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Appraisals and comps

Started by nycin10011
over 15 years ago
Posts: 10
Member since: Mar 2011
Discussion about
Is it customary for an appraiser to use currently active or in contract listings in the ciomparibles? this just happened to me and it doesn't really make sense that 2 out of the 6 comps would not be on sold units. Especially since there are a ton of sold comps in the building.
Response by rb345
over 15 years ago
Posts: 1273
Member since: Jun 2009

nyc10011:

Appriasers need to use comps which are closet in time to the subject
property to minimize inaccuracies caused by the passage of time and
changes in market prices.

With prices again rising, you are fortunate to have an appraiser that
is using current market as opposed to historical sale comps.

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Response by chuckl1233
over 15 years ago
Posts: 122
Member since: Jun 2007

Most of he lender require either 2 pending listings or contract sales within the report. Most of the time the contact prices are unavailable so current listings are utilized.

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