1. Welcome to AppraisersForum.com, the premiere online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

FNMAE & Florida Condos

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Julio E. Sune Jr. (FL), Jan 5, 2009.

Thread Status:
Not open for further replies.
  1. Julio E. Sune Jr. (FL)

    Julio E. Sune Jr. (FL) Senior Member

    9
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    http://realtytimes.com/rtpages/20090102_investorreport.htm

    ["Previously Fannie Mae allowed lenders to conduct their own expedited reviews. The new in-house reviews not only will take longer but also cost lenders money -- as high as $15,000 for units in large projects, $3,000 or $30 a unit for projects with 100 units."]

    Hmmm!!!!.......What kind of reviews?????????
     
  2. Couch Potato

    Couch Potato Elite Member

    0
    Mar 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Wow! They want investors to put down a whopping 15%. :rof:

    That pretty much sums up the problem of Florida condos. Since when is 15% a large down payment? We should start seeing the actual value of Florida condos reflected in the market prices late this year when the market is reduced to buyers with long-term intentions. With the cost of borrowing about to go up, contrary to the article, now is not a good time to buy. That cost is likely to come from the seller in the form of a reduced price, not the buyer.
     
  3. Michael Tipton

    Michael Tipton Senior Member

    0
    Sep 25, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
  4. timd354

    timd354 Elite Member

    109
    Jan 11, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    The article is talking about the review process to get a condo project place on the Fannie Mae approved project list. After years of idiocy, Fannie has finally realized that it needs to make sure that a condominium project is professionally managed, has sufficient reserves, etc., before it purchases low down payment loans within a particular project. Billions of dollars in losses has finally caused the geniuses at Fannie to actually do some due diligence on Condo projects.
     
Thread Status:
Not open for further replies.

Share This Page