How many comps are you appraisers using

By
Real Estate Appraiser with Real Estate Valuation Group

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

Comments (3)

Highland Beach Condos David Serle
RE/MAX Services - Highland Beach, FL
Boca Raton Agent David Serle

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

Jul 14, 2008 08:32 AM
Associate Broker Falmouth MA Cape Cod Heath Coker
https://teamcoker.robertpaul.com - Falmouth, MA
Heath Coker Berkshire Hathaway HS Robert Paul Prop

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.

Jul 14, 2008 08:41 AM
Adam H. Wise
Real Estate Valuation Group - Portland, OR

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.

Jul 15, 2008 09:35 AM