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LDrinkh20
LIF Adult
Member since 9/09 1820 total posts
Name:
Lauren
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Appraisal Question
How many months back will an appraiser look when examining the comps for an appraisal?
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Posted 10/18/10 8:17 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Appraisal Question
the general standard is 6 months.
If its a unique location/property, it may require going back further to find suitable comps and making time adjustments +/-.
In a declining market, banks/FHA ask for sales within 3 months.
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| Posted 10/18/10 8:42 PM |
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LDrinkh20
LIF Adult
Member since 9/09 1820 total posts
Name:
Lauren
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Re: Appraisal Question
Posted by -Lisa-
the general standard is 6 months.
If its a unique location/property, it may require going back further to find suitable comps and making time adjustments +/-.
In a declining market, banks/FHA ask for sales within 3 months.
Sorry, I am an idiot. If it's an FHA loan it would just be 3 months? That;s what we thought...as did our agent but the agent of the property we are interested in said 6 months.
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| Posted 10/18/10 8:51 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Appraisal Question
6 months
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| Posted 10/18/10 8:59 PM |
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LDrinkh20
LIF Adult
Member since 9/09 1820 total posts
Name:
Lauren
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Re: Appraisal Question
Posted by Beth
6 months
Thank you...and thanks for your help last night. Our agent had the meeting and it seems that their agent feels the house is worth more than the rest of the world seems to agree on. lol
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| Posted 10/18/10 9:03 PM |
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