Paul is doing an appraisal for Fannie Mae. What is the minimum number of comps he needs to consider when using the sales comparison approach? a. 2 compsb. 3 compsc. 4 compsd. 5 comps

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Business

Judith Mclean

9 June, 04:03

Paul is doing an appraisal for Fannie Mae. What is the minimum number of comps he needs to consider when using the sales comparison approach? a. 2 compsb. 3 compsc. 4 compsd. 5 comps

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Beau Hinton · Answer 1

The minimum number of comps he needs to consider when using the sales comparison approach is 3 comps

Explanation:

The solution to the comparison of purchase and selling is an immobilisation process that contrasts an immovable with other property with similar characteristics which have been sold recent times.

In the sales comparative method, a total of three closed comparables should be reported. More equivalent transactions may be recorded in favor of the assessor's estimation of the market value. If the property is previously closed, it can be utilized as a comparable fourth sale or as supporting data.