New market update. Changes are coming. Freddie Mac will be implementing appraisal waivers for purchases. This already exists for refinances. This will be great way for borrowers to save time and money for the transaction. And how nice would it be to not grovel with appraisers over value. Seriously… I’m ready for that.
Also following is Fannie Mae. They are looking to do the same.
Here’s the best part, if you don’t get an appraisal waiver with Freddie’s LP system you can switch it over to Fannie Mae’s DU and see if you can get the waiver there. These are big changes for sellers as well as buyers. It’s now easier then ever to get the financing you need.