- Nov 2, 2006
- Professional Status
- Certified Residential Appraiser
Can anyone point me to the supposed requirements of FNMA that at least two comparable listings be included in an appraisal report? I simply cannot find anything in the literature that confirms this. I am finding this to be a requirement of a number of clients and some point to recent FNMA requirements. The worst part is some of these clients provide no "out" when there are no listings available. This is more and more the case, especially among atypical rural properties around me; predominant marketing times are approaching 30 days and I am lucky to find three real comparables in the last year. This results in having comps for 2-3 months out of a year. And besides, prices for highly variable rural estates provide almost no usable information for an appraiser as they might in a situation with tract housing.