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Using a 2 year old comp

Fernando

Elite Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
Had this revision because they wanted the freeway location bracketed in the grid. The only comparable I had was 11 months old and over 300 sqft smaller and was not originally included in the grid due to this. I had done a paired analysis of this comp (aka pretty close to each other) and included it in the report but they insisted on it being there.

Reviewer Comment(s): The lender will want an extended search to bracket going back 3 years and in distance, NO weight is warranted for this comp, if after the extended search and there are still no comps found please include commentary stating the 3 year extended search was completed thanks
That's one demanding client!
 

Fernando

Elite Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
As you know I call agents on pending listings to get their contract prices. Right now best indicator of price trend.
On another appraisal, I called this pending agent and left a message. I wanted to tell him his list price is low and with Fernando's charm, I could get him to tell me the contract price.
He didn't call me back. How rude to Fernando!

Later today, I checked the listing and it's no longer pending.
It sold last week over $250,000 from list price.
More than I expected. Subject's value is going to be higher.
 

sputnam

Senior Member
Joined
Apr 24, 2012
Professional Status
Certified General Appraiser
State
North Carolina
Sure.... If you must. You can also use that sale in a different way. Find a sale to pair with it from 2 years ago and extract the adjustment on a percentage basis. It's reasonable to assume that while the dollar amounts have changed, the percentage relationships might not have. Remember... you're an appraiser. It's your opinion. Your opinion doesn't have to be correct. It has to be supported.
 

Fernando

Elite Member
Joined
Nov 7, 2016
Professional Status
Certified Residential Appraiser
State
California
The client accepted my report. :clapping:
Three times no problem.
When there's not enough comps, I go back and it's amazing how those outdated comps support my appraised value. ;)
 
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