Recently I posted a blog Sales Of Existing Homes And REO Hurt By Poor Appraisals!!! to ActiveRain, LinkedIn, REOPro and Facebook. Quite frankly I was surprised by the number of real estate agents, loan officers and even appraisers who commented on the challenges they've been having with the new appraisal process. The real estage agents were not pleased with the values given to them by the appraisers, the loan officers had issues with the constraints the sellers are putting on them and the poor appraisers are taking heat from all sides for giving too low or too high values!Here is a link someone provided from bloomberg article regarding the home valuation code of conduct (HVCC) that went into effect on May 1st. The HVCC will have a negative impact on price declines.Last but not least here is a link to sign a petition to do away with the new appraisal system that does not work!
You need to be a member of REO Pro Network to add comments!
As of today there are more than 35,000 signatures on the petition and Congress is seriously considering a bill that will impose an 18 month moratorium on the HVCC method of appraisals. Of course, the problem will arise...how do you go about recreating the relationships with appraisers. Like many mortgage brokers and realtors, they are no longer in business.
Quite frankly I am extremely surprised not many are commenting on this discussion given the amount of complaints and gripping I hear concerning this issue.
If more agents believe appraisal reform is needed they need to show their support by signing the petition form. It does not guarantee it will happen but at least their voices will be heard.
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If more agents believe appraisal reform is needed they need to show their support by signing the petition form. It does not guarantee it will happen but at least their voices will be heard.