Tag Archive for: comps

Two APNs Are Kosher; Two Lots Are Not; Comps From Adjacent Cities

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Most lenders will not lend against properties with more than one lot because that requires them to cross-collateralize two properties/lots (something most lenders will not do).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

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

When Appraisers Are Right (Which Is Often)

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We have an excellent pool of hand-picked appraisers that I tout often as a competitive edge. I tout them often b/c we used to get burned all the time when […]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

What Realtors Can Say To Appraisers- Anything; Comp Guidelines

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Realtors play a vital role in supporting appraisers by providing valid comparable sales data. The key is respectful communication and knowing the comp rules that appraisers must follow.Read More

Unpermitted Space is OK – No Value; No Health and Safety Issues

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Unpermitted space can be financed as long as it's built in a workmanlike manner with no health or safety concerns. However, it won’t be included in the property’s valuation, which can make appraisals challenging.Read More