What is an unbracketed appraisal w unbracketed comparables?
Answer:
An unbracketed appraisal means the value given the home is not within the values of the comparable used. Example: the home appraises for 200,000 but all of the comparable sales used to provide the value sold for 180,000 and after adjustments you do not have any comps that support the final value the appraiser gave your home. The guidelines for an appraisal state the value needs to be supported by the comparable sales in the neighborhood. Usually if you have a home worth 200,000 you with have a sale slightly above and slightly below and a third that helps support the opinion of the appraiser. the net and gross adjustments come in to play also. If they are to high then the comparable really does not compare because to many adjustments were made. The normal percentages are 15%net and 25% gross. If you need further assistance contact me at (614) 985-3771 or email cbrown@structuredmortgageltd.c. Other Questions and Answers: