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How to fill out general appraiser sales comparison

How to fill out general appraiser sales comparison:

Gather relevant property information:

Start by collecting all the necessary information about the property you are appraising. This includes the address, size, number of bedrooms and bathrooms, lot size, and any additional features or upgrades.

Identify comparable sales:

Look for recently sold properties in the same area that are similar to the property you are appraising. These comparable sales should have similar characteristics, such as size, condition, and location. Identify at least three comparable sales to ensure a reliable comparison.

Analyze the comparable sales:

Once you have identified the comparable sales, carefully analyze each property. Consider factors such as the sale price, sale date, location, size, condition, and any differences in features or amenities. Adjust the sale prices of the comparables based on these factors to align them with the subject property.

Complete the sales comparison grid:

Fill out the sales comparison grid using the information gathered from the subject property and the comparable sales. Include the relevant details in each column, such as property characteristics, sale price, adjustments, and the final adjusted value. This grid will provide a clear comparison between the subject property and the comparables.

Calculate the final value:

Once you have completed the sales comparison grid, calculate the final value of the subject property. Consider the adjusted values of the comparable sales and apply them to the subject property based on their similarities and differences. This final value will serve as the basis for the appraisal report.

Who needs general appraiser sales comparison:

Real estate professionals:

Professionals in the real estate industry, such as real estate agents, brokers, and property appraisers, often require general appraiser sales comparisons. These individuals rely on accurate and reliable appraisals to determine the fair market value of a property for various purposes, including buying and selling, refinancing, and property assessments.

Lenders and financial institutions:

Lenders and financial institutions need general appraiser sales comparisons to evaluate the value of a property when considering loan applications or refinancing requests. They rely on these comparisons to assess the risk associated with the property and make informed decisions regarding lending.

Property buyers and sellers:

Individuals who are buying or selling property can benefit from general appraiser sales comparisons. Buyers can use these comparisons to ensure that the property's value aligns with the asking price, while sellers can use them to justify their asking price and negotiate better deals.

Investors and developers:

Investors and developers often rely on general appraiser sales comparisons to determine the feasibility and potential profitability of real estate projects. These comparisons help them assess market value, identify investment opportunities, and make informed decisions regarding property acquisitions or developments.

For pdfFiller’s FAQs

What is general appraiser sales comparison?

General appraiser sales comparison is a method used in real estate appraisal to determine the value of a property by comparing it to similar properties that have recently been sold.

Who is required to file general appraiser sales comparison?

Licensed appraisers are typically required to file general appraiser sales comparison reports when conducting appraisals for lending purposes or other real estate transactions.

How to fill out general appraiser sales comparison?

General appraiser sales comparison reports are filled out by collecting data on comparable properties, making adjustments for differences, and determining an estimated value for the subject property.

What is the purpose of general appraiser sales comparison?

The purpose of general appraiser sales comparison is to provide an objective estimation of a property's value based on recent sales of similar properties.

What information must be reported on general appraiser sales comparison?

General appraiser sales comparison reports typically include information on comparable properties, adjustments made, and the final estimated value of the subject property.

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