In Bergen County New Jersey as well as the rest of the country, new appraisal rules went into effect as of September 1, 2011.The aim is to standardize the way appraisals are done and is being required by Fannie Mae and Freddie Mac. This most assuredly will cause massive confusion, delays and cost more.
Property conditions will be rated utilizing a number system. This is based on what the appraiser knows and sees in his experience. My question is, who is to say that all are qualified to make these judgments. In explanation, a wet spot on a ceiling could mean many things and may not be a negative for the home. Does this mean to say that we are all subject to something other then the numbers an appraiser may work with?
The above is not to say that appraisers are not adept and good at what they do, but now we bring into the fray more of an objective idea than a subjective numbers crunch and knowledge of the market. They say the reason for this is that real estate agents are not prepared for the market we are in at this time and that there is a need for standardization in that profession.
Just more stuff to deal with, more rules, regulations. When will it stop?
Let me know what you think! Please comment on this.
For the complete story as written on Boston.com, here is the link:
Appraisers say new rules will cause confusion
