How far away do appraisers look for comps?
Comps should ideally be within one mile of the subject property, and not over any major barriers like a freeway, a river or railroad tracks. Comps need to be in the same city as the subject property in most cases, even if a comp in another city is less than a block from the subject property.
What do appraisers look for in comps?
The terms “comps,” “comparables” and “comparable sales” refer to prices paid for recently sold homes that are comparable in size, style and location. … To determine the current market value of a property, agents and appraisers analyze recent comparable sales in the area.
Does realtor com pull from MLS?
We download listings from most MLS systems every 15 minutes; however, it may take up to 1 business day for changes to reflect on Realtor.com®. … Doing so ensures that Realtor.com® has your permission to display this listing on our site.
Do appraisers use comps?
Comps are sales records of recently sold homes. Appraisers and real estate agents use them to get the most accurate estimate possible of a home’s value, and you can, too.
What happens if no comps for appraisal?
A lack of comps is no excuse for not doing an accurate appraisal, Wagar says. Even in states with no MLS and no disclosure, or even if the property is a geodesic dome rather than a conventional house, any property can be appraised. If you can’t find sufficient comps, the cost approach will usually work.
How are comps calculated?
Comps are typically determined by comparing the property in question to other properties within a 1-mile radius, which have sold within the last year and have similar attributes (such as the same number of bedrooms, age, subdivision, square footage, etc).
How recent do comps have to be for appraisal?
Bare Minimum: Appraisers must use at least 3 closed sales as comps. One Year: Comps need to have sold within the past 12 months, though an appraiser can make an exception if there is a good reason to use older sales (custom home, no truly recent competitive sales, etc…).
How long are Comps good for?
When an appraiser is looking for comparable properties to determine a price, they are supposed to only look at sales within the last 90 days. Now, if there aren’t enough sales a lender might go back six to 12 months. But the ideal is 90 days.
Why do Realtors hate Zillow?
One of the main reasons that realtors hate Zillow, is the issue of inaccurate information. And this issue also affects buyers. … The more listings they have on their site than their competitors, the more realtors that they will attract. And this means more advertising money for them.
What is the difference between realtor com and Zillow?
Overall, Zillow is slightly better than Realtor.com. … In addition, Zillow has a wider variety of listings compared to Realtor.com. While Realtor.com only uses listings submitted by agents to the MLS, Zillow also includes FSBO listings on their site.
Does Zillow pull from MLS?
Does Zillow use an MLS for its listings? In part. Many MLSs are part of the Zillow Partnership Platform (ZPP), which was created by a direct relationship between Zillow and the originators (brokers) or keepers (MLSs) of the listing information.