Subject Is Best Comp

[TRESinc]

I agree. I've always put it in the #1 position next to the current subject. The guide says "4th comp", not "on the second page of comps in the 4th position."

Never had any problems.

Quote; Selling Guide B4-1.3-08 "The subject property can be used as a fourth comparable sale or as supporting data if it was previously closed."

If it is recognized as "supporting data", via appropriate comments for the other 3 sales, why does the position matter ?

i don't know what version of the 1004 you all are using for your reports but on mine the grid says the comp next to the subject is comparable sale #1

 

[DWiley]

I avoid the "comp positioning" issue by addressing the prior sale in commentary rather than gridding it out.

I think it is silly to place any weight on the specific location of the comp within the grid, but I also know that for some this is an anthill they will defend to the death, and life is just too short to argue such an inane point.

 

[miktay]

I think it is silly to place any weight on the specific location of the comp within the grid, but I also know that for some this is an anthill they will defend to the death, and life is just too short to argue such an inane point.

I totally agree. As we all know, there is no more SIMILAR comp than the subject itself.
I typically use it as #4, but it could justifiably be #1 in many cases, with proper explanation.

 

[normando]

I got called out for using Subject as Comp #1. Want me to use as Comp #4.

 

[TXTea]

I guess if you're lazy you could use your subject as a comp. I'll just reference the subject in my narrative as part of my argument but I don't totally cheese out and actually grid it as a comp. What's that line from Chris Carter, "C'mon Man!"

 

[gregb]

How many appraisers are going to grid the subject as a comparable, if it sold for $400,000 nine months ago as an REO in poor condition, when it is now under contract for $600,000 after a gut remodel?

 

[normando]

How many appraisers are going to grid the subject as a comparable, if it sold for $400,000 nine months ago as an REO in poor condition, when it is now under contract for $600,000 after a gut remodel?

If you have subject sold this year and nothing change and not many homes sold recently, subject is a good comp. Just do time adjustment and everyone should be happy.

 

[miktay]

I guess if you're lazy you could use your subject as a comp. I'll just reference the subject in my narrative as part of my argument but I don't totally cheese out and actually grid it as a comp. What's that line from Chris Carter, "C'mon Man!"

I don't get it.
The subject is the most similar house (in the world) to the subject. If it recently sold and was a good market participant, how is it "lazy" to be using it?

 

[J Grant]

I don't get it.
The subject is the most similar house (in the world) to the subject. If it recently sold and was a good market participant, how is it "lazy" to be using it?

Because we already analyze the prior sold price of subject. Unless it was changed since purchase, because since it is the exact same property , we learn NOTHING from its prior sale except s price, (and we already know the prior sale price/analyze it off the grid)

The way we develop the value opinion is learning where subject fits in the market among other property comp sales, some of which are invariably superior and some invariably inferior, to see where subject lies in market reaction via prices for value attributes both positive and negative of comp properties.

Only time subject prior sale needs to be on the grid is when there are very few recent sales to be found, at all, or subject is unique/specialized type of property with very few other sales like itself to use as comps.

 

[miktay]

I respectfully disagree.
To see the most similar sold sale "grided" alongside the other sold sales gives a visual image of this comp, regardless of the fact that it is the same home.
You may choose to include a time adjustment, but many times, that will be the only one.