Articles for category: Blog

August 26, 2024

SusanIsaacs

Touring DC Homes

CHANGES TO DC HOME TOURING

The NAR Settlement Changed More Than Compensation Rules What DC Home Buyers Should Know About Touring, Open Houses & ‘Ministerial Acts’ DC Metro home buyers entering or re-entering the market this fall will find that mortgage interest rate cuts and broker compensation mandates aren’t the only changes they’ll encounter in the home purchase process for the foreseeable future. New rules for touring homes are now in place, visiting open houses may feel different, and the options for ministerial acts agents may provide to unrepresented buyers may become increasingly limited. That’s on top of the already-discussed ad nauseam changes to buyer

May 16, 2024

SusanIsaacs

Washington DC home appraisals

NEW APPRAISAL REVIEW PROCESS

HUD, GSEs to Offer New Appraisal Review Option Finally, an easier way to contest bad appraisals Home appraisals now warrant an official second look if they are inaccurate or bias is suspected in the process. Starting this August, HUD (U.S. Dept. of Housing & Urban Development), FHA (Federal Housing Administration), and GSEs (government-sponsored enterprises) Fannie Mae & Freddie Mac will allow borrowers to request a re-assessment of the appraised value of their property. The ‘Reconsideration of Value’ policy offers an aligned approach for FHA-insured mortgages and those purchased or guaranteed by Fannie Mae and Freddie Mac. ‘ROV’ requires lenders to