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comparable sales within an appraisal report

How Do Appraisers Choose Comparable Sales?

By | Appraisal Resources

One of the most misunderstood aspects of real estate appraising is how comparable sales are chosen and adjusted. There are certain guidelines that appraisers follow as well as lender imposed restrictions that require the use of comparables that fit specific criteria. Unfortunately, many times these guidelines can results in less accurate conclusions due to the limited data. In the case of non-lender or private appraisal assignments, many appraisers still cling to these guideline even though they are not being imposed – they simply don’t understand how to think outside the box. In this article we take a look at some of those issues and how they affect comp selection.

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