- Nov 1, 2005
- Professional Status
- Certified Residential Appraiser
Have a field review for an appraisal performed a couple of years back,when market appreciating at rapid rate. Appraiser used 3 closed sales in $165,000 to $175,000 range, 2 actives, $230,000 to $245,000 range. Gave the active most weight and came in at a value that exceeded all of the closed sales comps. I have a feeling I could end up in the "witness chair"on this one..so I want to have specific reference to the appraisal/ USPAP guidelines that reference the use of active/pendings as comparables. It is my first inclination to say that the appraiser was appraising for future value, based on extroidinary assumption..since we cannot verify what the market will be like tomorrow..we saw that recently when we had a sudden decline in values in the same market area. Need any help I can get on this one.