Quote:
Originally Posted by JustinD
Seems like a shit show waiting to happen and bad listings sitting at the top of the page due to constant bumps for correction or arguments.
I would rather have a rule that if comps are listed they must be the most recent 5 or 7 for the same card with same grade and sale date with grading service listed. If it’s not and selective comps are given the thread is locked.
Try using selective comps and not the newest most similar on a mortgage underwrite and you have a rejection from the investor. No pick and choose.
|
1) I respectfully believe such a rule would be not helpful. As has been previously stated - "comps" for a particular grade do not reflect a number of factors important in valuation, "eye appeal" at the top of the list. What if the last 5-7 sales had inferior or superior eye appeal (which is also a largely subjective measure).
2) When I bought my 1st house, I pursued financing through 2 different lenders (my nature). They each brought in their own "professional" appraiser. 1 appraisal came in at 420K. The other at 520K. Sorry, but based on my experience - PLENTY of pick and choose!