Finally a good move from Fannie Mae who will require a 1004 MC Market Conditions analysis form with all appraisals.
I have seen some frustrations in the past, when an out-of-state lender hired an out-of-state appraiser (or not actually) to appraise a property in a particular subdivision. You might have 100 homes in that subdivision but the last 3 sales were foreclosures, and sold for much less than a fair market value, at least IMO. That was a deal killer right there, because most of the time, the appraiser didn't even know they were foreclosed properties. This analysis might could even included seller's concessions and other aspects of the sales
At least now, lenders will have the opportunity to review and compare what's comparable. This is a good move forward from these frustrations...That's why I always keep my list of updated foreclosures for Sevier County apart from the rest. I think that sometimes it is important for the public to get that difference.