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Low Appraisals Home Sales
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Industry experts say home sales are in trouble because appraisers are being more conservative, appraising homes for less than what buyers have agreed to pay.
According to an article on rismedia.com, some homeowners can’t refinance their mortgages because appraisers say their homes are worth less than they had counted on.
New rules for lenders have creating the problem, say some brokers.
One new regulation put in last month keeps loan officers, mortgage brokers and real estate agents from selecting their own appraisers. It applies to lenders that sell single-family mortgage loans to the government-sponsored enterprises. The rule is part of something called the Home Valuation Code of Conduct, which was borne out of an agreement between Freddie Mac, Fannie Mae, the Federal Housing Finance Agency and the New York State attorney general’s office.
The rule is meant to prevent the inflated appraisals that seemed like the norm during the last housing flurry.
Ahorre June 22, 2009 12:42 PM
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