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HUD requirement

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DeKay Bayliffe

Thread Starter
Sophomore Member
Joined
Oct 16, 2006
Professional Status
Certified Residential Appraiser
State
Alaska
Does anybody know if HUD requires a 4th additional comparable that has sold within the last 12 months for a reverse mortgage? The property is on a remote island with no sales since 2004. Underwriter states this is the requirement and there are no exeptions.:shrug:
 

ROBERT JONES

Junior Member
Joined
Feb 12, 2002
Professional Status
Certified Residential Appraiser
State
New Jersey
HUD doesn't underwrite loans,lender/underwriters do. The 4150.2 explains appraisal procedure, and that is not mentioned in the guidelines that we are to abide by (at least I don't see it under reverse mortgage). This may very well be an investor stip, or a client stip - either way they could have let you know prior to accepting the deal. If it does not exist, say so in a prof. manner, and move on to the next headache!
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
HUD requires 3 within 12 months, comments if over 6 months. Dated beyond 12 months are OK for comps 4,5 & 6 with expalnation. See the revised appendix D.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
If no other comps, tell 'em! It will probably go away. Or, if there are any actives or pendings you could use one or more of them. I'm sure it is a lender guideline...not FHA.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
Use a 4th comp on the nearest point of land on the mainland. We have a similar problem here in Virginia on Tangier Island. it sit's in the middle of the Chesapeake Bay. A friend of mine did one there. He used 2 comps from the eastern shore of Virginia, 2 comps from the estaren shore of Maryland, 1 5 year old sale on Tangier. I asked if that was sufficient. he said no, the UW was still concerned about marketability. So, he asked the market. The market is 200+- people who live on tangier. he went around and asked about 20% of them what they thought it was worth and put that in the report. The UW bought it, hook,line and sinker.
 
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