source:
  type: guide
  id: fnma-sel-b4-1.3-07
  authority: Fannie Mae Selling Guide B4-1.3-07 — Sales Comparison Approach Section
    of the Appraisal Report
  description: Fannie Mae Selling Guide B4-1.3-07 — Sales Comparison Approach Section
    of the Appraisal Report.
  coverage_tier: operative
obligations:
- id: fnma-sel-b4-1.3-07-full
  canonical_id: fnma-sel-b4-1.3-07-full
  section: Fannie Mae Selling Guide B4-1.3-07 — Sales Comparison Approach Section
    of the Appraisal Report
  type: do
  tags:
  - regulator-direct
  - fnma
  - selling-guide
  - corpus-expansion
  - tier-operative
  primary_source:
    tier: 1
    authority: Fannie Mae Selling Guide B4-1.3-07 — Sales Comparison Approach Section
      of the Appraisal Report
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:98cf85a02861bbe84914a0e339b327c8fc131869a8a573882007bbeea60c5701
    paragraph_quote: 'B4-1.3-07, Sales Comparison Approach Section of the Appraisal
      Report (06/04/2025) Introduction This topic contains information on reviewing
      the Sales Comparison Approach section of the appraisal report form, including:
      Overview Data and Veriﬁcation Sources of Comparable Sales Prior Sales History
      of the Subject and Comparable Sales Uniform Appraisal Dataset (UAD) 3.6 Policy
      Overview The sales comparison approach to value is an analysis of comparable
      sales, contract sales, and listings of properties that are the most comparable
      to the subject property. Published May 6, 2026 578 The appraiser’s analysis
      of a property must take into consideration all factors that have an eﬀect on
      value. The appraiser must analyze all closed sales, contract sales, and oﬀerings
      or listings of properties that are the most comparable to the subject property
      in order to identify any signiﬁcant diﬀerences or elements of comparison that
      could aﬀect their opinion of value for the subject property as of the eﬀective
      date of the appraisal report. This is particularly important in changing (increasing
      or declining values) markets. Analyzing closed sales, contract sales, and oﬀerings
      or listings is an important analysis in any market and will result in more accurate
      reporting on market conditions, including trends that indicate that sale prices
      for contract sales and asking prices for recent oﬀerings or listings have changed.
      (Also see B4-1.3-03, Neighborhood Section of the Appraisal Report, for information
      regarding Trend of Neighborhood Property Values, Demand/Supply, and Marketing
      Time.) Data and Veriﬁcation Sources of Comparable Sales Data and veriﬁcation
      source(s) for each comparable sale must be reported on the appraisal report
      form. Examples of data sources include, but are not limited to, a multiple listing
      service, deed records, tax records, real estate agents, builders, appraisers,
      appraiser’s ﬁles, and other third party sources and vendors. The appraiser must
      state the speciﬁc data source (such as tax records or deed records), and refrain
      from using broad categories, such as “public records.” Data source(s) must be
      reliable sources for the area where the subject property is located. Examples
      of veriﬁcation sources include, but are not limited to, the buyer, seller, listing
      agent, selling agent, and closing documents in certain situations. Regardless
      of the source(s) used, there must be suﬃcient data to understand the conditions
      of sale, existence of ﬁnancing concessions, physical characteristics of the
      subject property, and whether it was an arms-length transaction. It is acceptable
      to obtain comparable sales data from parties that have a ﬁnancial interest in
      either the sale or ﬁnancing of the subject property; however, the appraiser
      must verify the data with a party that does not have a ﬁnancial interest in
      the subject transaction. For example, if the real estate agent of the subject
      property has provided comparable sales data, that information must be veriﬁed
      through another disinterested source. Prior Sales History of the Subject and
      Comparable Sales Fannie Mae’s appraisal report forms require the appraiser to
      report the three year subject property and twelve month comparable sales history.
      Uniform Appraisal Dataset (UAD) 3.6 Policy Lenders using UAD 3.6 must follow
      the requirements in the UAD 3.6 Policy Supplement. Recent Related Announcements
      The table below provides references to recently issued Announcements that are
      related to this topic. Announcements Issue Date Published May 6, 2026 579 Announcement
      SEL-2025-04 June 04, 2025'
  judgment: false
