Industry NewsMortgage

Appraisal issue coming to a head

NAR calls for suspension of rules governing Fannie, Freddie loans
Published on Jun 26, 2009

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by CareyBot

An increasingly common complaint of Realtors -- that "lowball" appraisals below agreed-upon sales prices are derailing many home sales -- has been taken up by industry trade groups.

The National Association of Realtors and the National Association of Home Builders have both identified issues surrounding appraisals as a factor putting a damper on sales of new and existing homes in May -- the first month new rules governing appraisals conducted on loans slated for purchase by Fannie Mae and Freddie Mac took effect.