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Released: July 10, 2010

Fannie Mae calls for experienced appraisers

Source: Kenneth R. Harney, Washington Post (Free Registration)

Picture this: You’ve signed a contract to sell your house. Your buyers say they have nailed down the right mortgage. All is well. But then the appraisal comes in low - $25,000 to $50,000 under what was agreed upon in the contract.

The lender insists on cutting the mortgage amount to reflect the lower appraised value. You refuse to negotiate anywhere near the price indicated by the appraisal, and suddenly - poof!

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