Question on a UW request for 2 comparables out of the neighborhood for new construction.

[flyerman22]

The UW is asking for 2 comparables out of the neighborhood for new construction. Note the subject is not in a new development and all of the comparables are in the same school district Hicksville, NY. Should I go get two comparables from another school district? I can see if all of my comparables were from the same development. Any help?

 

[Vermonter]

Are any of your comps new construction?

 

[shrubberyvaluation]

The UW is asking for 2 comparables out of the neighborhood for new construction. Note the subject is not in a new development and all of the comparables are in the same school district Hicksville, NY. Should I go get two comparables from another school district? I can see if all of my comparables were from the same development. Any help?

Well they can ask for what they want. I think its bad to go to another neighborhood for the sake of going to another neighborhood. Outside of the builder's control or outside of the community should be fine, another neighborhood could be totally different. Seems silly to go outside the neighborhood boundaries for ****s and giggles. What if they ask for 2 comps outside of the city or outside of the state?

 

[NC Appraising]

The UW is asking for 2 comparables out of the neighborhood for new construction. Note the subject is not in a new development and all of the comparables are in the same school district Hicksville, NY. Should I go get two comparables from another school district? I can see if all of my comparables were from the same development. Any help?

It's a freddie mac guideline.

Fannie FHA only require 1.

I always include two.....you know...rejection....lower scores...less work.

It would be nice if the lender would tell us who it is going to?

Any resales? Use them.

 

[TerryRohrer]

Selection of comparable sales and analysis​

The proper selection of comparable properties

1. Comparable sale requirements for properties in established subdivisions, units in established Planned Unit Developments (PUDs) or units in Established Condominium Projects
   
   For properties located in established subdivisions, units in established PUDs or units in Established Condominium Projects, the appraiser should use comparable sales from within the subject subdivision or project when they are the best indicators of value for the subject property.
   
   See Section 5705.8 for specific requirements regarding selection of comparable sales for units in a Cooperative

Freddie Mac Single-Family Seller/Servicer Guide

The new, user friendly Seller/Servicer Guide will make it significantly easier for you and your team to find, understand and share critical information.

guide.freddiemac.com

 

[TerryRohrer]

It's a freddie mac guideline.

Fannie FHA only require 1.

I always include two.....you know...rejection....lower scores...less work.

It would be nice if the lender would tell us who it is going to?

Any resales? Use them.

Are you sure you read the problem being addressed?

 

[Vermonter]

It's a freddie mac guideline.

Fannie FHA only require 1.

Source?

 

[Digger88]

The UW is asking for 2 comparables out of the neighborhood for new construction. Note the subject is not in a new development and all of the comparables are in the same school district Hicksville, NY. Should I go get two comparables from another school district? I can see if all of my comparables were from the same development. Any help?

Unless they changed FNMA guidelines have been 1 in, 1 out and 1 in or out for new construction. Unless you have a new construction with no new sales yet then you need 2 inside active/under contract comps too.

 

[NC Appraising]

Are you sure you read the problem being addressed?

Yep. Sure did. The OP seems to know the requirements as he mentioned it in the OA.....and was confused as to why.

Not worth dying on that hill. I was going to say that but.....we are dealing with idiots (AMCs and lenders). They see new construction......have the OP to fight it, and let us know the outcome.

We do not provide appraisals. We provide forms that have a value and that meets sometimes fictitious requirements....10% line item.

Another reason this profession is a joke. I spend the majority of the time on making sure all the boxes are checked and that all comments are made...f the value....

Heck, I still get the 15% net 25% gross and it's been gone for over5 plus years now.


Fwiw, established....isn't that a no no word now?

 

[Fritz in NY]

With New Construction you have to have an outside development sale. Makes total sense. The number doesn't matter to me if the report is solid. 1-2-3-4, they can ask what they think they need. I have found, when UW is seeking other sales, to ASK, what they have. We know the largest Lenders & AMC's have some market data at their disposal. Put the question back to the UW, what do you have? EZ to tell if they know anything and usually with stop the extra comp request.