Monday, March 8, 2010

Feds to Allow Lenders to Use Realtors to Set Short-Sale Values?

Is this opening the door to the ‘beginning of the end’ for single family residential appraisers?!?!

It's all in this article from MSNBC/NY Times:

The article notes: "Under the new federal program, a lender will use real estate agents to determine the value of a home and thus the minimum to accept. This figure will not be shared with the owner, but if an offer comes in that is equal to or higher than this amount, the lender must take it."

Ok, so what will we/should we do about this?

Stan Sidor
President ACOW

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