Appraisals are still tough in Salida Colorado real estate market. it is hard to find comps and at times, the sale cannot go through because the appraisers cannot find comparable homes. The post below by Bryant Tutas offers a glimmer of hope for the future.
Hi Folks. Fred Glick posted an article earlier this week titled "No more need for appraisals". Go give it a read if you haven't already. Fred's article is basically a "dream" that appraisals are no longer needed to get a mortgage.. My opinion is that his dream will be a reality in the very near future. In fact......
You can already buy Fannie Mae and Freddie Mac foreclosures (REOs) with no appraisal required through their Homepath and Homesteps programs.
No Mortgage Insurance – HomeSteps Financing does not require mortgage insurance, so you may save on your house payment each month.
No Appraisal – HomeSteps Financing does not require an appraisal at origination, which may mean savings for you when you close on your new home.
Low Down Payment – Put down a little as 5% when using HomeSteps Financing.
Experienced Lenders – HomeSteps Financing is offered through a select group of participating lenders who are very familiar with our HomeSteps homes and are skilled in helping buyers find the right financing to meet their needs
With Fannie Mae and Freddie Mac taking over ownership of more and more properties in 2013 through their DIL programs and foreclosure you can expect to see many more of these. Plus their goal is to handle short sales as they handle their REOs. So we will see Homepath and Homesteps financing available on short sales with no appraisal in the very near future.
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
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Talk about the government controlling the market. It's nice that Fannie Mae and Freddie Mac can operate outside of the rules requiring appraisals for conventional loans, but it is unfair to the rest of the market and in my view unconstitutional as Selective Enforcement. No wonder Fannie Mae is insolvent.
Great reblog, Paula. This is an issue in my area as well. It's also an issue when the bank gets an appraiser that isn't familar with our rural market. I've done enough BPOs lately to know how difficult finding comps in our rural areas can be.
It is huge for us in rural areas. And, many of the larger banks have to use pools of appraisers not familiar with our area and often use comps that are too low.
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