Comparable sales, also known as comparables or comps, is a real estate appraisal term referring to properties with characteristics that are similar to a subject property whose value is being sought.
Comparable sales are used by an appraiser to establish how much a home is worth based on what other similar homes in the area have sold for recently. Only homes that have legally closed count as a comp, and most lenders and insurance providers require appraisers to use at least three closed sales.
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