WASHINGTON – The Appraisal Foundation’s Appraisal Practices Board is seeking public comment on a proposal – how to adjust comparable sales for seller concessions when making valuations.
“A common tool used to help facilitate a property transaction is to have the seller provide financial assistance or incentives to the buyer,” the board’s proposal states. “Such assistance may be considered a seller concession or financing concession … this is important because it may have an influence on the contract price. The purpose of this guidance is how to identify, verify, analyze and adjust sale comparables for both seller and financing concessions.”
After the board collects feedback, it will vote on whether to adopt the proposal as official guidance from The Appraisal Foundation board, which issues guidance on recognized valuation methods among appraisers.
Source: Realtor® Magazine Daily News
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