Lender's Appraiser only uses MLS "solds" as comps

This is typical, but more so because it makes life easier on the ones doing the reports (less work, yay!).  We can accept any comps, and sometimes the most similar comps are off-MLS or even listings.  Someone just needs to provide an appraiser with that info, and a way to ensure its accuracy.

In some cases, it is good to use neighboring "under contract" comps, so once they sell, hopefully at a favorable value, you can appeal to the AMC, to contact the appraiser to revaluate the property. This happened with a recent refinance, where the value came in low, the borrower was not able to pull out requested cash, and we just waited for her next door neighbors home to sell at the higher value, so her home can be reevaluated.

This is even harder in a non-disclosure state (which Texas happens to be.) The private sale never has to be disclosed and it takes a lot of work and effort to get one side or the other to not only talk but to supply it as an actual record for an appraiser to utilize.

Should be MLS solds and no short sale comps.

     This may be easy for the appraiser, but it is may not present a true picture of the market.  I have seen places, and times in history, where the majority of sales were conducted "Off MLS".   An appraiser blowing off those sales is not doing a good job. 

     Here in Florida, all sales are Public Record (Property Appraiser, Tax Collector, and Clerk of the Court); they can all be accessed online.   There is no excuse. 

Hi again, Hella M. Rothwell 

   The "Tag" function.  It seems to be hit or miss.  Sometimes I have to start the whole comment over.   Hopefully AR will work out the kinks.

Hella M. Rothwell  this is news to me, every time I have worked with Appraisers and Lenders they would consider and include Sales that were private or not an MLS transaction, which lender is this??, Endre

I have never encountered that although in this electronice age that is not surprising.

I think John in your first comment nails it with a matter of accuracy.  And to be fair, homes sold on the open market, should be compared to homes sold on the open market.  A sale from a parent to a sibling isn't exactly the same kind of deal.  Nor is a FSBO.  They don't ge the same market exposure.  Just a thought.

Reflecting the market... that is what we need to do when selling... so any sale, if apples to apples, should be used, known.

I have never encountered anything like that, but it does make sense to include a non-MLS comp, especially if it is a "true" comp in relation to the subject property.