Appraiser Can't Find Comps

By
Real Estate Agent with Integrity First Financial Group, Inc.

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.

GO KEVIN!

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!

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Ralph Gorgoglione
John Aaroe Group - Los Angeles, CA
California Real Estate (800) 591-6121

Good for you.

Never assume that the accepted contract price is going to be fair market value.

Sometimes the listing agent can be way off on the list price for WHATEVER reasons.......

May 07, 2010 11:18 AM #1
Rainmaker
338,320
Pat O'Reilly
RE/MAX..214-289-6176 Irving and all of Dallas Fort Worth - Irving, TX

That is awesome news. Let's hope it keeps moving up!!

May 07, 2010 11:26 AM #2
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Lori Bowers
La Quinta, CA
The Lori Bowers Group

Now thats the kind of news we love to hear!  Thank you for taking the time to educate the appraiser  :)

May 07, 2010 11:28 AM #3
Anonymous
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Anonymous

Great news - thanks for sharing this with us and gives us all hope!

May 08, 2010 03:16 PM #4
Rainmaker
517,004
Mary Douglas
United Country Ponderosa Realty - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Stephanie, I like the sound of that! I never understood why appraisers had a copy of the sales contract anyway - it shouldn't affect the comps.

May 12, 2010 05:01 PM #5
Rainmaker
1,108,649
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

I'm confused. Aren't sales in the area "comps," regardless of whether they are higher or lower?

May 14, 2010 11:52 PM #6
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Kathy Byrnes
RE/MAX at the Lake - Mooresville, NC
CDPE

I had a BPO done via a bank on a short sale and the crazy agent they had do the BPO came in $55,000 higher than the sellers paid in 2005. We are selling at 2005 prices in our area for many of the homes. I am having a heck of a time getting the bank to look at my comps vs their crazy BPO.

Nov 20, 2010 03:21 PM #7
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Stephanie Reynolds

East County San Diego Homes 619-838-4408
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