Appraisal-price per sq ft or overall sale price?

**Racerx** · 04-21-2008, 02:51 PM

got a quick question. when appraisers use comps to value a house, do they use price per square foot, or the overall sale price of the comps to value the subject home?
the seller wants the appraiser to use a house that sold for less overall than another, but comes out to more per square foot.
thnx.

**Codythebest** · 04-21-2008, 05:31 PM

You may ask to see both actually. You may ask for replacement cost also and get three numbers, and do an average yourself or so...

**Mike Taylor** · 04-22-2008, 04:19 AM

Was the house that sold for more per square foot a lot smaller in square footage the subject property? As a general rule, smaller homes will sell for more per square foot than bigger homes in the same neighborhood.

**Greg** · 04-22-2008, 05:05 AM

I have seen appraisals where they used both methods and averaged them out. I have seen instances where they added in an economic evaluation (Rental value) and averaged it out.

In this market with lenders running scared I don't see an appraiser giving a hoot about what the seller wants.

**JJohnson1985** · 04-22-2008, 05:40 AM

There are three approaches to value that appraisers use. It is best to use two or three of these, which ever best applies. Then using their experience and opinon, weighs the numbers and concludes which value is most correct. APPRAISERS DO NOT, I REPEAT DO NOT AVERAGE ANYTHING! Their goal is to come up with the best opinon of value, not averages. Averages are not accurate.