New Appraisal Rules Expected to Cause Processing Delays in New England Housing Market
What happened
New appraisal rules, which take effect in November, involve changes to how appraisals are conducted and reviewed across the industry. Colleen Barry, through her firm, is reaching out to lending partners to understand how these changes will affect underwriting timelines. Barry's firm operates across Eastern Massachusetts, New Hampshire, Rhode Island, and Maine.
From northcountrynow.com
Why it matters
The immediate concern surrounding the new rules is processing delays. If a mortgage company requires more time for appraisal review, it could affect key purchase contract deadlines, including the mortgage commitment date and the closing date.
From northcountrynow.com
Who's involved
- Colleen BarryRepresents a brokerage firm operating in several New England states and is analyzing the impact of new appraisal rules.
- MassachusettsA state where new appraisal rules are affecting homebuyers and the housing market.
- Rhode IslandA state where the firm operates and the new appraisal rules could impact the housing market.
- New HampshireA state where the firm operates and the new appraisal rules could impact the housing market.
- MaineA state where the firm operates and the new appraisal rules could impact the housing market.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- MassachusettsSpeculative
Homebuyers in Massachusetts might face delays in closing and could see extension penalties tied to purchase contracts.
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The entities involved
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Colleen Barry
American health policy scholar and professor
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Maine
tributary of the Loire in France
- Trump is ramping up tariff wars with Canada, Mexico, and others, planning to use the Tariff Act following a Supreme Court ruling, with potential impacts on Canadian goods imported into Maine.
- Charles advocates for enacting New Hampshire's successful policies in Maine and calls on Donald Trump to end the trade war with Canada.
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Massachusetts
state of the United States of America