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New Fannie Mae Requirement?

Discussion in 'General Appraisal Discussion' started by John Marshall, Jul 22, 2005.

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  1. John Marshall

    John Marshall Member

    0
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Georgia
    I was told today by a client that Fannie Mae requires one comp to be higher than the sales price of the subject and the size must be within 10% of the subject for this one comp. She said it has been a requirement for the past 9 months.
    Anyone know of this? Have I been out of the loop for 9 months?
     
  2. Richard Carlsen

    Richard Carlsen Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Michigan
    Sounds like bracketing to me. Good appraisal practice should try to bracket the subject. Of course you have to use the comps you've got and live with them. Guidelines are guidelines and not commandments.


    One of Fannie's main problems has been their lack of effective way to communicate changes to their policies to the appraiser in the field. We get them word of mouth and second hand. Not very efficient or reliable.
     
  3. Workbox

    Workbox Elite Member

    2
    Mar 2, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    I second that, at least HUD/FHA has a good update source.
     
  4. Karl

    Karl Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Arizona
    Some lenders go to Seminars, Catch a sentence or two, & THINK they're sure they knew what was said. Guidelines are GREAT for Cookie Cutters, for all other assignments there is the explaination of, why guidelines were ADJUSTED. Then there should be a extra fee attached cause your going to HAVE to educate a LO UW about the FACT that Guidelines are GUIDELINES NOT regulations etched in stone,

    However having said this I understand why when they haven't read the FULL report they call, cause MANY Appraiser fill up the report with BLA BLA BLA that has nothing to do with reporting about the subject & comparable properties. Put the FACTS at the front & PUT the BLA BLA BLA at the end of the report
     
  5. Carnivore

    Carnivore Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Last edited: Jul 30, 2006
  6. Red Blumenstock

    Red Blumenstock Sophomore Member

    0
    Jan 16, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Call 301-206-9789 and request a copy of the Fannie Mae Handbook for Appraisers. They will send it to you and bill you $15.00. They won't take a credit card. Then ask any lender when they ask for something that they claim is a Fannie Mae requirement where you can find that in the Handbook. That often shortstops the "made-up" Fannie Requirements.
     
  7. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    Andrew just gave you the link that should be on your computer to begin with. If you haven't printed them out, then do so for the section that deals with appraisals and appraisal guidelines. It's your paper and ink and no cost. Bookmark it and then also sign up for the Fannie email notifications for announcements. It will stop a bunch of STIPS and make you better appraiser.

    Now on the otherside, I always attempt to bracket with sale price, square footage and the most recent. Makes for a good, very seldom questioned, appraisal.
     
  8. Mike Boyd

    Mike Boyd Elite Member

    0
    Jan 18, 2002
    Professional Status:
    Retired Appraiser
    State:
    California
    I have been under that impression for 25 years. How else do you demonstrate that there is a market for a $300,000 home if all the comps are under $300,000? Active listings of homes over $300,000 don't count. Often, it is necessary to go outside the immediate neighborhood and into one that is similar to find that higher comp. While there may be homes in the immediate neighborhood worth more than $300,000 it is quite possible that none have been listed and sold within a reasonable time period.
     
  9. Tom Wilson

    Tom Wilson Sophomore Member

    0
    May 3, 2005
    Professional Status:
    Appraiser Trainee
    State:
    Texas
    I have tried the "let's look that up in the Fannie guide together" with underwriters many times. They have all been to the "how to BS the appraiser" seminar. They say, "Oops, didn't mean Fannie Mae, our investor requires that." You can't win.
     
  10. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    Sure you can. "You mean you now have supplemental guidelines that you didn't tell me about before? Hmmmmmm. Sounds like a new assignment to me!"
    :rolleyes: :rolleyes: :rolleyes: Please fax or email me those supplemental guidelines that you did not disclose to me for the first assignment. Once I've received payment for this new assignment, I'll complete it per those new, undisclosed previously, guidelines.

    It's not what you say - it's how you say it.
     
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