Appraiser Cannot Accept Distressed Properties for Comps??
Can anyone explain to me what the US bank negotiator means when she says that a HUD appraisal will not accept distress sales when it is a liquidation appraisal. I consider distress sales to be foreclosures, and short sales. Those are the only sold comps there are, but she says we can't use them. I'm confused. Any insight?
Replies to This Discussion
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Permalink Reply by Kevin - Greenville, SC on
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The program guidelines call for no distressed comps to be used unless those are the only ones available. The Appraiser can use them if they are the only ones.
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Permalink Reply by Kathleen Couch on
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Exactly, but she won't read past the first part of the sentence. All the sold comps in the neighborhood are distressed. We are not even considering the lowest one. Do you know if it is successful to contact someone in management?
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