Those that prepare a comprehensive Short Sale Proposal (not simply fill in an application form provided by the mortgagee) include evidence to support their argument. That supportive evidence may include a cost benefit analysis, and a net recovery estimate based upon an opinion of value. That opinion of value may be supported by 'comps'.
A 'comp' is a recent sale of a similar property in close proximity to the subject property. Appraisers compare and apply adjustments to 'comps' in order to form an opinion of value.
Comments(0)
Those that prepare a comprehensive Short Sale Proposal (not simply fill in an application form provided by the mortgagee) include evidence to support their argument. That supportive evidence may include a cost benefit analysis, and a net recovery estimate based upon an opinion of value. That opinion of value may be supported by 'comps'.
A 'comp' is a recent sale of a similar property in close proximity to the subject property. Appraisers compare and apply adjustments to 'comps' in order to form an opinion of value.