Fannie Mae and
Freddie Mac have been allowing PIW’s (property inspection waivers) on eligible
properties. This completely takes the
appraisal equation out of the transaction.
With a PIW there is no worry of a low appraisal or delays waiting for an
appraisal to be completed.
Since
2009, Fannie & Freddie have been collecting information from the appraisals
that were being conducted and submitted into the UCDP (Uniform Collateral Data
Portal). Desktop Underwriter is using this information and releasing automatic
underwriting findings to include the mortgage transaction to be completed
without an appraisal.
Not all
properties are eligible, but many we are finding do. One
way to strengthen a purchase offer is to have us run Desktop Underwriter before the offer is submitted. A PIW could tip the scales in the buyer’s
favor against multiple offers.
On the
Easterbrook Team, we are always thinking of ways to help our agents do more
business with greater ease and customer satisfaction.
The Easterbrook Team
916.850.6050
EasterbrookTeam@spmc.com
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