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The Appraiser Needs Three Good Sale Comps "Within" 1 Mile Of The subject Property!

Sounds easy enough, right?

Well those underwriting guidelines just don't cut it in rural Nevada. Our subject property is a lovely new bank owned home on 28 acres. It is situated in a rural subdivision of 20 acre home sites. The back property line is over ¼ of a mile long and there aren't three homes within that proximity ... let alone three closed sales in this market!

New appraisal regulations are certainly putting a different spin on selling real estate. It will be very interesting to see the outcome of this!

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Posted by Lisa Wetzel CDPE carsonvalleyland.com on 06/12/2009 05:38 AM

Comments (15)

The Appraiser Needs Three Good Sale Comps "Within" 1 Mile of the Subject Property! in the ActiveRain Channel

smith valley homes, rural nevada homes, lisa wetzel, jim valentine, new appraisal regulations

Originally posted at: Lisa and Jim's Northern Nevada Real Estate Blog: The Appraiser Needs Three Good Sale Comps "Within" 1 Mile Of The subject Property!

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15 Comments on The Appraiser Needs Three Good Sale Comps "Within" 1 Mile Of The subject Property!

JUN

This really is an interesting dilemma! One of our associates just told us about a home he is selling in the same area, the first appraiser assigned to the job refused saying there weren't any comps. Seems like they don't want the job unless it's cookie cutter easy!

Lisa,

I'm surprised there's no exception to this rule in cases like yours.

Rich

The new guidelines are mindless, just like the bureaucrats that wrote them.

HMMM. This sounds like a niche product to lend on and if that's what the UW is looking for you may have a dead deal UNLESS you have this switched to an Agri product (rural home with excess acreage).Let me know if you need some pointers on this type loan.

It will take longer to get appraisals and it will cost more. It is not an easy job.

You just need to do your best. It is now very important for the agent to have a relationship with the appraiser. Provide everything that can make the assignment easier to complete.

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Thanks for the information in your post. I look forward to reading tomorrow's content

Sounds like somebody forgot to include the common sense. Good Luck with that one.

Lisa, There must be some level of practicality involved at some time. Just because there aren't sales within a mile of the subject doesn't mean that there is diminished value. Population density should be a consideration for that requirement. More people work in some office buildings around the world than live in our entire county. Remember, too, people like living here and don't move too often - there aren't many sales in the nice areas. Good luck.

JUN

Lisa, finding three good comps has become a big issue every where. The slow sales at the end of 2008 and beginning of 2009 has made difficult in many cases.