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Will Fannie Mae's New Tool Sink Your Southern NH Home Sale?
Getting to closing in an appreciating market, when the buyer needs a loan (which means the bank requires an appraisal) has always been a challenge as it can be difficult for the appraiser to find adequate sold comparables to justify the sale price if values are going up rapidly.
Well things may have gotten exponentially more difficult with the addition of Fannie Mae's new "tool", Collateral Underwriter.
Collateral Underwriter is a software program which is supposed to be a "risk management tool" that lenders can use to have a "constructive dialogue with the appraiser to resolve specific appraisal questions or concerns".
The reality is that, despite Fannie Mae's protests to the contrary,  the program is basically a juiced up Automated Valuation Model (AVM) - think Zestimate on steroids.  The problem with Zestimates and all AVMs, including Fannie's new tool, is that they lack the ability to differentiate between geographic locations and we all know the first tenet of real estate is location, location, location!  (They also lack the ability to tell which house had 30 cats and a cigar smoker living there but that's a whole other issue.)  They all take every sale within a proscribed radius and average the sale price.
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