appraisals: 1004 MC Market Conditions analysis - 03/05/09 03:52 AM
Finally a good move from Fannie Mae who will require a 1004 MC Market Conditions analysis form with all appraisals.
I have seen some frustrations in the past, when an out-of-state lender hired an out-of-state appraiser (or not actually) to appraise a property in a particular subdivision. You might have 100 homes in that subdivision but the last 3 sales were foreclosures, and sold for much less than a fair market value, at least IMO. That was a deal killer right there, because most of the time, the appraiser didn't even know they were foreclosed properties. This analysis might could even … (2 comments)