When To Get Comps, Before Or After Inspection?

[norapp]

Always before. If I have enough similar size I try for at least 2 in c3 and 2 in c4. Sometimes I just don't have enough to choose from but hopefully you get enough info before you go that you have the best comps when you are out in the field. If in doubt and you're not sure take more than you need. It beats a second trip. That said, I've had to make 2 trips on quite a few properties where the tax records GLA was so far off that the comps I had were no good.

 

[Tom Woolford]

I'll pull sales before I go out, bracketing age, GLA, condition if known, pool etc. Finalizing the picks in the field and take the pictures that aren't already in the database. Only very rarely do I have to go back. If nothing works, I go get coffee and redo the search using someone's internet or my hotspot. Friday was an exception day and I have to get a couple more, but they're right down the street so no big deal.

 

[Tom4value]

Buy a calendar. This is 2017. If you are not going out on the road without a laptop or tablet that does not have access to the internet then you have an old calendar.

I pull comps based upon 1. Checking the MLS on the property. You have to do this to see the history, anyway. Statistics say it was purchased when it was in the MLS.
2. Pull field card. If it is different, they did renovations. Pull comps on that.
3. Bring your laptop/tablet. If after your inspection you see that your comps suck, you can get better ones on the road.
4. Check your GLA in the field. Just last week, I got comps based upon the field card. I came back and found that the field card was off by 300sqft on a small house. None of my comps were good so I had to go back out. 26 years in the business and I learned something new!

 

[devin]

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

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.

What about comps that are so close to the next area code, where you have to use them, I asked this, because I got a stip for this very reason.

 

[devin]

Is it OK to use comps that run into a different zip code?, for another city that's similar, due to lack of comparable within the subjects zip code?

 

[Deleted member 134708]

With 99% of appraisers doing what they were taught -- using their judgment of what the subject is pre-inspection vs. visually observing the property and using market participants judgment of what a replacement property is and or market participants reaction to the differentials -- I think I need to start doing reviews as part of a public service.

The public deserves and arbiter that doesn't pre-judge. The public deserves an arbiter that doesn't spend 15-30 minutes "picking sales" in a coffee shop.

Caveat: now if you spend 2 hours at coffee shop verifying MLS data vs actual, deeds, permits, calling realtors to verify how sale occurred etc. then I'm not talking to you. As in, I'm not talking to you.

Hmm. For sure gonna sleep on. But I think I have to get into the review game as a public service. I'd be able to flag so many appraisers especially since I would ask for meta-data on photos.

 

[Michigander]

If I lived in a world where I could do everything the absolute way I wanted, I would pull all the comparable sales data AFTER the site observation. I'd do a lot of analysis before I came to any type of conclusion on what I thought were the best sales and then go and drive by them all at that time. Reality is, for me, it becomes a mixture of both before and after, and sometimes a third visit. I can't recall a time that I caught all the sales I wanted to use before going to the property. But that is me, and I am not a speed demon for sure.

 

[Deleted member 134708]

If I lived in a world where I could do everything the absolute way I wanted, I would pull all the comparable sales data AFTER the site observation. I'd do a lot of analysis before I came to any type of conclusion on what I thought were the best sales and then go and drive by them all at that time.

Here's my thing, and not with you personally you just happened to say it.

If appraisers just came out and said....yes, I short cut. Most of my appraisals only have 1 of the best replacement properties available. To save time, I used ones that are good enough to lend on.

I'm 1,000,000% fine. Why? It's the truth. The part I don't like is the lie. Appraisers were lied to on the technique as a trainee and continue to lie to themselves.

So if they are going to continue this lie into 2018, I think I may do my part to call out the ones I start reviewing (maybe)

 

[devin]

Here's my thing, and not with you personally you just happened to say it.

If appraisers just came out and said....yes, I short cut. Most of my appraisals only have 1 of the best replacement properties available. To save time, I used ones that are good enough to lend on.

I'm 1,000,000% fine. Why? It's the truth. The part I don't like is the lie. Appraisers were lied to on the technique as a trainee and continue to lie to themselves.

So if they are going to continue this lie into 2018, I think I may do my part to call out the ones I start reviewing (maybe)

They been doing this since the beginning of time. It's nothing new under the sun.

 

[Michigander]

Here's my thing, and not with you personally you just happened to say it.

If appraisers just came out and said....yes, I short cut. Most of my appraisals only have 1 of the best replacement properties available. To save time, I used ones that are good enough to lend on.

I'm 1,000,000% fine. Why? It's the truth. The part I don't like is the lie. Appraisers were lied to on the technique as a trainee and continue to lie to themselves.

So if they are going to continue this lie into 2018, I think I may do my part to call out the ones I start reviewing (maybe)

I am confused, what did I say? I don't believe I said I was doing short cuts because I have to go back out to retake photos. I try to figure out what I want to use, but it never manages to work out, because unless I develop the entire analysis beforehand, something else will surface. So, lost here.