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FHA single family handbook update delivers clarity for appraisers

Oct 05, 2016
REALTORS raised concerns earlier this year when the Federal Housing Administration’s “Single Family Housing Policy Handbook” included new requirements for appraisers to operate and physically observe appliances on a property during the completion of an appraisal. This inspector-type role far exceeded previously understood appraiser duties and had the potential to make appraisals longer and more costly for consumers.
 
In response to those concerns, HUD recently announced updates to their handbook that clarifies this requirement. According to the new guidance, appraisers must simply note that certain appliances contributing to the market value of the property are physically present.
 
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Home sales near record high in November

There were 10,719 closed home sales across New York State during November, representing the second-highest total on record for the month. The November sales record of 10,991 was set in November 2016. The statewide median sales price grew by 5.8 percent in November compared to last November. Click here to read more.

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