Tag Archive for: comparable sales

Appraised Value Can’t Exceed Highest Comps; Appraised Value ≠ Market Value; WHY WE NEED AGENTS!

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We had an appraisal come in $40,000 under contract a few weeks ago – and both the buyers and sellers were furious… solely because they did not understand appraisal guidelines.Read More

Appraisal Comps: “Just the facts, Ma’am” – STUFF EVERY AGENT SHOULD KNOW!

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“The story you are about to hear is true; only the names have been changed to protect the innocent.” That was the opening line from the famous 1960s TV series […]Read More

6 Things That Terrify Appraisers

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Here are a few things that really scare appraisers. 1. Unusual Properties. Unusual properties include those with acreages, odd structures (e.g. a round house), multiple dwellings on one lot, adverse […]Read More

Appraisers Can’t Ignore “Bad” Comparable Sales; Agents Shouldn’t Either

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AGENTS WERE LIVID WHEN APPRAISAL CAME IN LOW We recently had an appraisal come in $25,000 under contract price – and the agents were irate! They sent us comps that […]Read More

Appraisers Can’t Ignore Low Comparable Sales; Agents Should Not Either

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APPRAISALS COMING IN UNDER CONTRACT PRICE B/C MARKET’S SO HOT We are seeing appraisals come in under contract price more frequently than normal again b/c the market is so hot […]Read More

Comparable Sales Appraisers Can’t Use; Appraisal Reviews

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Hot markets foster appraisal issues – every time. This is b/c aggressive buyers in multiple bid situations frequently offer to pay far more for a property than what closed comparable […]Read More

Why Agents Need to Share Low Comps Too; When Cat Pee Matters :)

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Agents often share relevant comparable sales data with appraisers to help support value. B/c of this we often share basic appraisal guidelines with agents to ensure they share comps that […]Read More

Why Appraisers Can’t Ignore Comps That Hurt Value

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The 1990s were good and bad for appraisers. They were bad b/c appraisers had to use analog sources (books and printouts) to find comparable sales; they were not online. They […]Read More

Why Friendly Appraisers Should NOT Push Values Too Far; Review Appraisers Are Like Sharks

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$125,000 APPRAISAL CUT KILLS DEAL Several years ago, we had a $700,000 purchase of a property with an unpermitted in-law unit in Concord, CA (very common in both our Bay […]Read More

Comparable Sales Appraisers Can and CAN’T Use

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Hot housing markets tend to foster appraisal issues due to buyers trying to be as aggressive as possible with their offers – where they oftentimes are offering well over market […]Read More

When “Appraised” Value Is NOT Market Value

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Because the market is heating up again, we have had several appraisal issues recently where there were simply no comparable sales available to support the contract price (despite multiple offers […]Read More

Delay The Appraisal Inspection If Pendings Closing Soon

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Appraisers cannot correlate to any comparable sales that close after the appraisal date (the date of inspection). In “hot markets” this is a very important consideration b/c the necessary comps […]Read More

Comps Must Be Within 20% of Size of Subject; Comp Criteria

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This is a reminder that Comparable Sales in appraisal reports must be within 20% of the size of the subject property (in most cases). Hence, a 1,500 square foot house […]Read More

Appraised Value Is Not Market Value; Solution?

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We have a transaction in which two buyers (both are clients of ours) are more than willing to pay $1.2 million for a property in Oakland with an appraised value […]Read More