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Buyers could get a break under revised appraisal regulations
Regulators recently proposed raising the threshold on real estate transactions needing an appraisal. The new requirements could save borrowers both time and money.Federal regulatory agencies, such as the OCC and the FDIC, are proposing raising the value threshold at which commercial properties be must appraised. Currently any commercial property valued above 250,000 must get a detailed appraisal before any mortgage can be approved. The new threshold would require commercial properties valued above 400,000 dollars to get an appraisal. The revision was spurred by EGPRA (Economic Growth and Paperwork Reduction Act), an act that requires financial regulators to reconsider existing regulations every decade..The American Bankers Association in particular advocated for this change. The new appraisal standard is meant to reflect both inflation and the increased price of Texas Commercial Real Estate since the threshold was last revised over two decades ago.
According to the FDIC the new guidelines will ensure that roughly 28 percent of Texas Commercial Real Estate transactions won't require an appraisal. Under the new guidelines properties like farms, warehouses and small storefronts valued under 400,000 dollars would only be required to get an evaluation. This process is less detailed and doesn't require a certified appraiser. The change will certainly make ... more

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