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Old 08-26-2009, 10:00 AM
 
Location: Suffolk County
827 posts, read 2,884,599 times
Reputation: 279

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I have a quick question.... I'm in the process of selling my condo and am awaiting a FHA appraisal.

Just curious as nothing has sold in my development since January 2009. The last unit that sold like mine went to contract in Nov. 2008 but closing on that unit was in January 2009. What are they able to comp my unit it against if nothing has sold recently? Before the one that sold in January, the one prior to that was in May 2007. There are a lot of co-op units in the area that have sold but they usually sell for a lot less than the condo's in my area. Can anyone tell me how an appraiser would figure out or what comps they would use? Would they use a co-op or would they be able to use the last sale from January 2009?

Thanks in advance.
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Old 08-29-2009, 07:38 AM
 
Location: Suffolk County
827 posts, read 2,884,599 times
Reputation: 279
bump... Anyone have any info on this? Thanks.
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Old 08-29-2009, 08:00 AM
 
Location: I'm gettin' there
2,666 posts, read 6,804,250 times
Reputation: 828
I looked at my friends appraisal report and they went out to a distance of a mile before they found 3 other colonials that sold within the past 6 months. They also compared the 4th to a house that was currently listed on the market.
I am in the same boat as yours as I have seen a couple of houses like mine which required work from the inside, but looked ok from the outside which sold for 15-20k less than my price, so I'm just keeping my fingers crossed.
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