Doug in NC
Elite Member
- Joined
- Jan 17, 2002
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
I know FHA has a sale price bracketing appraisal requirement, but does this apply to FNMA or other lender loans? I've got an underwriter making a big deal because my high sale of 3 was $100 less than the sale price of the subject property. That's a 0.0007 difference according to my HP12c. All 3 sales adjusted higher than sale price. A second sale was only $500 below my property's sale price. Sale 3 was within $5K of sale price, it had no garage and other offsetting features. Considering that the property is in a 60 year old neighborhood with varying degrees of updating over the years, I felt pretty lucky to find the comps that I used. All sales were less than 4 months old and within 0.59 mile of the subject property.
Did I hear something about a tightening of credit standards in the lending markets?
Did I hear something about a tightening of credit standards in the lending markets?