Hey, Long time lurker not posting much…
When you are looking at prospect properties, do you usually rely on Real Estate agent comps or do you use an appraisal service?
I have in the recent past come to realize that the comps from agents don’t mean squat as they go as far back as 6 months…
Reason I am asking is that I am thinking about getting my appraisal license. Seems to be hard to find appraisers in my area.
//Stefan
The general rule for appraisers is to look for similar places that have sold within 1/2 mile of the subject property and that have sold within the past 6 months. Agents do about the same search. When prices first started falling, lenders started requiring appraisers to look not only at past sales but also to look at pending sales and active listings. To establish value of a property I look back more than 6 months as well as look at the current market conditions.
As regards getting a license as an appraiser, you will have to complete a number of college level courses and then take an exam. If you pass the exam you are required to work under an appraiser for a minimum of 2000 hours before you can apply for a regular license.