comp killer

Definition

A severely underpriced or distressed sale in a neighborhood that drags down the comparable sales data for everyone else's properties. It's the one house that ruins the curve for the entire class.

Example Usage

That foreclosure on Maple Street sold for $180k and became a comp killer—now my appraisal came in $30k lower than expected.

Origin

Appraiser and real estate agent terminology, emerged with increased foreclosure activity in 2008

Fun Fact

Sellers and listing agents will go to great lengths to explain to appraisers why a particular sale shouldn't count as a comp, often with the desperation of a student arguing for extra credit.

Source: Real estate appraisal and sales terminology

Related Terms

Beginner

comparable sales

Recently sold properties similar to yours that allegedly determine your home's value, though somehow the appraiser always picks the worst examples when you're selling and the best when you're buying. It's objective data filtered through suspiciously convenient selection.

🏠 Real Estate

Beginner

contingent financing clause

A contract provision allowing buyers to back out if they can't secure a loan, essentially making the deal conditional on a bank's approval. It's the escape hatch that makes sellers nervous and buyers sleep better at night.

🏠 Real Estate

Advanced

sale-leaseback

A transaction where the property owner sells to an investor then immediately leases it back, converting ownership to rental while extracting equity. Corporate real estate's way of having your cake, selling it, then renting it back to eat it anyway.

🏠 Real Estate

Intermediate

due diligence period

The window of time when buyers can inspect, investigate, and potentially back out of a deal without penalty. It's when you discover that 'vintage charm' actually means 'original 1950s electrical wiring that might kill you.'

🏠 Real Estate

Advanced

non-conforming loan

Any mortgage that doesn't meet Fannie Mae or Freddie Mac guidelines, whether due to size, property type, or borrower qualifications. It's the misfit toy of lending, typically more expensive and harder to get.

🏠 Real Estate

Intermediate

variance

Official permission to deviate from zoning requirements, granted by local government when strict application would cause hardship. It's a get-out-of-jail-free card for zoning violations you'd like to commit.

🏠 Real Estate

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