Asked by Akhowe, Essex Junction, VT • Tue Jul 7, 2009
How should - or rather, how does - the days on market value affect the consideration of a comparable home in an appraisal? We are selling our townhouse and just found out that the appraisal came in ~$9000 lower than our contract price. The comp that is closest to ours (a unit in the same condo complex, of the same age and construction value) had a DOM of 9 (yes, 9), while the average DOM value for our area in the past 3 months is ~120. Should the sale price of this house really be taken 'as is', even though it was clearly 'priced-to-sell'?
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