Dallas-Fort Worth Real Estate Investor Club

Appraiser questions

  • 31 Jan 2013 9:05 PM
    Message # 1195245
    Deleted user
    In your experience, how far back do they determine comps? 90? 120? 180?
  • 01 Feb 2013 10:52 AM
    Reply # 1195698 on 1195245

    My experience is 90 days.  If comps in the area are rare or of an unusual nature, I've had appraisers go back 180 days but first they extend their normal range or distance.  I had one not long ago jump a natural barrier because of lack of comparables to mine.  But, it depends on luck of the draw now days on the appraiser you draw. 

    If it's signficate and it's in the budget, hire your own and that might help with the bank's appraiser.

  • 01 Feb 2013 11:32 AM
    Reply # 1195743 on 1195245
    Deleted user
    Thanks Hugh. With the luck-of-the-draw method in place, I'd like to crystal-ball their decisions as much as possible.
  • 03 Feb 2013 8:03 AM
    Reply # 1197102 on 1195245

    Barry,

    Appraisers only use comps sold with-in the last 180 days when appraising a property for a resale.

    Kelly Lewis

    Stanfield Realtors, Inc

    Last modified: 03 Feb 2013 8:04 AM | Kelly Lewis
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