FAQs for Comps and Adjustments

On the Comps page, if a property is highlighted, it’s in the report. Clicking on the highlighted property you do not want included in your report, and check the one you prefer. If it’s highlighted, it’s in the report. If not highlighted, it’s not in the report.

Yes. On the Dashboard page, scroll to the section where the comps are lined up side by side. Scroll all the way to the right and click the blue “Add Comp” button. Enter an address or MLS number, then select property. Ensure that the details are correct and click Submit.

On the Report page, either:

• Click a pin on the map and select Delete, or
• Click the Delete button below the comp image.

On the Comps page

• Click a pin on the map and select Delete, or
• Click the Highlighted row of the comp you want removed.

CMAsnap offers standard adjustments for partial and full upgrades.

To add specific upgrades, click the “+-” button under the comp’s photo, then the green plus button, and describe the upgrade in the provided box. If it’s not listed in the dropdown, type a description and click “Create.” Enter a value and click “Submit.”

Remember, adjustments should only be made to comps, not the subject property.

CMAsnap automates adjustments for unfinished above-grade square footage. Use the “Edit” button under the property photos, click “More” next to square footage, enter the SQFT, and click “Submit.”

On the dashboard, click the “Edit” button below the property photos. In the property form, click “More” next to square footage and enter the SQFT of the basement if not already displayed. Click “Submit” to save. Watch this video for details.

Yes! While CMAsnap provides automated adjustments based on static differences, your local expertise is crucial for selecting the most appropriate comparisons and adjustments.

From the Dashboard, click the the plus/minus icon under the comp picture, then click Green Plus in the adjustments modal. CMAsnap provides a drop down list of additional adjustments; some are static, some are subjective, but you can edit, or Add.

To add an adjustment not on the list, simply type it into the Description, click Create, enter the value and make it positive or negative as appropriate.

We calculate square footage adjustments by taking the difference in square footage between the subject property and the comparables (comps), multiplying that by the average price per square foot of the selected comps, and then applying a 30% adjustment factor. This methodology ensures consistency and accuracy across your reports

Yes! CMAsnap provides suggested adjustments, but you can edit or add your own with a single click.

On the Dashboard page, the adjusted sales price is the average of all adjusted values of the comps you’ve selected for pricing (indicated by the dollar sign icon).

Yes! CMAsnap automatically measures and accounts for differences in static attributes like square footage, lot size, bathroom, year built etc.

When running our search algorithms, the selection process also matches stories and pools based on Fannie Mae guidelines and allows manual selection of key factors for CMAs.

Yes, but EXERCISE CAUTION! Appraisers require closing statements for verification and must show that a property has passed requirements for Arms Length and exposure to an Open Market.

To add, click “Add Comp” on the Dashboard page, enter the address and select from the dropdown. Click “Search Tax Records”, then Create Report. You can then change the status and enter the sale details.

No. When CMAsnap searches for relevant comps it only pulls MLS listings. Appraisers require verifiable sales data (e.g., closing statements) for off-market transactions.

CMAsnap depends on Google street mappnig data.  Sometimes it’s wrong.   There is an easy workaround for this using www.latlong.net.  Watch this video for details.

Go into your Property Dashboard, within each comp (under the picture) is a +/- icon, click that. When the pop up screen opens, click the Green + button, then click into the description and a dropdown will appear, scroll down to seller concessions, enter the value – MAKE IT A NEGATIVE. Click submit.

CMAsnap follows the appraisal and underwriting guidelines outlined below as closely as possible,

Source – Fannie Mae Selling Guide

Comparable sales that include sales or financing concessions must be adjusted to reflect the impact, if any, on the sales price of the comparables based on the market at the time of sale. For information related to sales or financing concessions for the subject transaction, see B3-4.1-02, Interested Party Contributions (IPCs).

Examples of sales or financing concessions include:

• • interest rate buydowns or other below-market rate financing;

• • loan discount points;

• • loan origination fees;

• • closing costs customarily paid by the buyer;

• • payment of condo, co-op, or PUD fees or assessment charges;

• • refunds of (or credit for) the borrower’s expenses;

• • absorption of monthly payments;

• • assignment of rent payments; and

• • inclusion of non-realty items in the transaction.

The dollar amount of sales or financing concessions paid by the seller must be reported for the comparable sales if the information is reasonably available (see UAD Appendix D: Field–Specific Standardization Requirements, for data entry instructions). Sales or financing data should be obtained from parties associated with the comparable transaction, such as the broker, buyer or seller, or a reliable data source. If information is not available because of legal restrictions or other disclosure-related problems, the appraiser must explain why the information is not available. If the appraisal report does not provide enough space to discuss this information, the appraiser must make an adjustment for the concessions on the form and include an explanation in an addendum to the appraisal report.

The amount of the negative dollar adjustment for each comparable with sales or financing concessions should be equal to any increase in the purchase price of the comparable that the appraiser determines to be attributable to the concessions. The need to make negative dollar adjustments for sales or financing concessions and the amount of the adjustments to the comparable sales is not based on how typical the concessions might be for a segment of the market area. Large sales or financing concessions can be relatively typical in a particular segment of the market and still result in sale prices that reflect more than the value of the real estate. Adjustments based on dollar-for-dollar deductions that are equal to the cost of the concessions to the seller, as a strict cash equivalency approach would dictate, are not appropriate.

Fannie Mae recognizes that the effect of sales or financing concessions on sales prices can vary with the amount of the concessions and differences in various markets. Adjustments must reflect the difference between what the comparables actually sold for with the sales or financing concessions and what they would have sold for without the concessions so that the dollar amount of the adjustments will approximate the reaction of the market to the concessions. If the appraiser’s analysis determines that the market’s reaction is the full amount of the financing concession, a dollar-for-dollar adjustment is acceptable.

Positive adjustments for sales or financing concessions are not acceptable. For example, if local common practice or law results in virtually all of the property sellers in the market area paying a 1% loan origination fee for the purchaser, and a property seller in that market did not pay any loan fees or concessions for the purchaser, the sale would be considered as a cash equivalent sale in that market. The appraiser must recognize comparable sales that sold for all cash or with cash equivalent financing and use them as comparable sales if they are the best indicators of value for the subject property. Such sales also can be useful to the appraiser in determining those costs that are normally paid by sellers as the result of common practice or law in the market area.