Comparable Sale (comp) is a recently-sold property used by an appraiser to estimate the value of the subject property. The appraiser adjusts each comp for differences from the subject (GLA, bedroom count, lot size, condition, view, age) to produce an adjusted sale price. USPAP standard requires at least 3 closed sales within the last 12 months, ideally within 1 mile and 6 months. Comp selection is the single most contested element of any appraisal — most ROV disputes come down to "wrong comps."
Property Valuation