Comps (Comparables)

Definition

Recently sold properties similar to the subject property in location, size, and condition, used to estimate fair market value. Appraisers cherry-pick comps like they're selecting the best fruit at the farmer's market.

Example Usage

Based on comps in the neighborhood, the property should appraise at around $425,000.

Origin

Shortened form of 'comparable sales'

Fun Fact

Appraisers can spend hours finding the 'perfect' comps—properties just dissimilar enough to justify the value they need, but similar enough to be defensible.

Source: Appraisal and valuation methodology

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shoe leather research

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assemblage

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Escrow

A financial limbo where your money sits in someone else's account while everyone argues about who gets what. It's basically a trust exercise designed by lawyers who don't trust anyone.

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