Friday, July 17, 2009

Freddie Mac's Bulletin to Appraisers

Realtors, lenders, and home sellers are applauding Freddie Mac's efforts to put some sanity into the appraisal process. In a Bulletin to Appraisers, Freddie stated that appraisers must be familiar with the local market in which properties they are valuing are located. They are also to select "appropriate comparable sales," and certify them as the homes "most similar" to the subject property being appraised.

What was further a big plus for non-distressed sellers was that Freddie said that based upon appraisal rules, appraisers are not required to select distressed properties as comparable properties as part of the process.

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