Year built settled date UAD APPENDIX D

[Dublin ohio]

Yes, in 2025 when the comp sold it was 25 years old...but as of the effective date of 01/2026, the subject is what is is. We are not using 2025 as the data point of year built for the subject property.

I know we are dealing with GSE requirements. But from a common sense and rather logical standpoint. Since we are using what the comparable sales were as of its date of sale for purposes of comparing it to the subject. Why would one not use the actual age of the comparable at the time of sale.

 

[NC Appraising]

The above does not address the OP's situation. Which is should the chronological age of the comparable sale be the age of the comparable sale when it closed or the chronological age as of the effective date. IMNSHO it should be the chronological age when sale closed. Since we are using the characteristics of that sale when it sold for comparison purposes. My software uses the closing date

Throwing something out. If you use the closing date for closed sales, what do you use for active listings? The year it was listed?

Closed comp 9/25. Year built 2000
Active listing 09/25 year built 2000

Effective date of appraisal 1/2026

 

[NC Appraising]

I know we are dealing with GSE requirements. But from a common sense and rather logical standpoint. Since we are using what the comparable sales were as of its date of sale for purposes of comparing it to the subject. Why would one not use the actual age of the comparable at the time of sale.

In theory, the subject is now one year older.

We are using the subject age for the comparison.

For example, the appraisal had a effective date of 2026.

All of the comps sold in 2025. All of the comps and the subject were built in 2000.

On the grid you would have subject 26
Comps 25....but they are all the same year built of 2000?

I would agree with you if you also put the subject age as of 2025. That way, all would read 25 as the year built.

 

[Dublin ohio]

So here is the AI summary. Hard to get one unless you ask the question in a specific way


AI Overview



To report the actual physical age of comparable sales for Fannie Mae (FNMA) in an appraisal report, you must
disclose the chronological age of the improvements as of the date the comparable went under contract, using reliable sources like tax records or MLS data. While the "Year Built" is generally sufficient, if a significant discrepancy exists in actual age between the subject and the comparable, it must be noted in the Sales Comparison Approach grid and, if necessary, adjusted for in the condition/age line items.
Key Guidelines for Reporting Actual Age (FNMA):

• Definition of Actual Age: The chronological age of the improvements, not the effective age.
• Best Source for Data: Use tax records, deed records, or Multiple Listing Service (MLS) data for the year built.
• Timeframe for Comparison: The age should be considered as of the date the comparable went under contract.
• Where to Report: The "Year Built" line in the Sales Comparison Approach grid (UAD compliant format).
• Adjustments: If the actual age differences between the subject and comparables are significant, the appraiser must make adjustments and explain them.
• Avoid Using "Unknown": If the age is unavailable in the normal course of business, state that; otherwise, use the best available records.

Required Reporting Actions for Discrepancies:

• Older Dwellings: Older homes are acceptable, but they must meet marketability standards.
• When to Explain: If the subject property is significantly different in age than the predominant age of the neighborhood, the appraiser must explain why the age is outside the range and comment on marketability.
• Condition vs. Age: While Fannie Mae focuses on effective age for condition, the actual age must still be reported accurately in the "Year Built" field.

Data Accuracy:

• Reliable Sources: The appraiser must state the specific data source (e.g., "tax records," "MLS") and avoid vague terms like "public records".

 

[Dublin ohio]

In theory, the subject is now one year older.

We are using the subject age for the comparison.

For example, the appraisal had a effective date of 2026.

All of the comps sold in 2025. All of the comps and the subject were built in 2000.

On the grid you would have subject 26
Comps 25....but they are all the same year built of 2000?

I would agree with you if you also put the subject age as of 2025.

We are typically using the characteristics of the subject as of the effective date. We are using the characteristics of the comparable sales at the time they went under contract or closed. I would say the actual age of the comparable at the time of contract or closing would be just as much of a characteristic as GLA or condition at that time. I know it seems like nitpicking, but..........................

 

[NC Appraising]

We are typically using the characteristics of the subject as of the effective date. We are using the characteristics of the comparable sales at the time they went under contract or closed. I would say the actual age of the comparable at the time of contract or closing would be just as much of a characteristic as GLA or condition at that time. I know it seems like nitpicking, but..........................

Just having a friendly debate...all good.


I like posting grey area stuff...
Maybe the GSE reps will see our debate and make a FAQ or a statement in the uad 3.6.

 

[Tom D]

It's the date the comp sold for it's age, as per fannie. I never noticed alamode does it. Apparently, my clients don't care. You can overwrite it and/or block it.
I gonna forget reading this thought post, age quirk entry. Being big old urban, I never make an age adjustment anyway.

 

[TerryRohrer]

Just look out if you do a retrospective appraisal. A 2010 built home in a report with an effective date of 2011 will be 16 years old. I wonder how many other shortcuts alamode is taking to save paying for a few lines of code.

 

[Terrel L. Shields]

am removing the term "effective age" from my lexicon

It's still a valid and meaningful term. But the URAR and FNMA makes it basically impossible to apply correctly. Again, one reason I do not do Fannie work. I said it 20 years ago, Fanniespeak is a funnel designed to lead you down a certain path that they want and that path basically means you either lie or toe their line of thought and rural property need not apply.

 

[Terrel L. Shields]

Why would one not use the actual age of the comparable at the time of sale.

Here I find few assessors know how old a house was, some might note when it was last remodeled. Thus, they apply the effective observed age (a guess) as the actual age. Sometimes the agent knows better.