On June 30, 2010 Fannie Mae issued announcement SEL-2010-09, “Selling Guide Updates and Additional Guidance on Appraisal-Related Policies.”

A number of the items addressed in this announcement have also been subjects of concern to Realtors® during the past couple of years.
These include:
•Lenders changing the value that had been determined by the appraiser
•The selection of appraisers who were not familiar with the marketplace in which the subject property was located and/or who did not have access to all the data bases containing information relevant to the local marketplace
•The use of short sales and foreclosures as comparable sales without giving sufficient consideration to the condition of those properties
•The inability of either agents or the lender’s representatives to communicate with the appraiser

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