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Palos Verdes Home Sales :: Fannie Mae Causing Problems

Palos Verdes Home Sales :: Fannie Mae Causing Problems

This could be a real problem for Palos Verdes Home Sales and South Bay real estate transactoins, as this new process will (at best) delay closings for weeks at a time and inevitably kill many transactions.

Nationally syndicated and award winning real estate writer Kenneth Harney is reporting for the LA Times, that Fannie Mae is revamping the way it reviews appraisals.

palos verdes home salesEssentially Fannie Mae will begin (Jan 27th) re-reviewing every residential appraisal before loan docs can be drawn.

This despite the fact, “Dodd Frank” requires independent 3rd party licensed appraisers to perform appraisals in accordance with Fannie guidelines to begin with.

Editor’s Note: Standard operating procedure for EVERY investor is ALL residential appraisals are always reviewed by a staff “review appraiser”, who is licensed in accordance with national standards.

So the net effect of the new process is Fannie is creating a 3rd step in the appraisal process.

PALOS VERDES HOME SALES EFFECTED BY FANNIE MAE REGS

Appraisers and critics claim the 3rd step:

1) Will lead to slower and costlier appraisals (adding up to $200 per appraisal)

2) Will favor lower value comps, forcing sellers and buyers into needless disputes when appraisals come in below the agreed contract price which won’t happen until the 11th hour before the COE

3) Fannie Mae won’t give appraisers access to the “black box” databases it uses to value homes.

4) The black box will use as many as 20 “alternative comps” not used by the appraiser.

The typical appraisal currently consists of 3-5 comps.

Fannie Mae says appraisers’ concerns are overblown and that if problems arise it “will make adjustments”.

No word from Freddie on this issue.

New Fannie Mae Regulations Could Cause Problems for Palos Verdes Home Sales from bestpalosverdeshomes on Vimeo.

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$22,995,000 - 5Br/9Ba -  for Sale in Palos Verdes Estates
$22,995,000
MLS# PV20187867

2729 Via Oleadas
Palos Verdes Estates, CA 90274

Property Type: Single Family Residence
Active
5 Beds
9 Baths
11,049 Sqft
$11,888,888 - 6Br/10Ba -  for Sale in Palos Verdes Estates
$11,888,888
MLS# NP19215719

705 Via La Cuesta
Palos Verdes Estates, CA 90274

Property Type: Single Family Residence
Active
6 Beds
10 Baths
10,100 Sqft
$9,500,000 - 6Br/9Ba -  for Sale in Palos Verdes Estates
$9,500,000
MLS# PV20256893

612 Paseo Del Mar
Palos Verdes Estates, CA 90274

Property Type: Single Family Residence
Active
6 Beds
9 Baths
8,869 Sqft
$8,500,000 - 6Br/8Ba -  for Sale in Palos Verdes Estates
$8,500,000
MLS# PV20162686

1108 Via Mirabel
Palos Verdes Estates, CA 90274

Property Type: Single Family Residence
Active
6 Beds
8 Baths
10,079 Sqft
$6,250,000 - 7Br/8Ba -  for Sale in Palos Verdes Estates
$6,250,000
MLS# 20648302

2725 Via Victoria
Palos Verdes Estates, CA 90274

Property Type: Single Family Residence
Active
7 Beds
8 Baths
8,912 Sqft
$5,499,900 - 5Br/6Ba -  for Sale in Palos Verdes Estates
$5,499,900
MLS# PV20243206

376 Via Almar
Palos Verdes Estates, CA 90274

Property Type: Single Family Residence
Active
5 Beds
6 Baths
3,985 Sqft
$5,150,000 - 5Br/6Ba -  for Sale in Palos Verdes Estates
$5,150,000
MLS# PV20137562

952 Paseo La Cresta
Palos Verdes Estates, CA 90274

Property Type: Single Family Residence
Active
5 Beds
6 Baths
5,966 Sqft
$4,999,999 - 4Br/4Ba -  for Sale in Palos Verdes Estates
$4,999,999
MLS# SB20264782

981 Paseo La Cresta
Palos Verdes Estates, CA 90274

Property Type: Single Family Residence
Active
4 Beds
4 Baths
3,890 Sqft
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Based on information from California Regional Multiple Listing Service, Inc. as of January 21, 2021 8:34AM and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

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