Appraisals are in the news!
Last week, I talked about how appraisals are one of the potential real estate deal killers. (If you missed this segment, click over to this page and review last week’s segment and points!
This week, however, both Freddie Mac and Fannie Mae issued a ‘clarification’ in the new Home Valuation Code of Conduct. You may have read that the HVCC as it’s called, is a new set of rules, that some real estate professionals believed were causing more harm than good.
In this week’s clarification, both agencies stressed that lenders should use an appraiser who is familiar with the geographic area they are doing calculations on. In addition to this, that appraisers should be free to talk with real estate agents about their appraisal.
The NAR has applauded those clarifications, calling them a good first step.
Your turn… Do you have an appraisal story you’d like to share?
