BiggerPockets

I am in the process of pulling active and sold comps on a ranch and there is nothing on the market like the property.

Property:
Ranch, 12 rooms, 5br, 2.5baths, 4000sq. ft, 3.8acres.

When no real comps exist, I am uncertain if I should pull comps then based on the house or the acreage. I can find comps that have the same acreage but the houses are completely different and I can find similar houses but the acreages are not close. Any help would be awesome!

Makes sense, that is what I will do. Now the property I spoke of is a short sale and am wondering how will the bank do their BPO since they will not break down the comps in the manner you are speaking of.

Fred,

You can also comp the land and then use the cost to build the house today and depreciate it based on the age of the house. In your case you will probably need to use a combination of comp methods.

They will guess based on experience and the particular side of the local market they have seen. What else could they do? They would probably have a range of options like you're being presented. Now as to which one they've taken is a matter of personal preference ... of course this is also an educated guess

I recently looked at a property with no comps in the nearby area what happened was they looked elsewhere. They next town over because things existed and therefore sold there. It was rural.