Highest priced residence in the county

[Jo Ann Meyer Stratton]

There isn't a simiplified math formula that would be applicable nationwide. You need to utilized whatever information you have available, made adjustments based on that specific market to whatever closed sales, pendings, actives, withdrawns, cancelled, dated properties you can find. Include a very detailed addendum with lots of information that describes the market area, the subject, each comparable, reasons for the adjustments, etc, etc. And then the market value for the subject will fall into place. It might be over, under or at the contract price. If it is under the contract price--that is the way life goes sometimes. But if you have followed a logical sequence and explained your logic, the underwriter should come to a very similar conclusion. Write your report as if you were in front of your state appraisal board definding your process of developing an opinion. The seller might have to come down on their price, the buyer might have to come up with more cash, the loan officer might have to put forth more effort to find a differant loan package to fit the subject property, etc, etc--all of those items are not your problem. If that specific loan officer has a fit, you remove that loan officer from your approved client list.