How many comps are you appraisers using

Typically how many and whay type (ex.lising, pending, sold, etc.) of comparables are you currently using?

Posted by H Adam Wise on 07/14/2008 03:25 PM

comparables, appraiser, appraisers, listing, pending, sold comparables

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3 Comments on How many comps are you appraisers using

nowadays if you get 1 good one thats good. They really have to use at least 3, but should have 4 or more.

07/14/2008 03:32 PM

by Boca Raton Florida Homes for Sale David Serle (RE/MAX Services)

On the Cape they are using at least three and more often four. One of our problems is off-Cape appraisers from New Hampshire who don't know this market.

07/14/2008 03:41 PM

by Heath Coker, Broker Owner (Cape Group Real Estate & REindex.com)

Wow Heath and David I wish I could get away with 3 or 4. In our unstable market I am most often using minimum of 4 sales, atleast 1 pending and 2 listings. Underwriters are expecting atleast 3 closed sales 1 pending and 2 active listings to support your market conditions conclusion. I used 9 comps recently and the underwriter still requested 2 more. Out here we are really earning our money. Thanks for the responses.

07/15/2008 04:35 PM

by H Adam Wise (Real Estate Valuation Group)

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Appraiser: H Adam Wise (Real Estate Valuation Group)

H Adam Wise
Portland, OR
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