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Smith Lake Buyers & Sellers – Are You Prepared For The New Appraisal Rules?
 
Beginning in September of this year, Appraisers were introduced to a new set of standards as it relates to the appraisal of residential properties. This change was mandated by GSE’s (Government Sponsored Enterprise) of which Freddie Mac and Fannie Mae are examples. How will this change in the appraisal process affect your ability to buy or sell Smith Lake property? Will there be additional procedures which one must follow? What about lenders, how do they fit into the new process? What necessitated these regulation changes? Follow along as we explain the basics. Acquiring this information now will save you time and resources when handling a Smith Lake real estate sale or purchase in the future.
 
The mandated changes were put in place to reduce the likelihood of appraisers assessing differing values when appraising a specific property. Prior to this mandate, appraisers, lenders, and underwriters utilized a number of different processes/programs to assess the value of residential property. Lenders and underwriters quite often required the use of varying appraisal formulas. As a consequence, there was little in the way of a requirement by individual appraiser’s, to include “uniform” information in determining value while completing an appraisal. When Smith Lake residential real estate ... more

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