There’s a new federal mandate in place meant to buffer lenders from appraisers. Some say it’s a safety catch; others claim it’s too stringent and making it even tougher to buy or sell a home. One real estate agent noted that in ten years as an agent, he had only one property come in at a too low price; in the last six months he’s had 5.
From the buyer’s perspective this means be aware of the heightened importance of appraisals. And work with an exclusive buyer agent to make sure you have someone in your corner!