Do appraisers have to use comps within one mile?

Do comps have to be located within one mile of a property to be considered legitimate in the eyes of a lender? Does Fannie Mae really have a “one mile” standard? This is sometimes a point of confusion among real estate professionals, so it’s important to know the answer. As a Sacramento real estate appraiser, it’s vital to understand standards like this and of course use the best comps out there in my appraisal reports (whether inside or outside of a mile radius). Watch the video below (or here).

What do you think makes a good comp?

If you have any questions, or real estate appraisal or property tax appeal needs in the Greater Sacramento Region, contact Lundquist Appraisal by phone 916-595-3735, email, Facebook or subscribe to posts by email.

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