Comments on: Results of Comps Grid Placement Survey

By: Baggins - wake up!

Baggins - wake up! — Fri, 07 Jul 2017 00:08:35 +0000

By selecting any mechanical or fixed method, you’re doing it wrong. You need to be flexible like an appraiser ninja, picking them on the fly and stacking them for front page bracketing of all or at least as many key comparison features as possible.

Comps importing and data import mapping simply does not work as well as the manual methods. For some scenarios I don’t want normal data entry, so I tag in the unique data entry as I see fit. I’ve never once seen an excell import, data map, or comps sharing program which can effectively match the logical manual methods. If you want to keep the human in human appraising, you can’t outsource your duties to automation or mechanical methods. There is no proper mechanical method which works properly in all scenarios. Mechanical methods are a clear sign the appraiser is not being flexible to the scenario at hand.

By: Pierce Blitch, III

Pierce Blitch, III — Thu, 06 Jul 2017 13:17:27 +0000

I just sent the following questions out to 11 underwriters, SAR’s,. and Review Appraisers. I’ll post the results in a week.

When Reviewing appraisals, if there a particular order in which you would like to have the Comps arranged on the Sales Comparison Grid?

1.) Most recent closed to oldest. Then Pending Sales, Then Listings?

2.) By Sales Price with Lowest to Highest or Highest to Lowest with Pendings and Listings the same way.

3.) By Adjusted Values from Lowest to Highest or Highest to Lowest with Pendings and Listings the same way.

4.) Weighted% with the lowest GROSS % adjustment weighted Comp as #1 and the highest GROSS % adjustment weighted Comp as the last, including listings and pending sales. Some pending sales tend to have the least amount of adjustments and could be placed as Comp #1.

5.) Other….??????? Please explain.