How recent do lenders require comps to be these days?

Asked by kllyhwrd, Miami, FL Thu Sep 27, 2012

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Nereida Figu…, Agent, Miami, FL
Fri Sep 28, 2012
Right now the recently comparables are more accure to give property a price.
1 vote
Bob Galivan, Agent, South Miami, FL
Fri Sep 28, 2012
Each lender sets their own parameters, but in most cases, comps need to be 6 months old or less, with the more recent comps closest to the subject property getting the most weight. There are several problems with this approach, though: A shrinking inventory has been pushing prices up recently, but since appraisers work with historical data, their evaluations often do not reflect the true value of a property. This is most problematic in "tight" communities - HOA's and Condos, where internally, prices may be low due to a lack of recent sales, while more recent sales outside the community indicate a higher valuation. I have seen cases where an appraiser will take sales inside a community that are 8-12 months old over sales outside that are 30-60 days old, thereby depressing the value.
0 votes
Andre Shambl…, Agent, Miami, FL
Fri Sep 28, 2012
Thank you for your inquiry. Appraisal rules may vary depending on the lender. However rule of thumb are comparables no more than 90-180 days. In special circumstances a lender may request for an appraiser to select comparables beyond 180 days.

Andre Shambley
0 votes
Annette Levi…, , New York, NY
Thu Sep 27, 2012
Comps should be sold properties within the last 6 months. Sometimes they will go up to 1 year if there were no sales that were comparable to the subject property but that is usually in areas where houses do not close in the winter months.
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