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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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Empire State home sales stay at elevated level during April

Against the backdrop of fewer homes on the market, homebuyers in New York State closed 8,640 sales during April, falling only 2.6 percent from April 2017. The median sales price growth trend continued, increasing by nearly 12 percent compared to last April to reach $260,000 for the month. Click here to read more.

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