conwayblue
Sophomore Member
- Joined
- Nov 6, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Arkansas
Fannie Mae tries to stimulate market for foreclosed homes
"No requirement for an appraisal on the property unless you're applying for additional money to renovate the house. This is crucial because lowball appraisals can be deal-killers, especially when the house needs cosmetic or other repairs."
So, no need for appraisals on a huge segment of the market. Those darned appraisers and their facts are ruining our deals! Value is irrelevant to Fannie Mae as long as the gov't cash spigot is still churning.
"No requirement for an appraisal on the property unless you're applying for additional money to renovate the house. This is crucial because lowball appraisals can be deal-killers, especially when the house needs cosmetic or other repairs."
So, no need for appraisals on a huge segment of the market. Those darned appraisers and their facts are ruining our deals! Value is irrelevant to Fannie Mae as long as the gov't cash spigot is still churning.