When To Get Comps, Before Or After Inspection?

[luv1138]

I have been getting comps before the home inspection. Normally I get comps that are in C4 condition, unless there is a recent listing of the subject property in MLS, and shows that the subject is in C3 or better. It is safe to assume that most properties are in C4 condition in my opinion, unless stated otherwise.

What's your opinion? And/or how do you do it?

 

[miktay]

1. Do it before.
2. Then, do it again, after.
Good luck.

 

[hastalavista]

We interview the borrower/contact prior to the inspection to confirm the information we have pulled on the property and to ask if there has been any significant updates/remodeling or if there is any repair work/remodeling in progress. With this information, I'll run the comps and go to the inspection. Every now and then, the borrower/contact will omit something that might make a difference in the comp selection; but as a rule, what we confirm is what we see.

 

[bnmappraisal]

I will run a search of similar properties (I use GLA +/- 30% of the subject's public record GLA) within the subject's neighborhood. This search usually entails 3 parts:
active/pending properties
sales within 6 months
sales within 12 months

I then go see the property
After my inspection of the subject, I will usually drive several of the properties from my searches above (many of my clients still require 2 active/pending for whatever reason; but pay $$$) and take pics of said properties (many times it will be upwards of 10-12 pics)

When I'm back at the office I then go through the properties, etc and work on my report. Many times the properties I originally inspected/photographed have the most comparable properties somewhere in there ... but not always. There are times I have to go back out because of a better comp that I find once back in the office/post inspection.

 

[EddieB]

It is also nice to have a laptop or other device with you in the field for additional comp research. Having "live" property data can be a time and money saver. Especially when FSBO properties show up in field review of the subject. Having a laptop and a mifi hot spot has been my BIGGEST tool in years.

 

[Michigander]

I used to try before, but I always ended up going back for more photos, so I just take the obvious comparable photos at the observation, and go back after once I have solidified my choices. Even then sometimes I end out a third time. Yes, I am that efficient.

 

[Tim The Enchanter]

I hate going out twice. Sometimes it is not avoidable.

 

[TJSum]

I have been getting comps before the home inspection. Normally I get comps that are in C4 condition, unless there is a recent listing of the subject property in MLS, and shows that the subject is in C3 or better. It is safe to assume that most properties are in C4 condition in my opinion, unless stated otherwise.

What's your opinion? And/or how do you do it?

Just one note before answering the question, try not to use the term "home inspection" as an appraiser one should never confuse the two as a home inspection infers something else. Try using appraisal inspection, appraisal observation, whatever, just not home inspection. It is a very important distinction.

When dealing with sales, you typically can get subject info from MLS to help filter potential comps. For refi's you can run into anything and everything. I typically go out for the appraisal inspection with enough comps to handle most issues to avoid getting surprised to trigger a second trip. In this market, second trips kill your productivity given the traffic issues of the area. It is extra work to go out with more potential comps, but in the long run saves a lot more time and greatly reduces aggravation.

 

[JTip]

After inspection.

The first time you get burned by a 'glowing' homeowner interview stating how new and updated the subject is, only to reveal old and busted at the inspection, you will learn to do the job right.

Definitely after. Hopefully your well established and credible database of sales will fill in some of the report comparable properties.

 

[Meandering]

You collect SALES before you inspect the subject, you chose which are COMPS after you see the subject. Of course it never hurts to have extra sales data with you when you go to see the subject.

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