Subject as it's own comp.

[Kevin Mc]

Either that, or they recognize there is something inherently illogical in using a property as a comp for itself.

what a concept huh? Actually gridding the subject sale, adjusting for time (as per OP) and offering additional information to support the comparables utilized. That is clearly too logical for a typical UW to grasp. I guess it is an "inherently illogical" concept.

 

[Queen City Gurl]

I'm not the type to beat a dead horse ! Guess I'll just agree to disagree.

 

[Webbed Feet]

To All,

I really think a few people are discounting all the reasons to grid up a subject prior sale without considering all the possible circumstances. .. I have done so, and intentionally placed it in the "Comp 1" position of the grid purely for effect. Sort of like a yield spread bombing mission. Only I was not using the most recent prior sale of the subject for this, I was using a prior sale of the subect that happened before the most recent prior one. Along with uncovering the nasty little fact that the "remodeling" supposedly just completed before the current sale was really already completed before the "two sales back" sale I was using.

I suspect flippers just hate me when I uncover their misrepresentations. The mortgage brokers involved sure did.

Webbed.

 

[Fred]

I guess it is an "inherently illogical" concept.

That could be why no one can find it as a recognized method in a text.

 

[Kevin Mc]

No doubt Steve.

That could be why no one can find it as a recognized method in a text.

but lets get beyond the rhetoric. The OP is actually doing an appraisal. The subject was purchased 3 months prior in a declining market. If it is gridded as a comparable(in the 4th position) with the appropriate time adjustment and it supports his market value based on the first 3 comparables I say I like it. You can call it whatever you like, disect it, rip it to shreads or just put your arms around it and love it to death. I don't care. I see that on a report and I see an appraiser who is doing a prudent job. You can see it as whatever floats your argumentative boat.:icon_mrgreen:

 

[Tim The Enchanter]

Gridding the subject as it's own comp is just another way to lay out support for your opinion of value. Just an extra "comp". You could just as easily do it in a narrative paragraph as some obviously do. Option A, or option B to explain your analysis.

Either way we have to address the value now versus the last sale if it was in the last 2-3 years. Why is it different? Or the same.

 

[Fred]

You can see it as whatever floats your argumentative boat.:icon_mrgreen:

I only see things as they are, and I sorry if that sinks your argumentive dinghy. Don't get me wrong. I appreciate the challenges to my character. If you had a good appraisal argument, you would have used that instead.

"must correctly employ those recognized methods and techniques that are necessary to produce a credible appraisal;"​

Just show me where I can find those correct methods and techniques. You don't think putting it in the "4th" positiion instead of 5th is actually a technique, do you?​

I'm not the type to beat a dead horse !

Me neither. I ride live ones or was that floating boats. So many great metaphors to choose from. ​

 

[Michigan CG]

I am having a hard time understanding why the positioning of the comps is important..........a comp is a comp, 1st, 3rd or 6th. They are all comps. Is this another one of those mythical rules no one told me about?

 

[Fred]

I am having a hard time understanding why the positioning of the comps is important.....

Because Fifi said to put in the fourth position.

 

[JSmith43]

Back in the good old days, when there was more relocation activity, I ran into "a subject as it's own comp" situations a few times. In a relatively stable market, it is great to see on the prior sale listing sheet something like Owner just bought 2 months ago, then got transferred, something like that.

How much better arms length support does one need? It is better than if OJ had a Brentwood cop for an alibi.

With the arms length situation firmly established, and in a market where time adjustments are considered unnecessary, I'm not sure how much more credible the market evidence could be than a recent prior sale of the subject, unless there were two recent prior sales, both necessitated by transfers, death of the owner, etc. Be sure to include a coroner's report in your file now a days!