The Appraisal Foundation’s Appraisal Practices Board is seeking public comment on a proposal about 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 and 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.”

You can view the appraisal board’s second draft at the Appraisal Foundation Web site, and submit public comment on the draft proposal through Feb. 29.

After the board collects feedback, it will vote on whether to adopt the proposal as official guidance from The Appraisal Foundation board, which was formed to issue guidance on recognized valuation methods among appraisers.

The board also said it will be developing guidance on other appraisal topics that will likely be coming up soon for public comment as well, although it was vague on what those other topics will pertain to about with the appraisal process.

 

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2012/01/30/appraisers-seek-comments-seller-concessions

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