If i want refinance my house will they use 5 comparables to get the house value?how does it works?

Cicely
it's 3 comps within 1.5 miles of the subject property or within the same subdivision.they can go up to the last 6months of the current sales of the subject property.

Jamie
The appraiser tries to find five houses that are as close to being like yours as possible then tweaks their sale price to adjust for time size and quality. If there are a couple of houses in your subdivision with the same floor plan as yours and they sold last week, it should be pretty easy. If you have a custom house in the country, it may be tough. If you know of any houses that you think are real similar to yours, tell the appraiser and make his job a little easier and more accurate.

Chasidy
They usually only use 3 comparable sales in an appraisal. They will find homes similar to yours that sold in the last 90 days (it used to be 6 months, but lenders now require no more than 90 day old sales with all of the foreclosures and property values going down). They also usually only allow for comparable sales within 1/2 mile of your home (unless it is rural or a custom built home).Those similar properties that sold will determine the value of the home (in a nutshell, since there is a sheet they use to make adjustments).Your lender should be answering these questions for you.