Appraiser Can't Find Comps
I received a phone call from Kevin, a local appraiser here in San Diego yesterday who wanted some information on a listing I had recently closed. Not too strange of a phone call, right? He wanted to know condition, any special features, confirm there were no concessions...Of course I helped him out. I would want someone to do the same for one of my buyers trying to obtain a loan.
Then he dropped it on me. Words I have not heard for a LONG time. "I am having difficulty coming up with comps for this property I am appraising......everything I find has sold much higher than the property I need to appraise!"
"KEVIN!" I said, "You may just have to give it a value that is HIGHER than the sales price!" He actually sounded a little stressed. "I know, I think I may have to..." Not too bad of a problem for anyone other than the seller and seller's agent really. Maybe they needed a quick sale.
Things are looking up when the Appraiser Can't Find Comps because sales in the area are higher! Haven't heard that one in a while!