New appraisal rules lead to lost sales, delays, Realtors say
Gripes about the new Home Valuation Code of Conduct rules continue. A survey by the National Association of Realtors finds:
- Three-quarters of Realtors say the time to receive a completed appraisal increased after May 1, when the new rules took effect. The rules apply to loans bought by Fannie Mae and Freddie Mac.
- Some 37 percent of Realtors report lost sales as a result of low appraisals.
- More than two-thirds say they’re seeing more appraisals by “out-of-area appraisers” who, presumably, aren’t familiar with the neighborhood of the house they’re valuing.
July 11 2009 10:07 am | Delray Beach Real Estate