Comparable sale Age

[CANative]

Don... See Appendix D

No sales over one year old are permitted except as “additional comparable sales” and would be identified as comparable sale(s) 4, 5 or 6. Properties under contract may be also be submitted as additional comparable sales 4, 5 or 6 to support trends or value conclusions observed.

 

[CANative]

Are there any FHA guidelines as to how old a sale may be used? I looked in FHA handbook 4150.2 but either overlooked it or it is not there. If there is a guideline as to the age of a comparable sale what manual is it in?

Mr. Coffee (LOL just kidding)

We used to have to worry about supplemental standards. Now we have to worry about scope of work. If you're doing FHA appraisals and only reading the 4150.2 you may be headed for trouble somewhere down the line. At the least you should download ML2005-48 and it's attachment which is the revised Appendix D. You can't leave home without it.

 

[incognito]

Don, I was not trying to correct or dispute your response. I was just trying to add an epilogue to it. My point was that good appraisal practice should not be usurped by ANY client or regulatory bodies' requirements.

 

[Mike Garrett RAA]

In rural areas appraisers often use sales that occured more than 12 months ago if there are no other sales. FHA will accept them on a case by case basis. Call the HOC.

 

[Esox]

The Comparable Sale Age. Between the Bronze Age and the AVM/AMC Age. There have been overlaps, but some scientists believe eventually comparable sales will be totally extinct.

Kevin

 

[Don Clark]

Don... See Appendix D

You're right of course. Mu bad:blush:

 

[Don Clark]

Don, I was not trying to correct or dispute your response. I was just trying to add an epilogue to it. My point was that good appraisal practice should not be usurped by ANY client or regulatory bodies' requirements.

I realize that. That is why I tried to end it with humor, and got that wrong:blush: Bill Clinton was talkling about the meaning of "what is, is".

 

[jcoffey]

Thanks to all, that is exactly the info and input I needed.

 

[ZZGAMAZZ]

Sometimes I take things too seriously and don't think far enough outside the proverbial box; however, I have a difficult time interpreting a critical regulatory guideline that includes the words "should" and "must" in the same sentence.

This might be the distinction Mr. Boyd mentioned about the difference between "gray areas" and "gray matter" but isn't the statement contradictory?

 

[Tim Hicks (Texas)]

I can remember getting flagged in a HUD review in the mid-1990's because my comparables sales 5 and 6 were over a year old. It was a very rural appraisal and they were the closest most similar sales, but over a year. They made the most since compared to my other sales due to distance and adjustments, but the reviewer pointed out they were over a year old as if I had not.