Finding comps for custom homes

[Pappraisals]

I have an order to appraise a custom home that is just being finished. The homeowners were the general contractor so there is no actual sales price.
The homes around them are similar and also don't have sales prices. Is there anyway to use one of those houses and combline the lot cost with the loan they had to use as a comp???

 

[Marcia Langley]

Pap, I'm sorry no one saw this before now.

No, not if it is on the Fannie form. Guidelines prohibit it. It could be mentioned elsewhere in the report but not used as acomp.

 

[Lee Lansford]

...Is there anyway to use one of those houses and combline the lot cost with the loan they had to use as a comp???

I suppose one could do that...it just wouldn't be appropriate.

How exactly would the price paid for the site + the dollar amount of the loan equal...what?

 

[Midwest Guy]

Better check out page 5 of 6 Certification #8, before doing that. I must admit that I am not sure about that on non lender forms.

I suppose one could do that...it just wouldn't be appropriate.

How exactly would the price paid for the site + the dollar amount of the loan equal...what?