Helping out the appraiser

[Christian Nachtrieb]

I know some people like to assist the appraiser with doing a chunk of the heavy lifting for them and supplying them with comps.. my question is how far do you cast your net? Do you stick to the zip code, or can you do like a 1-2 mi. radius circle from your property, or is it a combination of both?

Thank you!

Christian

[Chris Mason]

Originally posted by @Christian Nachtrieb:

@Lien Vuong Thank you! That’s exactly what I needed to hear. The pickle that I’m in is that my property is one of VERY few in Dorchester that are <500 sq ft. The only very close compatible is anothers unit that sold in my building other than that it’s tough to come by. Would you suggest either looking a) further b) larger sq footage or c) larger bedroom count ?

Thanks again!

 Appraisers can go farther back in time if they need to, and they are allowed to do time adjustments for appreciation in such cases. Meaning if you have a comp from 18 months ago and that's the best you can do, and your market has appreciated 8.4% in 18 months, they can appreciate the comp 8.4%. They will generally do this before they resort to comparing to farther out or a larger bedroom count.