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many home sales — has been taken up by industry trade groups.

The National Association of Realtors and the National Association of Home Builders have both identified issues surrounding appraisals as a factor putting a damper on sales of new and existing homes in May — the first month new rules governing appraisals conducted on loans slated for purchase by Fannie Mae and Freddie Mac took effect.

NAR has asked the regulator that oversees Fannie and Freddie to suspend the rules for 18 months, saying they may not be working as intended.

Although existing-home sales picked up slightly in May — posting the first back-to-back monthly increases since the fall of 2005 — the 2.4 percent increase was less than would have been expected from a previous rise in pending sales, NAR says.

Many contracts fell through in May because of “faulty valuations” that kept buyers from getting a loan, NAR Chief Economist Lawrence Yun said when the group released the latest numbers on sales of existing homes.

Stories of appraisal problems “have been snowballing from across the country,” he said. Some lenders may be using appraisers who are unfamiliar with a neighborhood, or who compare traditional homes with distressed and discounted sales, Yun said.

Sales of new homes were virtually flat in May, and one of the factors limiting sales was the use of foreclosures and short sales as “comps” and the affect on appraisals of nearby homes, NAHB said.

NAHB is calling for new guidelines for appraisals of properties in areas with large numbers of distressed properties, that would include giving appraisers the option of expanding the geographic area or time frame for eligible sales to get a more representative take on home sales in the area.

Because appraisers can’t inspect the interiors of many properties that are used as comps, they may not be aware of maintenance issues or damage that are common with foreclosed properties, NAHB said. The failure to adjust comparable values of foreclosed and distressed homes often results in the undervaluation of new homes, the group maintains.

In a June 22 letter to the federal regulator that oversees Fannie Mae and Freddie Mac, NAR placed much of the blame for problematic appraisals on the Home Valuation Code of Conduct — new rules governing appraisals conducted on loans slated for purchase by Fannie and Freddie that went into effect May 1.

Posted by Shannon Biszantz

About Shannon

Shannon Biszantz is a San Diego native from elementary school through university

Rancho Santa Fe Elementary School
Torrey Pines High School
University of San Diego

Shannon graduated with a Business Administration Degree from USD and has spoken in the business department and to the Alumni on Small Business Management, Entrepreneurship and Global Manufacturing and its relation to the U.S. Economy.

In the mid 90’s Shannon started a contract manufacturing company in San Diego servicing the Biotech, Medical Device and Defense Industries. After 10 years of being 1 of only 2 women in California to direct and lead a company in this field, Shannon retired from her position of Vice President of Sales and Marketing to start a more enjoyable career in the real estate sector.

“My personal experience in buying and selling real estate has been financially as well as emotionally rewarding. For years I have contemplated a career in real estate where I could enjoy what I do. My extensive real estate knowledge of San Diego has helped me spot solid investment properties in our area and capitalize on those investments. I look forward to sharing that experience and helping others find their dream home.”

Shannon’s philosophy on servicing your real estate needs:

“My goal is to dedicate myself to representing the interests of my clients in all aspects of the buying and selling process.”

“Buying or selling can often be an emotional process. My mission is to make the transition for you as smooth as possible. If you choose me as your realtor, I will be by your side through all the steps of the buying/selling process. As my client, I will be primarily concerned with representing your needs.”

Shannon Biszantz has lived in La Jolla, Del Mar Heights, Olde Del Mar and now presently lives on the golf course at Morgan Run in Rancho Santa Fe.

Shannon Biszantz’ Social Affiliations:

Morgan Run Country Club (Ladies Golf Club Member and Team Golf Member)

Santa Margarita Woman’s Golf League

Aztec Working Dog Club of Ramona

German Shepherd Club of San Diego

USD Alumni

For more information about the “Biszantz Connection” … please visit “Cobra Farms”
For more information on Shannon’s favorite charity … “Tranquility Farm” … where racehorses have a save place to live the rest of their lives!

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Shannon Biszantz

Shannon Biszantz

Shannon Biszantz reviews

CalBRE #01787015
16236 San Dieguito Road, Suite 4-12,
Rancho Santa Fe, CA 92067

Work Cell: 619-417-4655
Office: 858-755-0075




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