Property Q&A in 02144>Question Details

Barry, Other/Just Looking in Somerville, MA

This property appraised at 420,000? comparable homes within 1/2 mile & < 3 months should be used, right?

Asked by Barry, Somerville, MA Tue Jan 27, 2009

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This question is about this property: http://www.trulia.com/homes/Massachusetts/Somerville/sold/28…

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Depending on the location of the house, an appraiser could go beyond a 1/2 mile radius for comps. Not long ago the rule of thumb for a reasonable time line was 6 months. With lenders becoming more stringent with their qualifications, the 3-month period is about right.
1 vote Thank Flag Link Tue Jan 27, 2009
if there are comps with in 1/2 mile, then ...yea!
1 vote Thank Flag Link Tue Jan 27, 2009
ideally, finding like properties in similar condition as close as possible
1 vote Thank Flag Link Tue Jan 27, 2009
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