By Joseph T Ellington Jr – Licensed Residential Appraiser, Capital Valuations. Updated September 2026.
Where do appraisers find comparable sales?
An appraiser does more than pull three houses from a real estate website. The goal is to identify transactions that reflect what buyers would consider alternatives to the subject property, then verify the facts and analyze meaningful differences. This guide focuses on data sources and verification. For the choice between competing sales, read how appraisers choose comps.
The data trail
| Source | What it can show | What to check |
|---|---|---|
| MLS or local listing record | Photos, marketing history, agent remarks, contract/sale information | Reported area, condition, concessions, dates and subsequent changes |
| Recorded deed or land records | Transfer and recording details | Whether transfer was an open-market sale and which date the record reflects |
| Assessor record | Parcel, improvement characteristics, assessment and prior transfer data | Lag, measurement definitions, missing additions and tax-purpose figures |
| Participants or other reliable sources | Condition at sale and transaction circumstances | Accuracy and independence of the account |
| Site observation, map and imagery | Location, access, surroundings and visible features | Date of imagery and any changes since sale |
For Fannie Mae lender assignments, the Selling Guide calls for specific data and verification sources for comparable sales. An appraiser should not treat a generic “public records” label as a complete source explanation.
Verify the sale before calculating an adjustment
A deed price may require context: concessions, related parties, unusual sale conditions, or a parcel transfer can change what the number means. Photos may have been taken before a renovation; tax records can lag; a listing may include square footage that differs from the appraisal measurement. When a material fact conflicts, identify the conflict and seek reliable evidence before using it. Fannie Mae’s adjustment guidance calls for market-based analysis and appropriate transaction verification.
Why online estimates and a nearby sale are not enough
An online estimate can summarize a model’s inputs without showing the property’s actual condition or the precise terms of each sale. A nearby transaction may differ in flood exposure, waterfront access, school assignment, lot utility, finished area, quality, or recent improvements. Data tools help search and organize; an appraiser still judges relevance and explains the analysis. See how AVMs differ from an appraisal.
What a homeowner can contribute
- Provide accurate plans, permits and a dated list of completed improvements.
- Point out a sale with a similar location, condition and layout; include address and source, not an asserted value target.
- Identify a factual error in a suggested comparable, such as a different lot or a pre-sale renovation.
- For a lender report, route a documented challenge through the lender’s reconsideration process.
To discuss a private appraisal in Virginia Beach or the wider Hampton Roads market, contact Capital Valuations with the property address and intended use.
