When sales activity has diminished, as is the case in today’s market, appraisers have a much smaller pool of comparable transactions available to them. Such times require that appraisers give greater scrutiny to transactions that have traditionally been discarded.
Here’s why and how appraisers are reconsidering foreclosures, short sales and listings in an upside down market.
Foreclosures
A…
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You can have the latest map program, aerials and any other special effects to make your report look as attractive and professional as possible but if you choose the wrong comparables, your result will be the worst appraisal report possible. This article shows the best way to choose comps, especially when sales of properties are…
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My last article discussed choosing comparable sales in a tough market. As was discussed in that article, in today’s market, it is very difficult to obtain comparable sales and listings that best reflect comparison to the subject. Some sales and/or listings might be older but more similar to the subject; others may be…
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Editor’s Note: The following Q&A is from Lee Hess, PhD, author of Navigating USPAP. “The USPAP Q&A that have appeared in Working RE previously have generated many additional questions from readers,” said Hess. “Here are more questions and answers that affect the every day practice of appraising.” USPAP Q&A: Clarifying Competency, Reviews, Past Sales &…
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