Real Life and Real Estate – Joe Estabrooks

Here is an article I was sent by a client about this new legislation:

New Rules on Home Appraisals End Up Thwarting Many Sales by Diana Olick, CNBC REal Estate Reporter
Concerns from many Realtors include:

* The use of appraisers not familiar with local markets because the “management” companies are assigning non-local appraisers

* Increased costs to the borrower, lower pay to the appraisers (perhaps the more experienced appraisers won’t accept the lower rates and don’t get used)

* Increased turn around time on the actual reports possibly delaying settlements

The National Association of Realtors has definitely taken notice and we’ll be interested to see how this story develops.

Bad Appraisal! Ahhhhhh!