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New London, Wisconsin | I did appraisals for about 8 years before starting my crane business 21 years ago. They like comps best if within 6 months but they are not always available. Recent comparable sales are not always ideal and adjustments need to be made accordingly. The fewer adjustments the better which is why you might have a reasonably good comp but it's way larger and the adjustment is too great. The law states you should be within 10% on final value, so yes you can have two legit appraisals be 20% apart.
I really didn't like appraising that much and was glad I found my happy spot with my other business. I was told I was good at it, but I spent so much time getting it right it didn't pay well per hour. I also am not a big fan of paperwork and computer files. That's what appraising is all about.
Barb Shannon can shed much more light on this subject.
Jim | |
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Can I help an appraiser?
