one mile radius: Does one-mile radius of comps in appraisals still apply in 2016? - 01/07/16 08:49 PM
QUESTION: Is there a one-mile rule when it comes to finding Comparables for home appraisals.
ANSWER: I would strongly recommend watching Fannie Mae's CU video on comp selection.  I've attempted to provide actual Fannie Mae references to help answer this concern. 
Not really, it really depends on the individual underwriter on that particular day, and it depends on which location box the Appraiser checks: Urban, Suburban or Rural.  AND, most underwriters want to see at least two comps sold within 90 days. 
When Urban is checked, then comps should be as very close as possible. Suburban generally provides more tolerance of say 1 to … (3 comments)

 
Bill Cobb Appraiser, Greater Baton Rouge's Home Appraiser (Accurate Valuations Group, LLC)

Bill Cobb Appraiser

Greater Baton Rouge's Home Appraiser

Baton Rouge, LA

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