Underwriter Request for Additional Comps

[Anonymous]

Hello There,

So we recieved a conditional approval from the underwriter.  They asked for 3 things:

- Explanation of large deposits (done)

- Verification of employment for hubby (done)

- Additonal comp that sold within last 6 months

My mortgage guy called me the other day asking that I work with my realtor to find an additional comp.  Apparently the appraiser had one, but it would have affected negatively on the value of our house.  My realtor and I researched and found 2 good ones.  I sent those over the other day.  I followed up with my mortgage guy today and he said that because the comp sold after the appraisal of the house we are buying they had to write a letter explaining why it was used.  He also mentioned that this may cause the underwriter to want to look at other comps that sold after our appraisal date which could lower the value of our house. 

My concern is, I wasn't told that the comps had to have sold within the 6 month prior to the date of appraisal.  Our closing is scheduled for 9/30.  This is an FHA mortgage through US Bank Home Mortgage.  Have any of you had experience with this.  Do you think the underwriter is going to want to look at comps that sold after the appraisal now?

Just a little freaked out because we've done so much work to get where we are and to have something this trivial (in my opinion) muck it up would break my heart.

Thanks,

Nikki

[GregB]

An appraiser will always try to use the most similar comps available. A friend that owns an appraisal company told me recently that he can't use a house sale older than 6 months at all. It will vary by your area. If there just aren't any good comps then it is always a judgment call whether they will use an older sale of a similar house or a more recent sale of a house that is quite different. Around here, they try to use 3 official comps used in the calculations and three other comps for backup showing that none of the first three are anomalies.

If they had to use older comps, they may just want more information and be hoping for a "better" comp and preferably three better comps.

Unless the prices are falling very quickly, it doesn't seem likely to create a problem. A delay, maybe. Hope it works out.

[DallasLoanGuy]

it happens....

should work out fine