COVID-19 and Property Appraisals

By
Real Estate Agent with REMAX Realty Group Lic. # SL3154233

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.

 

Our team is committed to the well-being of our business partners, customers and employees. 

Please call, email or text me for more information: Stacy Lomonaco / Community Lending A Division of Hamilton Group Funding

 

If you need to buy a house during the Covid-19 please call your local realtor Abby Stiller with REMAX Realty Group at 239-284-8637 - tambien en Español

Posted by

 

Abby Stiller 

Realtor® Lic. #3154233    

12 Years of Experience

RE/MAX Realty Group    Cape Coral Fort Myers Naples  Realtor Cape Coral      

 

I help Home buyers find their dream home & Homeowners sell for more. Thinking of buying or selling? Call/Text me: 239-284-8637   Your Honest & Dedicated Realtor!

or visit: www.TeamStiller.com

 

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Rainmaker
188,250
Raymond Henson, SRES, GRI
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Great information.  It can be a little nerve wracking to be in a transaction right now, even as a professional.  We were right in the beginning of a 1031 exchange when the stay at home order was given and wondered if we could get it completed.  Everyone seems to be facilitating transactions in the best way possible, though, including appraisals.  It is good to see!  Our sale is completed and we are getting close on the purchase.

Mar 29, 2020 04:53 PM #1
Rainmaker
539,386
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

Yes it's , specially for those that are loosing their jobs. But I'm so glad to hear you were able to closed your sale, wishing you the best with your purchase Raymond Henson, SRES, GRI and let's hope this epidemic will pass soon. 

Mar 29, 2020 05:05 PM #2
Rainmaker
188,250
Raymond Henson, SRES, GRI
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Thank you, Abby Stiller and I have my finger's crossed (and my toes) that this will pass soon.  Stay healthy!

Mar 29, 2020 05:16 PM #3
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Rainmaker
539,386

Abby Stiller

Professional Bilingual Realtor (239) 284-8637
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