appraisal

appraisers are using comparable closed sales in the last 6 months. Usually at least 1 of the comps come from within the building. Listing prices usually dont count for anything and those that are in-contract have some bearing. But closed comparables within the last 6 months is what they look for. sunny.hong@bankofamerica.com

The most recent sales are what is best. Yes, in contract helps but overall the most recent sales and listings usually gives an accurate idea of value.

What if the owner of the most recent sale was hit hard by the economy and had to sale at a loss...how does this play into the appraisal

dg156 - it may affect the comps, but appraisers use several sales for comps - and not all are necessarily in just one building. They may also use sales of similar apartments in similar buildings in what they consider the general area.

That plays a large part into the comp selection. There are always low sales within buildings and they should be noted as such but there is enough info out there for appraisers to do a complete job. Unfortunately, it's nearly impossible to get sales under contract which is always a big help for appraisers to give a thorough appraisal.