Appraisal report table comparing the subject property with selected comparable sales and adjustments.
A sales comparison grid is the appraisal report table that compares the subject property with selected comparable sales and adjustments.
The sales comparison grid matters because it is where many valuation questions become visible. Borrowers can see which homes were compared, how the appraiser described each one, and which differences were adjusted.
It also matters when a value comes in lower than expected. The grid is often the starting point for understanding whether the comparable sales, adjustments, and final value conclusion appear consistent.
The grid is not merely a list of homes. It records a sequence: subject characteristics, verified sale information, item-by-item comparisons, adjustments to the comparable sales, and resulting value indications. Narrative comments elsewhere in the report may be necessary to explain data sources or unusual choices that do not fit neatly in the table.
Borrowers encounter the sales comparison grid inside the Appraisal Report after the appraisal is completed and returned to the lender.
The term becomes practical when reading a report after an Appraisal Gap, reviewing Comparable Sales (Comps), or considering a Reconsideration of Value.
Borrowers should first check factual descriptions, not just the final number. An incorrect bedroom count, living area, sale date, concession, or condition rating can affect later analysis. A difference of opinion about an adjustment is harder to evaluate than a verifiable factual error, so a review request should identify the specific row and supporting evidence.
| Grid area | What it helps explain |
|---|---|
| Subject property column | The property being financed |
| Comparable sale columns | The market sales used as evidence |
| Adjustment rows | Differences in size, condition, location, timing, or features |
| Adjusted sale price | The comparable sale after adjustments |
| Reconciliation | How the appraiser weighs the evidence |
Adjustments are made to a comparable sale to make it more like the subject property. A positive adjustment generally means the comp was inferior on that item; a negative adjustment generally means the comp was superior. The sign does not label the subject as good or bad.
For example, if a comp lacks a garage that the subject has and buyers pay more for garages, the comp may receive an upward adjustment. If a comp has a feature superior to the subject, the comp may receive a downward adjustment. The support should reflect market contribution, not simply the feature’s construction cost.
Gross Adjustment measures the total magnitude of adjustments without letting positive and negative amounts cancel. Net Adjustment shows their combined directional effect. Neither statistic alone decides whether a comp is acceptable; the report’s support and explanation still matter.
A buyer reviews a low appraisal and sees a $10,000 upward adjustment to a smaller comp and a $15,000 downward adjustment to a renovated comp. Their adjusted prices move closer together, but the final value is below the contract price. The grid shows the arithmetic; the report’s reconciliation should explain why the appraiser relied more heavily on one indication than another.
Sales comparison grid differs from Comparable Sales (Comps) because comps are the selected sales, while the grid is the report table where those sales are compared and adjusted.
It differs from Sales Comparison Approach because the approach is the valuation method, while the grid is one report format used to present that analysis.
It also differs from Value Reconciliation because reconciliation is the final weighing of evidence after the comparison work is presented.
The grid also differs from an Appraisal Review. The grid presents the original analysis; review evaluates whether that analysis, data, and conclusion meet the lender’s requirements.