Tumbuktu
Junior Member
- Joined
- May 23, 2013
- Professional Status
- Certified Residential Appraiser
- State
- Texas
I was recently listening to a FHA Webinar and there was a mention of acceptable distance of Subject and the Comparable based on Location.
Subject Location / Acceptable Distance of Comparable
Urban / Less than 1 Mile
Suburban / Less than 2 Miles
Rural / N/A
But for certain lenders/AMCs anything more than a 1 mile for Suburban becomes problematic.
Personally I think this matter is very subjective and there should not be any hard lines. For example 0.99 Miles is within 1 mile but just a difference of 0.02 miles takes it out of one mile radius to 1.01 miles.
Subject Location / Acceptable Distance of Comparable
Urban / Less than 1 Mile
Suburban / Less than 2 Miles
Rural / N/A
But for certain lenders/AMCs anything more than a 1 mile for Suburban becomes problematic.
Personally I think this matter is very subjective and there should not be any hard lines. For example 0.99 Miles is within 1 mile but just a difference of 0.02 miles takes it out of one mile radius to 1.01 miles.