Monday, September 30, 2019 / by Vanessa Saunders
That headline got my attention when I read it today on Inman News. But the ensuing story left me curbing my enthusiasm instead of popping champagne.
Inman explained it this way. "Following nearly a year of deliberation, federal regulators on Friday approved a long-awaited proposal to waive appraisal requirements on certain home sales of $400,000 and under."
“The appraisal threshold was last changed in 1994,” stated a press release issued by the Board of Governors of the Federal Reserve System. “Given price appreciation in residential real estate transactions since that time, the change will provide burden relief without posing a threat to the safety and soundness of financial institutions.”
Bumping the threshold up to $400,000 comes as good news to Hudson Valley home buyers, and REALTORS®, who have been expecting the decision for the last year. But what's not mentioned by ...