I was told by BOA that FHA has new guidelines on appraisals. They cannot use foreclosure or short sale properties as comps. I can't find

Asked by Kathy Smith, Dacula, GA Tue Jan 19, 2010

anyone to substantiate that fact. Has anyone else been told this?

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Hank Miller, Agent, Alpharetta, GA
Sun Jan 24, 2010
I'm an FHA appraiser - more crappola from BOA. If that were the case, there are areas where there would be no comps! I use the best comps - if they're short, arm's length, foreclosures, whatever...I do my research and make my selections.

2 votes
Sherry Chesn…, Agent, Columbia, SC
Tue May 3, 2011
I do know that in Columbia, SC, the appraisers are using the foreclosures and short sales as comps. Unfortunately, that is just the way the market is. A good appraiser is going to use the best comparable houses and foreclosures or short sales may be used if they are the best comps. Hope this helps! Sherry Chesnutt
0 votes
John Sabic, Agent, Atlanta, GA
Tue May 3, 2011
We just refinanced our home and yes appraiser used only foreclosures as comps.
0 votes
Solomon Gree…, Agent, Duluth, GA
Tue Aug 3, 2010
Hank is the man! You can take his opinions to the bank (no pun intended).

Solomon Greene
REALTOR® Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes
Lee Taylor, Agent, Decatur, GA
Mon Aug 2, 2010
Hank is the freaking sheriff.

I don't believe anything about appraisals in Georgia unless Hank says that it is so.
0 votes
Mark Lackey, Agent, Norcross, GA
Tue Jan 19, 2010

Contact an appraiser that did your last FHA sale. They will know and you wont be guessing who is correct.

0 votes
James Dudley, Agent, Suwanee, GA
Tue Jan 19, 2010
I'm with Michael.

It seems like about a year ago that we were notified that foreclosures would be used as comps.
0 votes
Michael Hamm…, Agent, Suwanee, GA
Tue Jan 19, 2010
If memory serves correctly, Kathy, we heard just the opposite late last year; please consider calling or writing one or both of our preferred lenders and asking them. Good Luck!

Jay Posey
Your Mortgage Advisor
PHH Mortgage, Inc
Phone: 404-992-5462
E-mail: Jay.Posey@mortgagefamily.com

Chuck Ewing
Senior Mortgage Planner
Community Mortgage Services
Phone: 770-241-1700
Fax: 678-623-0960
0 votes
Arnie Levine, , San Diego, CA
Tue Jan 19, 2010
Hi kathy,
my understanding from an FHA appraiser is that no they do not use foreclosures but yes they do use short sale comparables. This was about 1 month ago.
0 votes
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