New rules recently enacted to help stem home appraiser abuse are starting to hear complaints from home owners and real estate agents.
These new rules govern loans that will be owned by Freddie Mac or Fannie Mae. Mainly it involves appraising being managed and assigned by a national appraising company. The real estate agent is discouraged from having any contact with the appraiser and gone are the days of simply calling up your appraiser you know and use.
It appears that appraisals are coming in low and it is making it hard for homes to sell. Sellers and agents complain it is the outside appraiser at fault. Management companies and appraisers say it is all the foreclosures and short sales that are bringing prices down.
What do you think is the truth of this situation?
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