Guideline or Restriction?

[Anthem]

Andrew,

I about died working 6 to 7 days a week for the past 3 months so I am taking it easy for the next month or so, gonna spend some time at the beach and on the lake(and try to make some time to finish writing my CE courses for state approval). As I am sure you are seeing there are lots of listings and few buyers otherwise the market is still descent and there is more work than I need.

Rex,
I live in Mooresville which is just north of Charlotte on Lake Norman

 

[Mike Kennedy]

a guideline? "should" means should - when possible not...."MUST".

suggest covering all bases WHEN possible.

c1, c2 new / in

c3, resale / in

c4 active/uc in or out

c5 older sale out.

w/detailed explanation of market data search parameters including actives, contracts, and older closed sales when NEW - outside sales are scarce.

 

[Anthem]

C1 - Builder Sale
C2-Re sale in subdivision
C3-Different builder same Subdivision
C4-outside of subdivision resale
C5-outside of Subdivision competing builder sale
C6-Same Builder Same Subdivision Pending Sale

Ok but seriously we don't always have this luxury,the fannie guide it self states that the sales comparison approach is only as accurate as the available data.

 

[Mike Kennedy]

suggest covering all bases WHEN possible. When NOT possible, explain.


a guideline! "should" means should - when possible not...."MUST".

 

[Anthem]

Mike, I agree ... thanks for indulging me ....

Is there a Fannie Mae email source that I can send this debate to?

 

[Restrain]

Carnivore:

Go to efanniemae.com and read the regs. There is no 5 acre rule. It says the site must be typical for single family housing in the market. The 5 acre rule is specific to underwriters and some state laws for equity products, not Fannie Mae.

 

[Carnivore]

Carnivore:

Go to efanniemae.com and read the regs. There is no 5 acre rule. It says the site must be typical for single family housing in the market. The 5 acre rule is specific to underwriters and some state laws for equity products, not Fannie Mae.

Roger,

I was referring to the Handbook. It says something(I dont have it in front of me) about appraising a house and five when it actually has more(or less) then five is an unacceptable appraisal practice.

 

[Restrain]

In that instance, you are correct. You appraise what exists. If someone wants something cut out, they have to provide a survey. The appraisal of an arbitrary 5 acres is not acceptable, because they don't know where the 5 acres is. I've just seen far too many people quoting the "5-acre" rule saying that Fannie does not accept a loan on over 5 acres.