Is a comp the same as an appraisal?
Download MarkdownNo. A comp is a triage tool, not a licensed appraisal. It is built to tell you fast whether a deal is worth pursuing and roughly what to offer. It does not replace a formal valuation or a licensed appraiser.
No. A comp is a triage tool, not a licensed appraisal. It is built to tell you fast whether a deal is worth pursuing and roughly what to offer. It does not replace a formal valuation or a licensed appraiser.
Use it for triage and offer math, not as a certified value. This applies to the ARV, the as-is value, and every offer number on the comp.
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- How long does a comp take?The comp engine runs in the background, so you can keep working while it does. When you click Run comp, the form confirms the request right away, and the finished comp appears in your comp list with its ARV, as-is value, and cash
- How do I run a comp?1. Click Comps in the left menu (https://app.closemagnet.com/comps). 2. Click Run a comp to open the comp form. 3. Enter the Street address, City, State, and Zip code. All four are required. 4. Optionally add a Contact name, a Con
- Where does the ARV on a comp come from?The comp engine provides an Engine ARV and an ARV range, shown on the comp's Overview tab under Offer Report Values, next to the as-is value, monthly rent, and the confidence score.
- What are the three offer bands on a comp?Comps no longer use three offer bands. Your offers are calculated under four exit strategies: Quick Cash, Fix & Flip, Novation, and Buy & Hold. They appear as cards in the Offer Strategy Summary on the comp's Overview tab and in d