Appraisal Basics and Comps: How Value Is Built
A one-hour class for real estate professionals
Coming soon. Michigan continuing education approval for these courses is pending. Accepting waitlist members now. Waitlist members get booking access 48 hours before the general public, first come, first served.
About This Course
What an appraisal is, how the appraiser measures and inspects the home, and how comparable sales are chosen, adjusted and weighted. We walk through a sample report's comps and finish with how to bring a missed comp to the lender through a Reconsideration of Value.
What You'll Learn
- Explain the three approaches to value and the five-step appraisal process.
- Tell ANSI measurement from tax records, above grade from below grade, and what counts as a bedroom.
- Follow how comps are chosen: location, physical features and function.
- Read the comp grid: dates, concessions, days on market, adjustments and comp weight.
- Bring a missed comp to the lender through a Reconsideration of Value.
How This Course Relates to the Practice of Real Estate
Agents price listings, write offers, and coach clients around the appraisal on every deal, and the comps are what drive the number. Understanding how an appraiser selects and weights comps lets agents set more realistic list prices, build stronger offers, and explain a value to a client factually instead of guessing. The basics and measurement modules keep listings accurate, since the bedroom count and square footage an agent markets are the ones the appraiser has to support. When a value comes in low, knowing what makes a comp usable helps agents bring the right market-area sales to the lender through a Reconsideration of Value, without pressuring the appraiser.