I had not been very active in ActiveRain in 2014 - so busy with appraisals even turning work away. For 2015 I plan to do better and this is my first post of the New Year!
So, thank you for reading...and possibly commenting.
I was recently having a discussion with the listing agent on a comp I was trying to obtain information about. Texas is a non disclosure state and realtors are extremely important to appraisers. You see, as I was explaining to the agent who couldn't understand why I called her, sometimes a comp might be a good comp in an area where there are few sales if and I say IF there is sufficient data for comparison. This agent did not list if there was a kitchen (yes, I usually assume there is), a dining room or just a nook.
We need this info for one of those pesky boxes we must fill in BUT it is more than that. IF that is the only difference between 2 similar sales - one has a dining room and one of them does not and we know that it helps us to isolate a difference in sales price and might make a difference when comparing the comps to the subject.
Now, that might be a minor difference but I've seen other things far more important than that when looking for comps. Once my subject was listed as having a garage apartment. The agent assured me it was with heat and a/c and everything. When I arrived I discovered a detached storage with a toilet Now imagine what the next appraiser is faced with because he/she thinks this sale has a garage apartment. The appraiser , if using this comp for a sale with no garage apartment will make a negative adjustment which just might work against the value of his subject. That could contribute to a lower value opinion!
So, to those of you who carefully list bed/bath/room counts, amenities and upgrades or lack of them, I thank you!
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