Good News. VA is now allowing appraisers to use sale of comparable homes that may be located miles from the subject property. However, why the appraiser chose the comps must be justified.
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Rule Synopsis: This Circular provides clarification to VA Lender’s Handbook chapter 11, section 7, subsection e that states: “Comparable sales should be located as close to the subject as practical.” The acceptable distance requirements between the subject and comparable sale properties varies based on the individual property and comparable circumstances. It is acceptable for an […]