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One Time Close

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Gee

Freshman Member
Joined
May 28, 2015
Professional Status
Certified Residential Appraiser
State
Texas
I have been told that one time close sales cannot be used in an appraisal, however can't seem to find anything in FNMA guideline about it or why they can't be used. Can someone help me out with some info?
 

Jim Bartley

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
It's a land home package. Not a true market sale of improved land. The loan covers the cost of buying the land and building the house.

Edit. Could be used to support the cost approach.
 
D

Deleted member 134708

Guest
Not sure exactly what you mean but does this help?

Cert #8 of URAR

" 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land."
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Was the property exposed to the open market? As long as the sale was not a result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land.
 

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
nottrav got it.

You were probably searching for 'one-time close' with no results.
 

Jim Bartley

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
This may help....

https://www.fhahomeloangroup.com/FHA-1-time-close-construction-loan/
 

Gee

Freshman Member
Joined
May 28, 2015
Professional Status
Certified Residential Appraiser
State
Texas
Yes, that article was helpful. Thanks
 
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