Pulling Comps

[Mike Garrett RAA]

If you are a busy appraiser, making a second trip is counter productive. Of course it would depend on your data sources including MLS and public records. Typically, IN MY MARKET, I have sufficient data, in most cases, to pull the comps before the property inspection. I also pull more than 3 just in case I find one isn't really comparable. Quite often, I have used the sales before and have the information in my data base...including pictures.

It is not uncommon for trips of more than 40 miles right here in the metro area. With today's gas prices a second trip gets expensive.

 

[RustNeverSleeps]

I pull comps before the inspection based on the amount of info I have. I always bring more than I need hoping it will include the "best". Doesn't always work that way so I have my laptop and pop into a free wifi coffee shop.

I agree that the biggest PIA is when the county and/or MLS GLA is wrong. I've seen it be off by 2,000 sf!!

Frederick, I like to Q&A with the homeowner at the end of the inspection. I greet them when I arrive, let them know I will measure the outside first, then come inside to sketch the floor plan, take photos, etc. I ask them to put together their list of improvements in the meantime and we'll go over it when I am finished with the inspection. This way I can give them my full attention and it usually deters the guy who wants to help measure and talk my ear off. Not saying my way is better, just what works for me!

 

[OSU Beavers]

So how did the appraisal turn out?

 

[Blueprint]

Sell your house. Lose some bucks today if you have to. Build a house to your specs in an efficient manner that will sell to the masses. If building is not an option, buy properties that you know are a good investment, looking at the market. Always think about your future. That is part of an appraisers job.

Appraisers, of all people, have the luxury to never have to worry about how another appraiser perceives their property. We are the geniuses in real estate. We need to make the best of it, at all times. Sometimes passion rules intelligence, yet it is rare.

As seasoned appraisers, we should always be one step ahead of the masses in the residential game. We should never have to worry about how other appraisers perceive our properties. Of course the beginning is different, yet a solid appraiser should be a solid investor at heart.

 

[jay trotta]

at the initial call, we always inquire about improvements done since aquiring the property; also ask when it was purchased (and advise them we will be looking at county records & to be upfront with us) this is a need to know aspect of my process. How else can you even think about selecting a comp ? It is not One process, it's a combination of work that makes the process happen.

If they don't want to know upfront, I will venture a guess - you won't see a reflection in the comps.choosen for the property by this appraiser.

Am definitely old school and won't change my stripes on that issue; also with the local assessor's and their clan screwing everything up lately, it is best to know ahead of time, not after the fact.

Good Luck

 

[Metamorphic]

Is the report back yet?


Here's what I do wrt comps.

Based on how much I know about the subject, I go into MLS and define a search that will get anything that's remotely comparable from an area that's as large as I can reasonably go out into. Then I print a big PDF of the Agent Detail w/Pictures of all those sales to the HDD. If I dont know much about the Sub. that file could have 60 or 80 sales in it. If the Sub. is well known, there may be only a dozen. If its a big file I also print the 1 line summary out on hard copy as an index for the big pdf.

I then do a hard copy print of public record comps with basically the same parameters so I can tell the REO's from the regular sales.

Then I go through and print out the 4 or 5 most likely candidates on hard copy.

After the inspection if my most likely work I go with it, if it turns out they are bad, I go to the laptop and hunt up stuff from the bigger pool in the PDF. PDF'ing everything that's a remote possibility is basically a poor appraisers Verizon Card.

 

[Green Hornet]

Suprise, The value came back at what was needed for the loan. I think that it is pretty accurate, but recent sales point to a wide spectrum of possible values.

I have requested a copy of the appraisal as I am very curious as to the details.

Thanks everyone for your different approaches to comp selection. It was very enlightening.