Legal or not?

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mustang05

202 Posts

Posted - 05/01/2008 : 09:35:23 AM

Can an appraiser tell me if a property has enough recent sales within an 5 mile radius to fit into fnma guidlines?

craigppls

411 Posts

Posted - 05/01/2008 : 09:42:10 AM

quote:
Originally posted by mustang05

Can an appraiser tell me if a property has enough recent sales within an 5 mile radius to fit into fnma guidlines?

5 miles?...I live in a semi rural area...5 miles is a no go here...

bancgroup

82 Posts

Posted - 05/01/2008 : 09:42:46 AM

all an appraiser can say is "there are or are not comps that bracket a general price range"

toddblue

1805 Posts

Posted - 05/01/2008 : 09:42:58 AM

Find another appraiser. I live in a rural area that often requires comp's further than 5 miles. As long as it is noted as to why the comp's were so far away it has been acceptable.

EquitySmart

841 Posts

Posted - 05/01/2008 : 09:43:24 AM

This would definitely be legal. The only questions are (1) would the appraiser be required to keep a work file, and (2) can you find an appraiser willing to do this work for you ...

mustang05

202 Posts

Posted - 05/01/2008 : 09:48:50 AM

quote:
Originally posted by toddblue

Find another appraiser. I live in a rural area that often requires comp's further than 5 miles. As long as it is noted as to why the comp's were so far away it has been acceptable.

This is my trouble... I have 3 loans suspended in underwriting right now that are requiring the comps to be within 6 months and 5 miles. That will never happen so I may end up loosing the deals if I can't work something out with the underwriter.

I have another deal right now that I don't even want to do if I can't get the appraisal to fit within those guidelines.

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