More real estate hassle: New rules make home appraisals pricier, harder
Another cost to home buyers and sellers -- appraisals of a home for sale -- is going up, and going forward, it will likely take longer to get an appraisal done.
A new layer of red tape is adding $100 to the cost of housing appraisals as a result of a May 1 change in how loans are purchased by Fannie Mae or Freddie Mac, according to a New York Times story.
The Home Valuation Code of Conduct was designed by regulators to protect appraisers from undue pressure from interested parties, such as real estate agents. The housing crisis was partly blamed on faulty appraisals, so the change in how they're done is meant to fix that.