Using single family detached comps to appraise half of duplex

[The Scholar]

Is there anything in the Fannie Mae guidelines against using single family detached comps to appraise half of a duplex? I have one duplex comp and my subject half duplex owns the lot on which it is constructed.

 

[CGinMN]

Fannie Maes's guideline states comparables should be competitive and appeal to the same market participants that would consider purchasing the subject, and that comparables that are significantly different from the subject may be acceptable so long as there's a justification, which is explained in the report.

 

[The Scholar]

Fannie Maes's guideline states comparables should be competitive and appeal to the same market participants that would consider purchasing the subject, and that comparables that are significantly different from the subject may be acceptable so long as there's a justification, which is explained in the report.

ok, thanks.

 

[George Hatch]

my subject half duplex owns the lot on which it is constructed.​

I read that to mean you are appraising 1 semi-detached residential unit. If so then you are not appraising 2 units, which means 2-unit properties are not going to be among your most comparable properties.

If you can't find any other SFRs with a shared wall and zero lot line then your next most similar property type would probably be a condo or PUD/PRD unit, preferably with a back yard and similar onsite parking and driveway and such. You might be able to bracket your subject attributes with a condo on the low end and a basic SFR on the upper end.

Be mindful of the sales history of this unit and the attached unit next door, and any other such units in the area. If any of them have sold *at any point in the past* then you can look to see how they performed in comparison with these other property types at that time and import the adjustment factor for use with your current comparables.

 

[shrubberyvaluation]

So you have have an attached subject? Just use what a typical buyer would most likely consider as alternatives.

 

[Jerry Bone Jr]

Is there anything in the Fannie Mae guidelines against using single family detached comps to appraise half of a duplex? I have one duplex comp and my subject half duplex owns the lot on which it is constructed.

The appraiser must pick "the most similar" sales. The appraiser decides which are "the most similar".

 

[alebrewer]

IMO, the selection criteria for comparables should cascade as follows (assuming it's truly a half duplex): (1) half duplex sales, (2) townhome sales (preferably end unit), (3) condo sales (again - preferably 1-2 story end unit), (4) SF detached sales. Note that you're probably need to make a marked adjustment if using SF detached, but if you have half duplex sales included as well, paired sales analysis should be sufficient for estimating the market differential for design(style).

 

[sputnam]

Based on the OP, the subject isn't a duplex. It's an attached single family dwelling or a condominium unit where there are only two units in the project. As already posted, you use the most similar sales you can find, in the order that alebrewer posts above.

 

[Dublin ohio]

Had one last month that was a "half duplex". Had plenty of similar sales. Except subject was on a slab (Had no slab sales) plus it had a 0.26 ac site. Ended up using 4 sales with basements and on smaller lots. Used a SFR to bracket site and lack of basement. Never heard from lender. Sale closed. I have a problem using condos. Because of the lack of a true "comparable" site component. Both physically and functional