The real estate market is facing challenges because of new laws and guidelines affecting how properties are appraised. Across the nation sellers and buyers who go into contract are faced with low appraisals that can’s support their agreed upon price. When that happens, a transaction can fall apart because the lender won’t lend the buyer enough money to close. Our industry is working hard to get the appraisal process back on track so that all buyers can buy the property they want, and all sellers can sell for their property’s true value. For more information on how new laws are creating flawed appraisals, you can Google “HVCC” and get the full scoop.
There are fresh reports each day about how a low appraisal throws a monkey wrench into a deal. Here’s one published yesterday in “Credit.com.”
FAQ regarding the new guidelines from Fannie Mae–
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