- Nov 17, 2003
- Professional Status
- Certified Residential Appraiser
For an asset valuation REO appraisal that I did on May 9, I received a note asking if I was comfortable with the value, since there was a discrepancy between the broker's and my opinion of value. I looked at my appraisal and found a relatively minor calculation error that could affect my reconciliation, and I considered whether I could reconcile my data differently. (I was happy with the comps I used.) I appraised the property at $285K, apparently broker had it at something like $220K. Anyway, I also checked te MLS and discovered that in the past 2 weeks (after my appraisal), a lower GLA REO property on the same street, with the same lot size (subject is larger than typical) was put on the market at $180K and went Pending in 7 days. Since it is afterthe date of my appraisal, and I don't know anything about it (arms length transaction? ) do I need to say anything or comment about current conditions. Common sense tells me yes, I do, but I'd like some advice on this.