source:
  type: regulation
  id: fhlmc-5605.6
  authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.6 — Sales comparison approach (01/26/26)
  description: "Freddie Mac Guide §5605.6 (Sales comparison approach). Gap-fill (verbatim, ID-diff). \n"
obligations:
- id: fhlmc-5605.6-0
  canonical_id: fhlmc-5605.6-0
  section: Freddie Mac Guide 5605.6
  description: '5605.6 Sales comparison approach: Refer to Bulletin 2025-7, which announced the policy requirements
    for Uniform Appraisal Dataset (UAD) 3.6. Sellers may submit to the Uniform Collateral Data Portal® appraisal
    reports that use UAD 3.6 before the mandatory effective November 2, 2026 version of this section and Sect…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.6 — Sales comparison approach (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: 'Refer to Bulletin 2025-7, which announced the policy requirements for Uniform Appraisal Dataset
      (UAD) 3.6. Sellers may submit to the Uniform Collateral Data Portal® appraisal reports that use UAD 3.6 before
      the mandatory effective November 2, 2026 version of this section and Section 5605.7. Freddie Mac requires
      that all appraisal reports include a sales comparison approach. This section contains requirements related
      to: ■ Adjustments ■ Sales and financing concessions ■ Market Area analysis and market condition adjustments
      ■ Location ■ View ■ Condition and quality ■ Selection of comparable sales and analysis ■ Sale and listing
      history For special appraisal requirements for HeritageOne® Mortgages, see Section 4504.9.'
    drafter_attestation: Verbatim from Freddie Guide §5605.6 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.6-1
  canonical_id: fhlmc-5605.6-1
  section: Freddie Mac Guide 5605.6
  description: '5605.6 Sales comparison approach: 605-32 (a) Adjustments Each comparable sale must be analyzed for
    similarities and differences between it and the subject property. When the appraiser’s analysis concludes an
    adjustment is necessary, the appraisal report must include adjustments for differences and indicate the do…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.6 — Sales comparison approach (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '605-32 (a) Adjustments Each comparable sale must be analyzed for similarities and differences
      between it and the subject property. When the appraiser’s analysis concludes an adjustment is necessary, the
      appraisal report must include adjustments for differences and indicate the dollar amount of the adjustment
      to reflect the value of the differences to the market. The appraisal report must contain an explanation of
      the basis and rationale for all adjustments (or, if necessary, lack of adjustments). Comparable sales must
      be adjusted to the subject property except for sales and financing concessions that must be adjusted based
      on their effect on the sales price of the comparable sale. Large adjustments typically occur in rural markets,
      and with unique properties, due to limited market activity. Freddie Mac does not have limitations on gross
      or net adjustment percentages. See subsection (c) below for market condition adjustment requirements. (b)
      Sales and financing concessions The appraisal report must identify how the sales were verified and whether
      concessions were granted. Sales or financing concessions may be offered by interested parties to the transaction
      (e.g., the builder, developer, property seller or real estate agent). Adjustments to the comparable sales
      must be made for special or creative financing or sales concessions. No adjustments are necessary for costs
      that are normally paid by property sellers as a result of tradition or law in a Market Area; these costs are
      readily identifiable since the property seller pays these costs in virtually all sales transactions. Adjustments
      to a comparable sale with a concession(s) must reflect the actual effect on the sales price of that comparable
      sale; that effect may be equal to, lower than or higher than the actual amount (or value) of the concession.
      Note: For Seller treatment of concessions, see Section 5501.6. (c) Market Area analysis and market condition
      adjustments The market trend (increasing, stable or declining) must be based on factual data from information
      sources, such as, but not limited to, market data, home price indices, multiple listing services, public records
      and/or models. The market trend identified in the appraisal report must reflect the overall movement of the
      market based on a minimum of 12 months of data. A specific market condition adjustment to a comparable sale
      may differ from the identified market trend since the determination of whether to make an adjustment to a
      comparable sale'
    drafter_attestation: Verbatim from Freddie Guide §5605.6 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.6-2
  canonical_id: fhlmc-5605.6-2
  section: Freddie Mac Guide 5605.6
  description: '5605.6 Sales comparison approach: 605-33 is based on market changes between the contract date of
    the comparable sale and the effective date of the appraisal. Example: The 12-month trend indicates a positive
    overall trend, although the market was stable (or declining) between the contract date of the comparable sa…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.6 — Sales comparison approach (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '605-33 is based on market changes between the contract date of the comparable sale and the
      effective date of the appraisal. Example: The 12-month trend indicates a positive overall trend, although
      the market was stable (or declining) between the contract date of the comparable sale and the effective date
      of the appraisal report. (See Exhibit 44, Market Condition Adjustments.) Comparable sales with a contract
      date that is recent in relation to the effective date of the appraisal report may not have a market condition
      adjustment, given the inability to identify a change in the market. The appraisal report must contain the
      market analysis that supports the market trend and any adjustments made for market conditions. (d) Location
      For appraisal report forms that are required to be completed using the UAD, the appraisal report form must
      include a rating of the location of the subject property and each comparable sale by providing a rating of
      either “Neutral,” “Beneficial” or “Adverse.” The location rating (which will be abbreviated as N, B, or A
      in the appraisal report form) describes the overall effect of the location of the subject property within
      the Market Area on the value and marketability of the subject property and is not a rating of the overall
      Market Area. See Appendix D – Field Specific Standardization Requirements of the Uniform Appraisal Dataset
      Specification (“UAD Specification”) for additional requirements regarding location. Rural locations often
      have less real estate sales activity than more populated areas. Property sales in rural locations often involve
      a variety of property types and may have relatively large parcels compared to other locations. Given the potential
      challenges with appraising properties in rural Market Areas, the appraiser must be knowledgeable about the
      varying conditions that characterize properties in a particular geographic area. When appraising properties
      in rural Market Areas, the appraisal report may contain older comparable sales, comparable sales that are
      a considerable distance from the subject property or comparable sales that are not ideally similar to the
      subject property. The appraisal report must include justification and support in the appraisal report for
      the use of any such comparable sales and make appropriate adjustments to account for the differences between
      the comparable sales and the subject property. Example: If the subject property is a ranch-style home on a
      large parcel of land (e.g., 44 acres), the most relevant comparable sales may be two-story homes on smaller
      parcels (e.g., 6–12 acres) that are some distance from the subject property (e.g., 8–18 miles away).'
    drafter_attestation: Verbatim from Freddie Guide §5605.6 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.6-3
  canonical_id: fhlmc-5605.6-3
  section: Freddie Mac Guide 5605.6
  description: '5605.6 Sales comparison approach: 605-34 (e) View For appraisal report forms that are required to
    be completed using the UAD, the overall view associated with the subject property and each comparable sale must
    be rated as either “Neutral,” “Beneficial” or “Adverse.” The UAD view rating (which will be abbreviated …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.6 — Sales comparison approach (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '605-34 (e) View For appraisal report forms that are required to be completed using the UAD,
      the overall view associated with the subject property and each comparable sale must be rated as either “Neutral,”
      “Beneficial” or “Adverse.” The UAD view rating (which will be abbreviated as N, B or A in the appraisal) describes
      the overall effect of the view associated with the subject property on the value and marketability of the
      subject property. See Appendix D – Field Specific Standardization Requirements of the UAD Specification for
      additional requirements regarding view. Refer to Section 5606.1 for additional information related to UAD
      requirements. (f) Condition and quality Adjustments must be made for differences in condition and quality
      between the subject property and each comparable sale The appraisal report may contain an adjustment for differences
      in quality and condition between the subject property and a comparable property, even though the properties
      have the same UAD quality or condition rating. In this case, an explanation must be provided in the appraisal
      report. Refer to Section 5605.5 for information related to property condition and quality of construction,
      Section 5606.1 for information related to UAD requirements and Exhibit 36, Condition and Quality Ratings and
      Level of Updating Definitions. (g) Selection of comparable sales and analysis The appraisal report must contain
      a minimum of three comparable sales as part of the sales comparison approach. The appraisal report may include
      more than three comparable sales, including contract sales (pending sales) and/or current listings, to support
      the opinion of market value. The appraisal report should include comparable sales that closed within 12 months;
      however, older comparable sales may be used. The appraisal report must provide commentary on the reasons for
      using any comparable sales that are more than six months old. The proper selection of comparable properties
      minimizes both the need for, and the size of, any adjustments. This typically includes characteristics such
      as: ■ Finished area ■ Room count ■ Quality ■ Site'
    drafter_attestation: Verbatim from Freddie Guide §5605.6 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.6-4
  canonical_id: fhlmc-5605.6-4
  section: Freddie Mac Guide 5605.6
  description: '5605.6 Sales comparison approach: 605-35 When choosing comparable sales, it’s important to identify
    the Neighborhood in which the subject property is located and determine whether the Neighborhood represents
    the Market Area or the Market Area is larger than the Neighborhood. The appraiser may need to use comparab…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.6 — Sales comparison approach (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '605-35 When choosing comparable sales, it’s important to identify the Neighborhood in which
      the subject property is located and determine whether the Neighborhood represents the Market Area or the Market
      Area is larger than the Neighborhood. The appraiser may need to use comparable sales from outside the subject
      property’s Market Area, and, in such cases, location adjustments may be necessary. When comparable sales are
      located outside the Market Area, the appraisal report must contain commentary explaining the rationale for
      the selected comparable sales. There may be no similar comparable sales for a subject property because of
      the uniqueness of the subject property or other conditions. Comparable sales may be taken from a competing
      Market Area if they are better than the comparable sales in the subject’s Market Area. (i) Comparable sale
      requirements for properties in established subdivisions, established Planned Unit Developments (PUDs) and
      Established Condominium Projects For properties in established subdivisions, units in established PUDs or
      units in Established Condominium Projects, the appraisal report should contain comparable sales from within
      the subject subdivision or project when they are the best indicators of value for the subject property. See
      Section 5705.8 for specific requirements regarding selection of comparable sales for units in a Cooperative
      Project. (ii) Comparable sale requirements for properties in new subdivisions, new PUDs and recently converted
      or New Condominium Projects To demonstrate the marketability and develop an opinion of market value for properties
      in new subdivisions, units in new PUDs or units in recently converted or New Condominium Projects, the appraisal
      report must contain: 1. At least one comparable sale from inside the subject subdivision, PUD or project,
      when available. Additionally: ■ The comparable sale from inside the subject subdivision, PUD or project can
      be a sale by the builder or developer of the subject property ■ If there are no closed comparable sales from
      inside the subject subdivision, PUD or project, contract sales from inside the subject subdivision, PUD or
      project may be used to satisfy this requirement. The use of contract sales must be in addition to the three
      actual closed sales from outside the subject subdivision, PUD or project.'
    drafter_attestation: Verbatim from Freddie Guide §5605.6 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.6-5
  canonical_id: fhlmc-5605.6-5
  section: Freddie Mac Guide 5605.6
  description: '5605.6 Sales comparison approach: 605-36 ■ If the subject subdivision, PUD or project is so new
    that a closed sale or a contract sale is not available, comparable sales from outside the subject subdivision,
    PUD or project may be used. In this case, the appraisal report must contain commentary on the marketability…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.6 — Sales comparison approach (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '605-36 ■ If the subject subdivision, PUD or project is so new that a closed sale or a contract
      sale is not available, comparable sales from outside the subject subdivision, PUD or project may be used.
      In this case, the appraisal report must contain commentary on the marketability of the new subdivision, PUD
      or project and justification supporting the use of the comparable sales from outside the new subdivision,
      PUD or project. 2. At least one comparable sale from outside the subject subdivision, PUD or project Resales
      from inside the subject subdivision or project are preferable as comparable sales and should be given significant
      consideration, as they provide a reliable indicator of the market value of units within the subdivision, PUD
      or project. At least two comparable sales must be sales in which the builder or developer of the subject property
      was not involved in the sale transaction. See Section 5705.8 for specific requirements regarding selection
      of comparable sales for units in a Cooperative Project. (h) Sale and listing history The appraisal report
      must demonstrate the appraiser researched, verified and analyzed: ■ Any current agreement for sale for the
      subject property ■ Any offering for sale of the subject property in the 12 months before the effective date
      of the appraisal ■ Any sales or transfers of the subject property in the three years before the effective
      date of the appraisal ■ Any sales or transfers of each comparable sale in the year before the date of sale
      of the comparable sale The Seller’s determination of the acceptability of each appraisal should include an
      analysis of the sale and listing history. The Seller must confirm the sale price trend relative to the appraiser’s
      opinion of market value is reasonable and representative of the market. For purchase transactions, the Seller
      should analyze the appraisal report and the current contract for sale for the subject property. For both purchase
      and refinance transactions, the Seller’s underwriting analysis of the appraisal report should include any
      current listing or offering for sale for the subject property, the sales history of the subject property and
      comparable sales and the current ownership of the subject property.'
    drafter_attestation: Verbatim from Freddie Guide §5605.6 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.6-6
  canonical_id: fhlmc-5605.6-6
  section: Freddie Mac Guide 5605.6
  description: '5605.6 Sales comparison approach: 605-37 To reduce the Seller’s risk of liability resulting from
    fraudulent or inaccurate appraisals, the Seller should analyze the subject property and comparable sales and
    evaluate the time elapsed between the date(s) the property was acquired and the date(s) resold, or the date
    …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.6 — Sales comparison approach (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: 605-37 To reduce the Seller’s risk of liability resulting from fraudulent or inaccurate appraisals,
      the Seller should analyze the subject property and comparable sales and evaluate the time elapsed between
      the date(s) the property was acquired and the date(s) resold, or the date of the current resale contract,
      if applicable. If the sales history of the subject property or comparable sales indicates current or prior
      sale prices may be excessive, and resale dates occurred shortly after the property seller’s acquisition of
      the property, the appraisal report should provide evidence to justify and support a rapidly appreciating real
      estate market, significant improvements that resulted in a corresponding increase in the property value or
      a previous sale that was below market value due to a distress or tax sale.
    drafter_attestation: Verbatim from Freddie Guide §5605.6 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.6-7
  canonical_id: fhlmc-5605.6-7
  section: Freddie Mac Guide 5605.6
  description: '5605.6 Sales comparison approach: Market Area, sales contract, sale and listing history (Future
    effective date 11/02/26) This section contains requirements related to: ■ Market Area description and analysis
    ■ Sales contract analysis ■ Sale and listing history (a) Market Area description and analysis The “Market” …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.6 — Sales comparison approach (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: 'Market Area, sales contract, sale and listing history (Future effective date 11/02/26) This
      section contains requirements related to: ■ Market Area description and analysis ■ Sales contract analysis
      ■ Sale and listing history (a) Market Area description and analysis The “Market” section of the appraisal
      report requires the appraiser to: ■ Define the Market Area ■ Identify properties in the Market Area that directly
      compete with the subject property (listings, pending sales, closed sales) and the housing trends (demand,
      supply and marketing time) in the Market Area (i) Market Area analysis Mortgages secured by residential properties
      in urban, suburban or rural Market Areas are eligible for delivery to Freddie Mac if the Mortgaged Premises
      is adequate collateral for the transaction, based on the value, condition and marketability of the Mortgaged
      Premises. Market conditions and Neighborhood or Market Area characteristics vary based on property location.
      The appraisal report must include the appraiser’s explanation of their conclusions.'
    drafter_attestation: Verbatim from Freddie Guide §5605.6 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.6-8
  canonical_id: fhlmc-5605.6-8
  section: Freddie Mac Guide 5605.6
  description: '5605.6 Sales comparison approach: 605-38 (ii) Neighborhood or Market Area characteristics Neighborhood
    or Market Area characteristics that are typical in certain locations may not exist in other locations; therefore,
    Neighborhood or Market Area characteristics must be viewed in the context of the location of the …'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.6 — Sales comparison approach (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '605-38 (ii) Neighborhood or Market Area characteristics Neighborhood or Market Area characteristics
      that are typical in certain locations may not exist in other locations; therefore, Neighborhood or Market
      Area characteristics must be viewed in the context of the location of the subject property. Example: Urban
      locations often consist of a variety of different property types that have different uses. It is not unusual
      in urban Neighborhoods to find properties with mixed uses, such as residential properties that also have a
      commercial use. Rural locations may have agricultural zoning and/or consist of a variety of property types
      and land uses, such as large sites with outbuildings, farms, ranches and undeveloped land. When performing
      the Neighborhood or Market Area analysis, the appraiser must consider the existence of any of the following
      in the Neighborhood or Market Area: ■ Mixed-use property ■ Non-residential property ■ Non-residential land
      uses, such as agricultural property, undeveloped land or land under development The existence of mixed-use
      properties, non-residential properties or non-residential land uses in the Neighborhood or Market Area does
      not make the residential properties in those locations ineligible as security for Mortgages delivered to Freddie
      Mac. Example: A subject property in a rural area where agricultural activities are prevalent may be eligible
      as security for a Mortgage delivered to Freddie Mac if the appraiser determines the subject property is residential,
      based on the subject property’s characteristics and land use. (b) Sales contract analysis The sales contract
      for the subject property must include: ■ Sale or contract price ■ Date of contract ■ Any loan charges to be
      paid by the property seller, and ■ Any financing or sales concessions to be paid by the property seller or
      any other interested party to the transaction'
    drafter_attestation: Verbatim from Freddie Guide §5605.6 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
- id: fhlmc-5605.6-9
  canonical_id: fhlmc-5605.6-9
  section: Freddie Mac Guide 5605.6
  description: '5605.6 Sales comparison approach: 605-39 The Seller must review the sales contract for the subject
    property and ensure the complete sales contract is provided to the appraiser. The “Sales Contract” section of
    the appraisal report must include: ■ The results of the appraiser’s analysis of the sales contract ■ Cont…'
  type: do
  tags:
  - regulator-direct
  - gap-fill
  - fhlmc-guide
  - section-complete
  primary_source:
    tier: 1
    authority: Freddie Mac Single-Family Seller/Servicer Guide §5605.6 — Sales comparison approach (01/26/26)
    source_class: gse-guide
    source_url: https://guide.freddiemac.com/
    snapshot_id: 5869ee9e606cd4ae
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:9a1b23e5024bb369e7a59d36b3702383c11ace68b5d209fdef791bc8f955c637
    paragraph_quote: '605-39 The Seller must review the sales contract for the subject property and ensure the complete
      sales contract is provided to the appraiser. The “Sales Contract” section of the appraisal report must include:
      ■ The results of the appraiser’s analysis of the sales contract ■ Contract price ■ Date of contract, and ■
      Whether the transaction appears to be arm’s length, the transfer terms, and whether personal property is being
      conveyed The appraisal report must include the total dollar amount and a description of any financial assistance
      (e.g., loan charges, sales concessions, gift or Down Payment assistance) to be paid by any party on behalf
      of the Borrower. (c) Sale and listing history The appraisal report must demonstrate that the appraiser researched,
      verified, and analyzed: ■ Any current agreement for sale of the subject property ■ Any offering for sale of
      the subject property in the 12 months before the effective date of the appraisal report ■ Any sales or transfers
      of the subject property during the three years before the effective date of the appraisal report ■ Any sales
      or transfers of each comparable sale during the year before the date of sale of the comparable sale The Seller’s
      determination of the acceptability of each appraisal should include an analysis of the sale and listing history.
      The Seller must confirm that the sale price trend relative to the appraiser’s opinion of market value is reasonable
      and representative of the market. For both purchase and refinance transactions, the Seller’s underwriting
      analysis of the appraisal report should include any current listing or offering for sale for the subject property,
      the sales history of the subject property and comparable sales, and the current ownership of the subject property.
      To reduce the Seller’s risk of liability resulting from fraudulent or inaccurate appraisals, the Seller should
      analyze the subject property and comparable sales and evaluate the time'
    drafter_attestation: Verbatim from Freddie Guide §5605.6 body (max-gap occurrence), snapshot 5869ee9e606cd4ae;
      substring-verified.
  judgment: false
