General Requirement

The appraiser must select the three best comparable sales available and properly adjust the sales price of each one for differences between it and the subject property.  The goal is for the VA value estimate to not exceed the price at which similar properties can be purchased in the current market.

The appraiser must adequately explain any reliance on sales that are not truly comparable to the subject.

Sales Price Range

If there is a wide range in comparable sales prices, the appraiser must adequately explain.

Data and Verification 

A single data source is adequate if it provides quality sales data verified by closed transactions.  Sales data provided by a party to the sale or financing of the subject property must be verified by a party without such an interest.

Sales Dates[ ]

Comparable sales should be recent.  Although they should generally not be more than 12 months old, sales over six months old may be considered outdated in some markets.

·   The appraiser must adequately explain reliance on outdated sales data. [ ].