(Source: The Boston Globe By Jenifer B. McKim) – New guidelines aimed at standardizing the way home appraisals are conducted will result in confusion, delays, and higher costs in an already vulnerable housing market, according to many home-appraisal professionals.The changes, which take effect today, are being required by mortgage giants Fannie Mae and Freddie Mac. Under the new rules, appraisers must use a set of abbreviations to describe homes, and rate conditions through a system of numbers and letters. Some appraisers say the new format will be difficult for home buyers and sellers to understand.
Source: The Boston Globe By Jenifer B. McKim
September 1, 2011
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