The Georgia Real Estate Appraisers Board (GREAB) consists of the following five members:
The Real Estate Commissioner acts as the Board's Chief Executive Officer. This blog will provide comments on current appraisal topics and summaries of the Board's Monthly meetings for interested appraisers and members of the public.
Thursday, February 19 2009
As you may know, shortly after the Fannie Mae announcement back in November of 2008, AREA asked GA MLS and FMLS to assist appraisers in gathering and analyzing the data necessary to complete the new Market Conditions form (1004MC). In a relatively short period of time, GA MLS has delivered an outstanding product and made it available to its subscribers. FMLS is still working on some research tools.
If you haven't seen the updated GA MLS reports yet, check out GA MLS Pro at http://www.georgiamlspro.com/ - enter your user name and password for your GA MLS account. You will have access to a brand new analytical tool that will provide all of the data needed for the 1004MC form and a great deal more. A new search map is available, two year look back, month to month analysis, foreclosure statistics, and colorful graphs that you can add to your reports to spice them up a bit.
You do not need any special software. GA MLS is making it very easy for appraisers to complete this new required form. If you are outside of the metro area you might want to contact your local provider to see if they can follow GA MLS's lead.
AREA is including review of this new data feature in its Declining Market Appraisals which is taught each month in the Acworth/Woodstock locations. For schedules, please see http://www.education-area-ga.com/appraisal_continuing_ed.
We will keep you updated on future resources. Let us know if you have any questions or we may assist you with any future educational needs.
Wednesday, February 18 2009
Last year, Fannie Mae rules were changed to limit investors to having a maximum of four mortgages outstanding. That rule, in effect, limited investors to owning four properties. As discussed in our classes, the rule exacerbated the over-supply situation and slowed the market's ability to absorb the standing supply of housing. It was a bad rule with bad timing and AREA encouraged real estate agents and appraisers to voice opposition to the rule.
Congratulations! Your voices were heard. Fannie Mae changed its rule. The change is more in line with the traditional banking industry rules which allow investors to own and finance up to 10 one to four family properties. The new rule requires the investor to make a 25% down payment and have a credit score of at least 720.
Additional requirements to be met for the fifth to the tenth house include the following:
The entire rule can be found in Announcement 09-02 at eFannieMae.com. This is good news for the real estate industry. It will help the recovery, encourage more real estate sales, and create more work for agents, appraisers, and home inspectors. Stay involved and stay alert for market changes.