When To Get Comps, Before Or After Inspection?

[devin]

I try to pull as many comps before, that I feel are like the subject as much as possible, from the information that I have gathered, it helps, but there are still the times where you get to the subject and are in for a surprise.

 

[RSW]

I like to research before the inspection, but every once in a while I have to go back out because the GLA is way off or something else is different. I do have my laptop with me so I can link to my phone and research out in the field.

 

[J Grant]

yes to all the posts, I try to get comps pre inspection but can end up going back/adding a comp afterward. I try to find comps as similar to subject of course or br

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?

Like many posted here, I try to pull comps before but can find myself adding or substituting a new comp after, due to "surprises" at an inspection , despite efforts to confirm property details before going out.

Most appraisers try to get as much detailed information about subject before heading out to find comps that are similar in condition and features /and or bracket an important feature of subject.

 

[Digger88]

take 3 comps with you before then type the report when you get home.

 

[Deleted member 134708]

I triple hate going out twice. But it's the correct way to get the best replacement property to your subject.

Getting comps after is a must to do it correctly. On top of that. When the state, FHA etc reviews, they will get comps after, never before. I would like to take this same approach as the reviewer. And again, it's the correct way. Sad part, it's taught to zero trainees since 1976.

 

[Deleted member 134708]

i get quote, I check on map where is and if has suffficent comps for a credible valuation. I accept order.

I never look at order again. I make appointment and go at 10am. Again, only thing I know is address, don't even remember GLA etc. go see.

Come back to office and start report. Go take comp pics. Finish report. Turn in by 5pm. Repeat.

Total time involved after accepted assignment but before inspection = 0.00 minutes.

 

[Salty]

Going back to the area is common. Just another reason I can't fathom how an appraiser makes a profit on a $300 1004.

 

[CindyR]

we might need to look again at those locational differences. i might go back out for another comp once a year. admittedly i generally have 10 selected for my initial visit but i am rarely surprised by anything i see when i get to the property. Even without MLS i have great aerial photos and an assessor floorplan to start with. And most properties are or have been in MLS. Did a purchase appraisal last week where MLS included 128 photos so i had a pretty good idea of what i might find when i got there. .

 

[Elliott]

Before or After? Yes. I print all the MLS sales sheets in my county semi-weekly, put them in a file. Pull them when I'm in the field. Don't have to go back. If I lived in a large urban area or did multiple counties, I wouldn't do it the way I do it.

 

[CindyR]

Before or After? Yes. I print all the MLS sales sheets in my county semi-weekly, put them in a file. Pull them when I'm in the field. Don't have to go back. If I lived in a large urban area or did multiple counties, I wouldn't do it the way I do it.

WOW - that would be my locational differences thing. I just did a quick search and MLS shows 2012 sales closed in my county in the last 2 weeks.