I don't even know what that means - "a science."
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Subject as it's own comp.
- Thread starter Tom Giraldin
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Joyce Potts
Elite Member
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- Feb 6, 2005
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- Certified Residential Appraiser
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- Florida
Appraising can be effectively done by automated valuation models.
Michigan CG
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Yup....there are 12-14 "houses" on Zillow that are valued in the subdivision next to me. Only problem is that there are no houses there. The sub never built a house.
Parts of it can be. Not research, though.
Tom Giraldin
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Joyce,
The subject was a arms length sale 3 mos. ago. I made two adjustments 6% down for market, as it is declining (2% a month) and $3,000 for sales con. it made the adjusted price 175K the range of the other 3 comps were 173 to 176 K and larger adjustments as they were older in age and time, had pools and ect. if the subject was to go back on the market and you were asked to come up with a asking price would you not analyze the declining market from the time of sale? I do not understand why you would not use it to support your value.
The subject was a arms length sale 3 mos. ago. I made two adjustments 6% down for market, as it is declining (2% a month) and $3,000 for sales con. it made the adjusted price 175K the range of the other 3 comps were 173 to 176 K and larger adjustments as they were older in age and time, had pools and ect. if the subject was to go back on the market and you were asked to come up with a asking price would you not analyze the declining market from the time of sale? I do not understand why you would not use it to support your value.
Michigan CG
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I too do not understand that....maybe Joyce will opine on that.
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An arm's length transaction of the subject is comp #1. It is absolutely the best sale that can ever exist in the universe.
Carnivore
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TJSum
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From a devils advocate view point, wouldn't that mean whenever a purchase appraisal is done, that you should appraise to the contract because that is the best data that could ever exist for that subject ?
Michigan CG
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I completely agree. Joyce thinks we are smoking those happy cigarettes.
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