An appraisal requirement is one thing that increases buyers costs. And in the last couple years, as another layer of bureaucracy was added, that cost has increased drastically.
In the past appraisals were required for homes over $250,000. Now with the FDIC, OCC and Fed approving this new rule, an appraisal may not be required on homes $400,000 or less which affects about 40% of total home sales.
Unfortunately, most of the government backed loans (FHA, VA, loans sold to Fannie Mae & Freddie Mac) have their own rules that are stricter than this new rule.
But for those buyers not utilizing a government backed loan and buying a home under $400,000 this change in appraisal requirements is a big savings.
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3) Request a specific search that sends all the homes that meet your parameters as soon as they come on the market – that way you can beat others to the best homes. Send me an email with “specific search” in the subject line and your wish list – Price range, school district, style, minimum number of bedrooms, etc. – Vickie@DreamsCanHappen.com
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