On Widgets, Doohickeys, and Old Mother USPAP

You've probably never heard of a subject property called a widget, or its elements of comparison a doohickey. But, to keep things straight forward, that's what The Appraiser's Advocate has done here. Why go to the trouble to rename these? Simple! To explain the process of analysis. You deconstruct the subject and the sales in the subject's neighborhood into their respective doohickeys. Then, side-by-side, you compare the doohickeys. Those sales with a lot of comparable doohickeys are the comparable sales. Those with few comparable doohickeys are just sales - keep them in the workfile for future reference. Then, when you state appraisal board comes calling, you show the investigator this side-by-side comparison. That side-by-side comparison is how you chose your comps. No guessing. No Facebook polls. No rules-of-thumb. You chose the comps via a side-by-side comparison of the market data. See? Tim Andersen, The Appraiser's Advocate is looking out for you! Questions? Contact Tim at tim@theappraisersadvocate.com. Thanks!