if 2 of 4 comps are more than 1 mile from the subject property
In a case like this is the appraisal not an acceptable way to establish value by mortga_843_507 from Jacksonville Beach, Florida. Aug 27th 2012
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions
Thats a situation would vary from lender to lender. A second appraisal may be required.
Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions
It's possible if there flat out aren't any comparable comps within a mile. It would also depend on that certain lender and underwriter if they will accept that or not. Most likely they would require a 2nd. appraisal.
Melvin List (melvinlist)
#143 ranked lender in Florida - 124 contributions
If the appraiser could not find comps with in a mile of the subject that closed with in the last 6 months they typically expand their search.
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