If a condo for sale has only 1 comp, in the last 3 mnths, is it only used, or older comps or nearby comps used?
For appraisal purposes, they can use similar units in the nearby neighborhood and + or – for the differences as well as using older prior sales and current listings.
For appraisal purposes, they can use similar units in the nearby neighborhood and + or – for the differences as well as using older prior sales and current listings.
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Appraiser would like to use comps in the complex itself. Failure to find adequate comps in the complex the appraiser would find other comps in other condo complexes.
The appraiser would use a plus and minus system to arrive at a fair appraisal even though the condo comps used might have different amenities, size or even sales price.
Mortgage lenders would like to see the most recent comps available, normally not more than 90 days old.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
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