406.06: Appraiser's Comments and Indicated Value

The appraiser's analysis for a property should include narrative comments about any current contract for sale, offering or listing for sale, current ownership, and recent prior sales (or transfers) of the subject property and comparable sales.  The appraiser's comments also should reflect his or her reconciliation of the adjusted (or indicated) values for the comparable sales and identify the sales that were given the most weight in arriving at the indicated value for the subject property.  For two-family to four-family properties, the appraiser also should provide an evaluation of the typical purchaser's motivation for purchasing the property and an analysis of comparable sales and of any current contract for sale, offering or listing for sale, and recent prior sale of the subject property.

Modified 11/8/2004