I would be curious if the report has two signatures and only one appraiser showed up.

 

[JonGalt]

I would be curious if the report has two signatures and only one appraiser showed up.

That's just the way business is done, nothing to see here....move along.




:new_all_coholic:

 

[Green Hornet]

Elliot,

Just curious...what file do you check in your car? Do you keep a file of all sales and actives for an area, or computer file, or?

Always interested in different, more efficient ways to work.

RStrahan

It feels abit uncomfortable handing over comps, much less providing commentary. But given the current market, I think I will just give him a folder with the upgrade list and a few comps. Thanks

44

I, too will be curious about that.

 

[Mike Garrett RAA]

I always pull comps prior to the inspection...but it doesn't always work...LOL. Classic example...property listed on MLS as tri-level but turns out to be a four level with finished 4th level. Thankfully, it was only a couple of miles from my home office.

 

[Jungle Boy]

I used to ask about updating, upgrades, etc.

Lately I'm more curious about whether the improvement is similar in size to what's listed in the county assessor's files. So, I ask about the number of bathrooms and bedrooms, etc, and ask about recent additions. Having this wrong is more troublesome than anything if one does not have easy web access while on the road.

I have enough comps with me to select from (hey, there aren't that many recent sales period), if the subject happens to be a pearl or a POS.

People tend to exagerate the updates and overall condition anyway unless you ask them specific questions, and sometimes people are put off if you ask too many questions prior to going out. I like to make people feel that I'm doing the inspection while on site.

Good luck with your appraisal Green Hornet. I find that others rarely live up to my standards :laugh: