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Can you use the subject property as a comp if sold within the year?

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Kathleen Hayes

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Jul 5, 2006
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Certified Residential Appraiser
State
Massachusetts
Wonering if anybody has experience with this in actual practice and not hypo.? Many of us know the answer but does it actually fly with underwriters? :huh:
 

CANative

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Jun 18, 2003
Professional Status
Retired Appraiser
State
California
I just did one yesterday...

Comparable 4 is the subject property and has been included in the sales grid due to it's recent sale and no changes to the property between the sale and the effective date. Property originally listed on 8-31-06 at $335,000 with a price reduction to $315,000 on 11-29-06. The sale price was changed to $320,000 after the sale closed and selling comments state there was a 3% seller credit for closing costs. This would indicate a credit of about $9,450. It appears the final sales price was increase by $5,000 as a result of this credit and a $5,000 downward adjustment was made.
 

stefan olafson

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Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
Use it as comp 4 if you can, the underwriters like three others before you use the subject as a comp, in my experience.
 

Kathleen Hayes

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Certified Residential Appraiser
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Massachusetts
Thanks for the quick and unrehersed answers...I am sure some superior appraiser will have something to say.:nono:
 

CANative

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Retired Appraiser
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California
Sorry all you got were answers from us inferior appraisers.
 

Ms. Janet

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Ray Miller

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Feb 20, 2002
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Wisconsin
I use it as comparable four or five.
 

David Wimpelberg

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Mar 30, 2005
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New York
A prior arms-length sale of the subject property is the most relevant data that an appraiser could possibly have, so how could it not be used???
 

CANative

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Jun 18, 2003
Professional Status
Retired Appraiser
State
California
I've had about a 50/50 success rate in using the subject as a comp without some robot UW demanding it be removed.
 

Stone

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Joined
Feb 1, 2002
Professional Status
Certified General Appraiser
State
Wisconsin
I've had about a 50/50 success rate in using the subject as a comp without some robot UW demanding it be removed.

For the type of work I do, it must be analyzed unless an explanation is given for why it isn't.
 
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