Lenders & Appraisers : No More Silent Treatment!

By
Real Estate Agent with Leading Edge Properties

Via Facebook and the Realtor Action Center, I just read this article by Kenneth R. Harney in The Washington Post regarding Fannie Mae and appraisals.  Fannie Mae, beginning in September, must contact an appraiser where there is a discrepancy between the value they give a property and that of the electronic, non-onsite valuation process.

Wow! That's a welcome change from what HVCC has been allowing!  Lenders can talk to the appraisers?  Awesome!  Feet-on-the-ground appraisers can use their experience and better judgement to uphold a sales price?  What a novel idea!

For the most part, I think we've been pretty fortunate in this area.  I haven't heard of too many appraisals coming in several tens of thousands of dollars under sales price.  But we certainly do have neighborhoods that have been devastated by distressed sales.  And those same neighborhoods will also have regular, non-distressed sellers who need to sell their homes.  These folks are the ones we don't always think about when dealing with foreclosures and short sales.

Will an experienced, LOCAL appraiser be able to make adjustments for comps that are distressed sales?  Let's hope so.  Is this one step back up the ladder to a more stable housing market?  I'm keeping my fingers crossed.

Posted by

askleadingedge.com

Amy Salisbury, Realtor/Owner

                                 amy@askleadingedge.com     www.askleadingedge.com

 Leading Edge Properties

130 Augustine Avenue, Unit 54, Charles Town, West Virginia 25414 

304.724.9191

Striving to provide excellent customer satisfaction in all things real estate related in the beautiful Eastern Panhandle of West Virginia, just an hour west of Washington, DC and Baltimore, MD.

Serving Jefferson County: Charles Town, Harpers Ferry, Shepherdstown.  Berkeley County: Martinsburg, Inwood, Bunker Hill, Falling Waters, Hedgesville, Gerrardstown.

Please feel free to email questions and comments!

Comments (12)

Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Whoa!  Is the electronic valuation system going to be Zillow?  That would not be good news! 

OK, I just went back and read the article!  Now it makes sense - the banks were using something like Zillow and can't any more.

Jul 11, 2010 03:12 AM
Amy Salisbury
Leading Edge Properties - Charles Town, WV
West Virginia Realtor/Jefferson/Berkeley

Yep, that's it Patricia.  So its good news!

Jul 11, 2010 03:27 AM
Cynthia Larsen
Cotati, CA
Independent Broker In Sonoma County, CA

Great post, Amy. Pat sent me over here. Now I'm off to read the Washington Post article.

Jul 11, 2010 03:42 AM
Amy Salisbury
Leading Edge Properties - Charles Town, WV
West Virginia Realtor/Jefferson/Berkeley

Thanks Cynthia :) And thanks to Pat as well!

Jul 11, 2010 05:13 AM
Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

It must be true... The appraiser on one of my listings even contacted me for comps. I'm glad they're talking now because in some neighborhoods you just can't go in blindly!

Jul 11, 2010 07:17 AM
Amy Salisbury
Leading Edge Properties - Charles Town, WV
West Virginia Realtor/Jefferson/Berkeley

Sally - Its so much nicer when everybody can talk, isn't it???  LOL...

Jul 11, 2010 07:28 AM
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

Great post, glad you pointed out the article.

Jul 11, 2010 08:41 AM
Amy Salisbury
Leading Edge Properties - Charles Town, WV
West Virginia Realtor/Jefferson/Berkeley

Thanks for reading Lyn!

Jul 11, 2010 09:21 AM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Thanks Amy going to read the article in the Post,

Jul 12, 2010 05:01 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I'm off the read the article.  I hope I see some good results from it.  We've had two deals with super bad appraisals that made me feel so bad for the sellers.  Both times they were from out of area appraisers who'd never before set foot in this area.

By the way... love your new header, that new logo looks great.

Jul 12, 2010 05:58 AM
Amy Salisbury
Leading Edge Properties - Charles Town, WV
West Virginia Realtor/Jefferson/Berkeley

Rebecca - Thanks for stopping by!  Loved the pictures of your nephew!!!

Tammy - Thanks for the compliments, I had nothing to do with it--Inna and Jon Hardison are the creative geniuses! 

As for those sellers...what a shame.  Up until now, there wasn't a whole lot we could do about it. 

Jul 12, 2010 06:15 AM
Adam Malachi
A 2 Z Realty LLC - Castle Rock, CO
QSC,CDPE,CIPS,CNE,CRB,CRS,GRI,MRE,SFR

Good post! Great Washington post article!

Thank you very much sharing,

Adam

Jul 21, 2010 04:33 PM