Mar 20, 2019 - 11:54 AM
Having said that, applicable assignment conditions (FHA, VA, Fannie Mae/Freddie Mac guidelines, lender-specific policies, etc.) might dictate how to address this issue. For example, in its Selling Guide publication, Fannie Mae states the following:
When describing the proximity of the comparable sale to the subject property, the appraiser must be specific with respect to the distance in terms of miles and include the applicable directional indicator (for example, “1.75 miles NW”). The distance between the subject property and each comparable property is to be measured using a straight line between the properties. (Bold added for emphasis)
Therefore, assignments subject to Fannie Mae guidelines would require compliance the above.