As a start to the weekly Tuesday morning sales meeting, we always share a one liner. That happens right after the Pledge of Allegiance and then the "7 hug exchange". Our one liners aren't always real estate related, but this week it was:
NEW APPRAISER GUIDELINES!
ALL APPRAISERS MUST CARRY A WASP IN THEIR HAND!
So, all joking aside, here are some appraisal updates you might not have heard about yet:
- Good News! VA is now allowing appraisers to use sale of comparable homes that may be located miles from the subject property. However, the appraiser must clearly document and justify why those comps were used.
- Fannie now allows financing on "tiny homes" and "container homes" as long as the appraiser can find comparable properties.
- Fannie Appraisal Reminder: If the contract is amended after the appraisal is completed, an updated appraisal is required if the contract is changed in such a way that would affect the property description, such as a new construction or remodeling effort due to changes in plans and specs; changes to a legal description, acreage, and/or number of parcels conveyed; and a final example of renegotiated seller concessions or sales price as a result of a home inspection revealing property damage or deferred maintenance.
NOTE: Keep in mind, company overlays or investor acceptance may take exception to any agency guideline. So always check with your local area lender to determine their interpretation of the rulings.
Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.
Ruth Vogt, Sales Manager
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Equal Housing Opportunity.
Regulated by the Division of Real Estate.