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Updated over 3 years ago,
When do properties on the market become comps?
I have a multifamily property (3 units) which I am considering refinancing. In the past, I have not refinanced because there were no good comps in my area to show the value of my property. Recently, two houses on my street went up for sale and are now under contract. Should I wait until these other two properties close completely before going for my appraisal? Or can I tell the appraiser that there are these two possible comps now?
House 1: 5 units (10 bed, 5 bath) listed for 700,000
House 2: 3 units (8 bed 4 bath) listed for 640,000
My property: 3 units (9 bed, 3 bath).
Any and all advice or feedback would be helpful here. I'd like to appraise soon, but want to make sure that comps like these are able to be used since they will help appraise my homes value at a higher level.