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I Can't Find Mt. Laurel Income Restricted Active Comps In Bergen County. Help?

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cdanj

Thread Starter
Sophomore Member
Joined
Nov 19, 2013
Professional Status
Certified Residential Appraiser
State
New Jersey
I can't find Mt. Laurel income restricted active comps in Bergen County. Help?

I have found my sold comps, I just cannot locate any *ANY* actives.

Usually I can find at least one active and then seriously adjust another non-restricted active or under contract.

Any assistance or guidance would be much appreciated.
 

cdanj

Thread Starter
Sophomore Member
Joined
Nov 19, 2013
Professional Status
Certified Residential Appraiser
State
New Jersey

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
I can't find Mt. Laurel income restricted active comps in Bergen County. Help?

I have found my sold comps, I just cannot locate any *ANY* actives.

Usually I can find at least one active and then seriously adjust another non-restricted active or under contract.

Any assistance or guidance would be much appreciated.

Call the local housing authority. They'll have the list of what's available.

Hopefully your report details that "income restricted" is not an "open market" blah, blah, hence prices are held to what "income restricted" can pay.

.
 

TC NewJersey

Sophomore Member
Joined
Dec 7, 2005
Professional Status
Certified Residential Appraiser
State
New Jersey
FYI lender guidelines are just that. If there are no active listings, submit the report without them with a detailed explanation. As per Marion's advice though, typically the local housing office maintains a list of properties which are available (if any). Depending on the community/development there may be none if there are few at all and those that come up for sale are in demand. My advice is to not shape your sales comparison to the client's pat listing of requirements and instead write the sales comparison to reflect the reality. If there are no listings and none in the housing office being transferred, the reality will be that there are no listings and your report will have none.

Hopefully you have appropriate explanations about how the program works because it is not a normal market for these properties which lenders need to understand. Affordable housing looks a little different in various states in the US and they are relying on you to explain it for them. Theres a lot of bad lending in NJ affordable housing because appraisers don't explain and some national mortgage companies and AMCs doesn't have the local knowledge
 

Walter Kirk

Senior Member
Joined
Jun 24, 2003
Professional Status
Licensed Appraiser
State
New Jersey
One of the problems with appraising Mount Laurel income restricted property is that it is, by design, mixed in with open market housing. Most MLS listings do not show the Mount Laurel status unless you read the fine print. As others have suggested the local housing authority is your best information source. Because of the nature of the deed restriction I have found that Mount Laurel properties do not enter the market at the same rate as unrestricted properties and it is very possible that there are none currently for sale in your subject's area.
 
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