Tagged: financing concession

Financing Concessions for Comparables 2

Update on Financing Concessions for Comparables

Appraisers, The GSE’s have issued a UAD newsletter on Sept. 18, 2012. Mostly it has ‘stuff’ in it that appraisers should be doing, i.e., checking for proper UAD compliance prior to report submittal by using your report software on-board reviewer. However, this little gem is the last item on page 2: Update on Financing Concessions for Comparables The GSEs expect appraisers to determine the financing concessions, if any, for all settled sales used as comparables in appraisal reports. Appraisers are expected to do what is necessary to determine concession amounts through the normal course of business and not automatically default...

Concessions - when & how much to adjust 3

Concessions – When & How Much to Adjust

There is a lack of consensus or understanding among appraisers regarding concessions paid to a buyer in a sales transaction. The focus here is on appraisals communicated via a current Fannie Mae/Freddie Mac form. The intent of this article is to bring some clarity to this topic, whether you’re appraising the property as a purchase transaction or using it as a comparable sale after it has closed. First, in your appraisal due to purchase, a concession to the buyer of the subject of your appraisal must be reported in the contract section of the appraisal report. However, you must remember...

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