Market Conditions in 11210>Question Details

Nhbb22, Home Buyer in Dahlgren, VA

Appraiser use for sale by owner as a viable comparable

Asked by Nhbb22, Dahlgren, VA Sun Jul 8, 2012

The home was never on mls

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I have alot of appraisers call me for comparables because there is a lag between properties in contract and properties that have just closed. The system we use to @ Halstead for a market analysis is Real Plus. Real Plus is linked with ACRIS (New York Public Records for Real Estate) and the Real Estate Board of New York. We tend to get comparable up two weeks early than most appraisers and realtors. Please feel free to call me with any questions. By the way, I live in the zip code of 11210.

Hakim Edwards
Licensed Associate RE Broker
Halstead Brooklyn, LLC
495 Atlantic Avenue I Brooklyn NY 11217
Direct: 718.613.2034 I Mobile: 347.489.2247 Fax: 646.472.7690
hedwards@halstead.com I halstead.com
0 votes Thank Flag Link Mon Jul 9, 2012
As long as its a closed sale similar to the subject and meets the criterior of the sale.
0 votes Thank Flag Link Sun Jul 8, 2012
Dear Nhbb22:

Most appraisers gather their recent sale information from public records. If they still need additional comparable sale or for sale information they will then search MLS type databases as well. Hence with "for sale by owners" the sale information will be viewed by the appraiser but in most cases they will not use a for sale by owner as a comparable active listing because they are simply to hard to find.

If you want to expound on your question or discuss it further, feel free to contact me. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sun Jul 8, 2012
The answer is yes, they do in the greater NYC area. However, unrepresented sellers are relatively rare here.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
New York, NY
212-688-1000x146
kharby@crrnyc.com
0 votes Thank Flag Link Sun Jul 8, 2012
I mean can a appraiser use a for sale by owner as a viable compeer able?
0 votes Thank Flag Link Sun Jul 8, 2012
Dosnt have to be, as long it's a closed verifiable sale
0 votes Thank Flag Link Sun Jul 8, 2012
Sometimes an appraisal use a sell by owner has a comparable when doing an appraisal just for a comparable of the house on the market
0 votes Thank Flag Link Sun Jul 8, 2012
We get a lot of questions like this:
Did you think that Appraisers are stupid, or that they are out to get you?

Appraisers are tested and licensed and have to answer to a higher authority.

No matter what house you are comparing to; there will always be some features, some statistic that is different from the Comp houses; the square footage, the age, the condition, the upgrades, something.
The Appraisal takes these differences into account; it either credits the primary house or debits the comp house, or vise versa. When the figures and allowances are all added together, the numbers make the houses COMPARABLE.

If you think you can do a better job; I suggest you take the courses, study your toke off, and then serve the apprenticeship to become your own Appraiser.
0 votes Thank Flag Link Sun Jul 8, 2012
Did you actually read my question? Because your answer does not apply to my question.
Flag Sun Jul 8, 2012
The problem with using a FSBO for comparable numbers is often they are transactions between known parties. This could be a sale from parents to a child. Often these sales are priced below market value which would skew them as a comparable sale.
0 votes Thank Flag Link Sun Jul 8, 2012
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