Tag Archive for: comparable sales

Appraiser vs Seasoned Agent: Whose Value Estimate Is More Accurate?

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I worked next door to a crotchety old RE/MAX agent for ten years – and we used to bet on the ultimate sales price of upcoming listings. I was always quite certain I’d win because of my vast appraiser knowledge. But I not only lost every time, I was often stunned by the accuracy of Mr. Crotchety – who was extremely active in the local market.Read More

Why Appraising a Home For More Than Purchase Price Is So Difficult – For 12 Months

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Fed Week: Corruption or Panic on the Part of the Fed? The Fed will announce a rate cut this week, and many pundits are now predicting a 50-basis point cut […]Read More

What To Say To Appraisers? A Lot, But In the Right Way

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We published this blog several years ago, and I am re-sending it with a very important addition. The addition is this: agents should focus especially on “inconvenient” (low-priced) comparable sales. […]Read More

“It’s Raining Low Appraisals” Why & What To Do

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We have seen an onslaught of low appraisals recently. The primary reason is that the market is heating up in some areas – so offers are coming in that are higher than all of the closed comparable sales in the immediate neighborhood.Read More

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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The problem is that such appraisals often invite reviews by underwriters because the values are much higher than the automated value estimates the underwriters use or because the comparable sales appear to be too weak.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