As companies continue to find ways to maintain operation while still keeping the safety of clients and customers top of mind, Fannie Mae recently announced that they will be accepting Desktop Appraisals or Exterior Only Appraisals for most purchase or refinance loans in lieu of the interior and exterior inspection appraisal (i.e., traditional appraisal). By allowing these desktop and exterior only appraisals, it will help reduce the need for appraisers to enter homes and hopefully decrease risk the potential of spreading or contracting the COVID-19 virus.
Traditional appraisals are still the preferred appraisal method, however if that is not feasible then the desktop appraisal is the next preferred method, and finally an exterior only appraisal. This updated standard will remain in place for all loans with application dates on or before May 17, 2020.
See the full Memo here.
Fore more information, please contact us and we can walk you through what this means if you plan on buying or selling a home in the next few months, (571) 429-7670 or [email protected].