One more thing about keeping busy the last few weeks. Appraisals. We have been spending a lot of time working on the new appraisal process for clients. Effective May 1, new appraisal rules went into effect, as a result of new federal guidelines. These new rules effectively transfer control of the appriasal process from the borrower to the lender. Banks are now responsible for selecting the appraisers that are used to value your house - not entirely bad, given the large number of bogus appraisals in the past, but it does create a great deal of uncertainty and frustration for buyers in a market that is akin to walking on quicksand.
If you are going for a refi, be aware that appraisals will be much more conservative, and that any appeal to the process will be frustrating and potentially expensive. There are new fees for appraisals and it is usually expected to pay up-front.
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