What a mess!
The Fed has established, via Fannie Mae, appraisal guidelines that are currently creating havoc for buyers and sellers of homes. It is delaying the process, costing the consumer more, driving the good appraisers out of the business. It’s also making a mockery of accuracy in areas like ours where there simply are not enough sales to satisfy the minimum number of “comparable sales” required which forces appraisers to use sales that can often be in lower-priced neighborhoods.
A good article explaining some of the issues can be found in today’s SF Chronicle, by Kenneth Harney.
Jeff and SteveShare