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offered for sale during the past 12 months.

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Christine Marie, Jun 27, 2007.

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  1. Christine Marie

    Christine Marie Senior Member

    0
    Jan 6, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Mississippi
    Quick question, because this one has me baffled..

    Just got off the phone with a L.O.,

    The subject property was listed during the past 12 months [and this is clearly stated one page 1 of urar], and evidently, as a result, neither fannie nor freddie will allow for a cash out refi, if the Subject Property's listing [prior to withdrawn or expired] isn't older than 90 days. Anyone, have further insight on that?


    I try to learn new things everyday, and that one is definitely new to me...:shrug:

    not spell checked, get over it, just in case...
     
  2. Smokehouse

    Smokehouse Junior Member

    0
    May 7, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Was the listing older than 90 days, they probably want to make sure that the owners didnt take it off the market to get the re-fi done only to have it put back on the day they close on the refi.
     
  3. Christine Marie

    Christine Marie Senior Member

    0
    Jan 6, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Mississippi
    that's what the l.o. said... i just didn't realize that was a fnma/fhlmc pre-requisite.....

    No, listing is shown as withdrawn Day after my inspection....:Eyecrazy:

    they were attempting to sell it, as they had put a contingency contract on another house, but decided to stay put and upgrade instead..:shrug:
     
  4. Restrain

    Restrain Elite Member

    7
    Jan 22, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Check out the Fannie regs (see the sticky) if you've got a question. Generally, what I've seen is "currently listed". I've had to go back and reinspect after the listing was withdrawn, but the loan still went through.
     
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