What are the appraisal guidelines for comparable sales?
[Appraisers have standards imposed on their reports from the Arizona Board of Appraisal, Appraisal Standards Board, USPAP, HUD, FHA, VA, Fannie Mae, Freddie Mac, etc. and each lender/client can impose their own supplemental standards on a particular report. In general, all closed & verified comparable sales are to be within 6 months (90 days in this current market), no further in distance than one mile, similar comparable sales with matching components (roof structure, number of bedrooms, baths, covered parking, pool, 2-story, etc.) as well as all single line-item adjustments not to exceed 10%, net adjustments not to exceed 15% and gross adjustments not to exceed 25%. Example: The subject property is located on an oversized 18,000 sq.ft. lot, is a 2-story home of approximately 2,500 sq.ft. with a 3-car garage and a pool. The requirement for the appraiser would be to match as many features as possible. this would be accomplished by having at least one comparable sale that is a 2-story h
