Can you use the subject as a comp?

[Tiny280]

Appraisal for a refi; subject sold within past 12 months; verified details of sale; used as Comp #1 - no adjustments and no increase in value over the sale price.

Underwiter calls and says I can't use subject as comp. This came as suprise to me as I've done it on several occasions, including a couple of very high-end homes. No one has ever complained before. In fact, one reviewer called just to complement the way I handled some post-sale improvements to the subject. I may have been a bit testy :evil: by the time I asked the underwriter to refer to the section of USPAP or FNMA guidelines prohibiting the use of the best comp available.

I guess I should have double-checked the texts before asking such a question , but I still can't find any rule / law / suggestion against using the best comp available, even if it is the subject itself.

Is there such a rule? Has anyone had similar questions from the UW? Suggestions?

 

[Bemis Pownall]

Fannie Mae, Appraisal and Review Appraisal Guidelines

Section 406.03

Sales Comparison Approach

Second Paragraph
Subtopic A. Next to last sentence....
"In addition, the appraiser may use the subject property as a forth comparable sale or as supporting data if the property previously was sold (and closed or settled)

Me, I mention it in final recon. "consideration was given subject's recent sale, x/01 $zzz,zzz".

Hope that helps

 

[Mountain Man]

There is a recent post on the same subject from about a month ago. It is okay to use the subject sale as a comp for extra support. But the problem comes when a value increase is expected. You know how every owner got a great deal and they just know it is worth more. :roll:
But like Bemis, I just state the last sale and say it was given consideration.