1. Marshall and Swift Guidelines must be used when figuring “cost to cure.”
2. Need URAR indicating value ‘subject to’ repairs
3. Comparable Sales - four COMPS are required
- No "as is" comps
- Three of the 4 COMPS must be MLS, no exceptions
- Three of the 4 COMPS must be within .5 miles of the subject
- Three of the 4 COMPS must be less than 6 months old
- If COMPS do not meet the within .5-miles or less than 6 month guideline, the appraiser must explain in the addendum the reason for going beyond the boundaries/timeline requested
- All COMPS must be occupied
- All COMPS must have been funded by recognized national, institutional lenders No cash, owner-financed or local bank-financed sales.
- No comp is to be more than 1.0 miles away from the subject
- Normal subject exterior photos (front, back and all sides)
- The immediate house to the left and right of the subject
- Photos of every room of interior of house (7 rooms = 7 photos)
- Every noted repair needed
6. Email full report to shanna@readymort.com