Freddie Mac announces they are going to eliminate traditional appraisals as of Sept 1, 2017 for new home loans.
I am firmly against this. As we all know, the online value system are generic and many times grossly wrong. Each home is unique in style, level of function and degree of care. These items can vary the value up or down 50% or even more.
First, I agree that it could be used in the initial decision making process. But not the loan.
Secondly, before the government got involved, appraisals were half the price.
And lastly, appraisals don’t add 10 days to the contract.
I see this as an opportunity for computer geeks to manipulate the market data. Mortgages are usually the largest debts in this nation and around the world.
This could put our nations economy in jeopardy, because that’s a lot of risk on a promissory note from a skewed data source.
Buying and want an appraisal?
Curtis Rudolph Realtor®
Charles Rutenberg Realty
Details were extracted from an article written and produced by Information, Inc.