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Stip to add specific comp to grid or a different comp within 1 mile of the subject

Dublin ohio said:
It was their request. Just state that is why you are including it. Give it minimal if any weight and point out every reason why it is not truly comparable. Put it on them. They asked for it.
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In-ground pool too among all the other dissimilar characteristics...this is beautiful
 
Find a two story sale in the immediate neighborhood (preferably with a pool). If you don't, then all your comps s*ck for the same reason. That's why they're throwing you that lame sale.

Go back in time 18, 24, 36 months if you have to! They want something within a half mile of the subject. Better you pick it than them....
 
Surf Cat said:
Find a two story sale in the immediate neighborhood (preferably with a pool). If you don't, then all your comps s*ck for the same reason. That's why they're throwing you that lame sale.

Go back in time 18, 24, 36 months if you have to! They want something within a half mile of the subject. Better you pick it than them....
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it's the comp they want me to use that has an in-ground pool, the subject and all other comps have no in-ground pool. I'm going to give them what they ask for and assign no weight to it. This whole thing reeks of realtor influence.
 
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RACO said:
it's the comp they want me to use that has an in-ground pool, the subject and all other comps have no in-ground pool. I'm going to give them what they ask for and assign no weight to it. This whole thing reeks of realtor influence.
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My bad about the pool... I interpreted it that the subject had one.

How far back in time did you go? They want something in the immediate neighborhood. I mean, if the sale they're giving you is all there is, that's one thing. If you can find something more similar to the subject by going further back in time, that's another.
 
Surf Cat said:
My bad about the pool... I interpreted it that the subject had one.

How far back in time did you go? They want something in the immediate neighborhood. I mean, if the sale they're giving you is all there is, that's one thing. If you can find something more similar to the subject by going further back in time, that's another.
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The thing that's getting me is I already have 4 good comps with everything bracketed, what is the purpose of gridding another one? How many is enough? Fannie says 3. If 5 doesn't produce the assignment results they want will I be pressured to find a 6th?
 
RACO said:
what is the purpose of gridding another one? How many is enough
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Like I originally stated.....they want a sale from within the "immediate" neighborhood.

Maybe you needed that sale from 3 miles away to bracket the lot or it has a similar feature. But it's 3 miles away.... your closest sale is over a half mile away. The old real estate adage is in play here.... location, location, location... they gave you a sale in the subject's immediate market area because you didn't.

I learned this saying on the Appraiser Forum here. You pick the subject, I pick the comps. I wouldn't want the AMC picking comps from me either... especially since I'm signing the report.
 
RACO said:
In-ground pool too among all the other dissimilar characteristics...this is beautiful
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You should be able to add ANY comp to the sales grid and it should adjust to exactly the same value as the other comps. That's the math. In fact, I can put an unlimited number of comps in my sales grid and get them to all adjust to exactly the same value. Which comps I put in the sales grid - are those comps that are most similar to the subject, because if they can be adjusted without running up the gross adjustment totals, then that is convincing evidence for even clients who don't understand the mechanics of adjustments very well. If your client wants some arbitrary comp in the sales grid - it doesn't matter really - at least if you know what you are doing, because if you know what you are doing, it will indeed adjust to the same adjusted sale price as the other comps - so there is no need for averaging or weighting.

My comps can go back 20 years. -- and they will all adjust to the same adjusted sale price. Yep.
 
Dublin ohio said:
It was their request. Just state that is why you are including it. Give it minimal if any weight and point out every reason why it is not truly comparable. Put it on them. They asked for it.
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Thanks Dublin, I always value and appreciate your advice.
 
Surf Cat said:
Like I originally stated.....they want a sale from within the "immediate" neighborhood.

Maybe you needed that sale from 3 miles away to bracket the lot or it has a similar feature. But it's 3 miles away.... your closest sale is over a half mile away. The old real estate adage is in play here.... location, location, location... they gave you a sale in the subject's immediate market area because you didn't.

I learned this saying on the Appraiser Forum here. You pick the subject, I pick the comps. I wouldn't want the AMC picking comps from me either... especially since I'm signing the report.
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Yeah I get that, and I'd love it if there were a bunch of good comps within a mile, but failing that I believe in the principle of substitution. Isn't the value of my subject is determined by what properties a typical buyer, in the market for properties similar to the subject, would consider acceptable substitutes? There is a reason I didn't grid the rest of the sales within 1 mile of the subject, they are inferior substitutes, and maybe I'm wrong but I think the typical buyer in this market would rather purchase a very similar property 3 miles away than purchase a dissimilar property simply because it is in that particular subdivision. IDK maybe I'm over simplifying it. Also this isn't an AMC, it's a lender and my best client, well WAS my best client probably lol.
 
RCA said:
You should be able to add ANY comp to the sales grid and it should adjust to exactly the same value as the other comps. That's the math. In fact, I can put an unlimited number of comps in my sales grid and get them to all adjust to exactly the same value. Which comps I put in the sales grid - are those comps that are most similar to the subject, because if they can be adjusted without running up the gross adjustment totals, then that is convincing evidence for even clients who don't understand the mechanics of adjustments very well. If your client wants some arbitrary comp in the sales grid - it doesn't matter really - at least if you know what you are doing, because if you know what you are doing, it will indeed adjust to the same adjusted sale price as the other comps - so there is no need for averaging or weighting.

My comps can go back 20 years. -- and they will all adjust to the same adjusted sale price. Yep.
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It seems like each year I read more and more articles about appraisers getting in trouble for not being able to support every adjustment or cost approach value with hard market data. Maybe I need better data sources or more experience but I can never seem to adjust all my comps to the exact same value and still support all those adjustments with market data. I would love to be able to do that.
 
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