I just read this article
Seems like at the end of January appraisers will have to jump through some extra hoops to deal with this new software that Fannie Mae has created. It gives its own suggestions on what properties should be used as comps.
Thoughts on how this will impact investors?
Shoot, I was gearing to buy my first property late Jan. Well, it seems like the 'recommendations' aren't mandatory, and it is addressing a valid problem (from the article):
"Most lenders and their AMC partners currently do not have ready access to local data."
So I'd think large underwriters will still use appraiser recommendations as their systems may be more robust. I think the 'increased workload' people are going on about seems to be negligible, but I am not an appraiser, so would be interested to hear from that point of view.
Overall, no, don't really think it'll be an issue.
@Lucas S. I hope it wont either. In Chicago crossing one street can be a big deal. I have heard a few appraisers complaining about the extra work they might have to do with no extra pay. But I don't know if that is how the majority feel about the subject. We shall see.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing