As a response to inflated appraisals encouraged by mortgage brokers and realtors, Freddie Mac and Fannie Mae instituted a policy requiring Appraisal Management Companies (AMCs) to handle all appraisals for loans they backed. While this solved a problem for the lenders, it's created some problems for sellers. AMCs can hire any appraiser who's licensed in the state, which means they could assign an appraiser to your house who lives hundreds of miles away. If the appraiser isn't familiar with your neighborhood, he may base the value of your house exclusively on comps, resulting in a devaluation of your property. That means no sale any time soon, unless you're ready to lose money.