What's Hot: Barnes and Noble Will Return to Georgetown in June | The 3,000 Units On The Boards From Trinidad to Gallaudet
Freddie Mac Tries to Resolve Appraisal Issues
Freddie Mac issued a bulletin recently that will hopefully bring some relief to the appraisal controversy that has sparked in recent months.
The mortgage giant stated that appraisers are required to be familiar with the market where they work and choose the most appropriate “comparable sales” to the property that is being appraised.
In late June, we reported via Local Address that many realtors were blaming inaccurate appraisals for derailing home sales that were on the verge of closing.
Rules put in place by Fannie Mae and Freddie Mac now prevent brokers from ordering an appraisal directly from the appraiser. Instead, they have to go through the lender, who uses management companies to find individuals who are often inexperienced, unfamiliar with the market and can make costly mistakes.
While these rules remain in place, the guidance outlined in the bulletin will hopefully lead to more knowledgable appraisers and more accurate appraisals going forward.
This article originally published at https://dc.urbanturf.com/articles/blog/freddie_mac_tries_to_resolve_appraisal_issues/1131.
Most Popular... This Week • Last 30 Days • Ever
Rossdhu Gate is the remaining piece of a 30-room castle built by socialite Daisy Calh... read »
As profits drop around the country, sellers around DC are still realizing hefty retur... read »
A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »
The Gen Z market; ranking food halls around DC; and is this the new king of Queens?... read »
The term "luxury" has been applied broadly in the housing market, but a new report ai... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro