What is a comparable sale?A comparable sale is a property that is similar to the subject property in most respects, is located in the similar or nearby neighborhood location and has sold recently (within the past 6 months), from an arms length transaction. If there are similar properties in the subject's neighborhood, these sales are considered prior to any located in a nearby neighborhood. The selection of comparable sales is in most residential appraisals, the single most important determining factor in establishing value. It is the appraiser's responsibility to adequately research the local real estate market and determine which comparable sales best represent the value characteristics of the subject property.
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