Industry NewsMortgage

Freddie Mac issues appraisal bulletin

Appraisers must have local expertise, choose 'appropriate' comps
Published on Jul 14, 2009

Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Appraisers "must be familiar with the local market" in which properties they are valuing are located, choose "appropriate comparable sales," and certify them as the homes "most similar" to the property being appraised, Freddie Mac said in a bulletin to lenders.

The mortgage giant said new rules for appraisals don't require that appraisers select distressed properties -- including short sales, foreclosures or real estate-owned properties -- when identifying "comparable properties" for valuations.

Comments