Methodology of the Sales Comparison Approach

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The methodology the sales comparison approach to value are:

 

1.The appraiser collects sales data on (nearby) comparable properties that have recently sold
2.The subject and sales are compared and adjusted for differences
3.An indicated value results by adding or subtracting adjustments to the sale price of the comparable sales

 

Although closed sales are generally desirable, it is often appropriate to use pending sales (sales that haven't closed) and/or listings.  Usually, theses types of comparable properties are used in addition to closed sales for support of the indicated values.  Make sure that pending sales and listings are clearly identified as such.

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