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COVID-19 and Property Appraisals
I received this great email from one of the lenders we work with:
 
The market is challenging right now but we are monitoring the situation regularly and staying abreast of important changes that affect our business partners and borrowers.  I want to make you aware of reduced appraisal requirements recently implemented due to concerns about obtaining full interior and exterior inspections (a traditional appraisal) during COVID-19.
Appraisal requirements have been temporarily adjusted with more flexibility to include desktop appraisals and exterior-only inspections on certain purchase transactions.  A desktop appraisal relies on public records, MLS information and other third-party data to appraise the property.  An exterior-only appraisal relies on street maps, comparable sales, photographs of the exterior of the property and other available data.
 
Traditional appraisals are still preferred; however, desktop appraisals and exterior-only appraisals are temporarily acceptable for the purchase of a primary residence, second home or investment property based on the borrower’s loan-to-value (LTV).  These temporary adjustments apply to Fannie Mae and Freddie Mac loans in process or with an application date on or before May 17, 2020.
 
This is good news because these alternative appraisal methods keep loans moving for buyers and protect appraisers and homeowners from possible exposure to the virus.
 
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