As competition for limited housing inventory intensifies, buyers are bidding up home prices. But many have found that the tactic of making an aggressive bid to beat out other offers backfires, as the appraised value of the home falls well below the agreed price. The National Association of Realtors’ latest Confidence Index Survey, based on
Freddie Mac analysis finds racial gap in home appraisal valuations
September 24, 2021 by
Freddie Mac has raised concerns that appraisal values are more likely to come in below the contracted sales price in Black and Latino neighborhoods than in those that are prominently white. That’s according to an analysis of 12 million appraisals for purchase transactions on single-family homes submitted to it between 2015 and 2020. From the
FHFA considers changes to the home appraisal process
January 13, 2021 by
The home appraisal process could be about to get a makeover, as the Federal Housing Finance Agency has requested public input on its policies and practices regarding the way they’re carried out. The FHFA is the body that regulates the mortgage financing giants Fannie Mae and Freddie Mac. Home appraisals are an important step in
Low Appraisals No Longer Causing Problems
May 17, 2013 by
Throughout the housing crisis, one of the biggest stumbling blocks faced by real estate agents, buyers and sellers alike has been the appraisal process. Would the appraised value be lower than the agreed sales price, and if so, how much lower would it be? It’s thought that thousands of potential transactions have been derailed due to lower-than-expected appraisals.
