Jason,
Others will probably post the link to the guidelines.
The subdivision can be an important factor in choosing comps, however, not the only factor. Marketplace is also an important factor. Buyers (of the comps you are using) set values based on what they were willing to pay. When buyers are searching for a home, they generally do not limit themselves to only one subdivision, they "shop" the marketplace....and so should an appraiser when choosing appropriate comparables. If you have 3 comparables from the subject's subdivision and one within the same "marketplace", utilize it, as it supports your value opinion.
Imagine what would happen if, (over the past several years) all appraisers only used comparables of the same model as the subject from the subject's subdivision.......The value would never increase, because, using outside comps was a no-no.
As far as new construction, always use additional comparables of resales within the marketplace, adjusted for age/effective age, condition etc. which, again will support your value opinion.
As far as FNMA guidelines are concerned, if you have to deviate, which will sometimes be the case, thoroughly explain your reasoning behind the deviation. You are writing the report for the underwriter, make it easy for them to comprehend and as thorough as possible........
It is not fun to go back to a file on an appraisal which you did 6 weeks ago and explain something that you did not explain in the first place.....It is easier to close your folder and file it away only once.....more time for the fun things in life!
Ida
