Appraisal System
Kenneth R. Harney in the 5/11/09 Washington Report writes an interesting warning to homebuyers and real estate professionals.
Consumers will be experiencing higher costs thanks to the mandatory new appraisal system just put in place by Freddy Mac and Fannie Mae. With major lenders owning most of the management companies conducting the appraisal assignments, appraisers themselves will be paid less while the consumer realizes a 30 to 50% add-on fee.
Critical of the new “home valuation code” are both the National Association of Realtors and The Appraisal Institute. Homebuyers and real estate professionals need to be aware of these sharply rising fees.
To read more, go to http://realtytimes.com/rtpages/20090511_washingtonreport.htm
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