Sorry JP, I drifted off this thread. Don’t know if you are still checking in?
The 700k house with the loan mod to 500k, 2 years later, won’t be used as a sales comp. Comps are usually 6 months old, or less. If there were not enough sales or similar properties the appraiser would extend the geographical range, which is usually pretty narrow, or find some other way to get more comps. A two year old comp in this market is never going to be taken seriously.Like I said, an appraiser can handle this topic better, but that is the gist of it.
Landlords going “owner occupied” for a loan has been going on for a long time.
