What is a comparable sale in an appraisal?
Comparable sales are recently sold properties similar to the subject property in size, location, condition, and features. Appraisers use these sales to determine market value. Freddie Mac requires appraisers to select appropriate comparables to ensure accurate valuations.
Related FAQs
- Can an appraisal expire?
- Why do lenders review property photos in an appraisal?
- What is an appraisal reconsideration?
- Why do appraisers adjust comparable sales?
- Why do lenders require an appraisal?
- What is a property inspection waiver?
- Can appraisal waivers be used?
- Can borrowers dispute an appraisal?
- What happens if a property does not appraise high enough?
- Are appraisals required for Freddie Mac loans?