Dfm925, Home Buyer in Nashville, TN

Why not use the comparables of 715 Belle Meade Blvd just a block away?

Asked by Dfm925, Nashville, TN Sat Dec 22, 2012

This question was asked from http://www.trulia.com/homes/Tennessee/Nashville/sold/1698346…

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3
Ron Thomas, Agent, Fresno, CA
Mon Dec 24, 2012
The Appraisers look first for houses close to the subject house:
All the variables can be allowed/compensated for, including square footage, # of bedrooms, condition, upgrades, etc.
But Comp's myst be as close as possible; it is almost impossible to insert a allowance for DISTANCE.
If you haven't seen an actual APPRAISAL; they list all the pertainent datat, then assign a DIFFERENCE value, to make the two properties "comparable".
It is rare to find a Comp house that was sold within the last 90 days, that is truly the same (Comparable), the numbers make them comparable.
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Mon Dec 24, 2012
Selection of comps is somewhat subjective based on the appraiser since it really is a judgment call. The best comps will be of similar age, square footage, # of bedrooms/bathrooms, and style of the subject property. At least 2 of those 3 comps should come from the subject property’s neighborhood. One must come from an outside neighborhood to better bracket the overall market area value. Appraisers do need to take into account school districts and city/county boundary lines.

For a condo, at least one comp should be from a comparative neighborhood, but the other two should be from within the subject neighborhood.
0 votes
Stephanie &…, Agent, Nashville, TN
Sun Dec 23, 2012
The condo market can be challenging at the moment as financing options have been severely limited because of changes to Fannie Mae, Freddie Mac and FHA guidelines. Before assessing value on any condo these days you'll have to do a ton of research. Is it FHA approved? Does the investor concentration meet conventional guidelines? Does the commercial aspect fit within guidelines? Are there any lawsuits? Assessments? Foreclosures? Short Sales? HOA reserves funds? You get the idea.

It's pretty hard to blanketly give advice when you are comparing two buildings with no active listings or recent solds.
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