We publised a few posts critical of the Home Valuation Code of Conduct (HVCC)
here and
here. Now
Stephanie Armour of
USA TODAY provides more background to the issues surrounding appraisals.
Don Grafues
Resource: REALTOR.org & USA Today
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Douglas 1948 site built home redcued - HUD property.
Here in Cochise County we continue to suffer from two phenomena, banks are not lending and appraisals are low.
Looking at appraisals, there seems to be a nationwide issue that is unresolved. New regulations stipulate that appraisers be hired by the lender from either an in-house appraisal firm or through an “appraisal management company”. What is happening is that appraisers are coming from long distances to conduct an appraisal and are unfamiliar with the local area and market.
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This could be good news for home buyers and people wanting to refinance. The HVCC added between $50 and $100 to the cost of an appraisal with no special added benefit to the consumer. Appraisals were not completed more quickly as a new form was added. Often the appraiser was from out of the area and not familiar with the local market. Another onerous fact is that the small independent appraiser was essentially out of business as appraisals had to be contracted for through appraisal companies.
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As a buyer both you and your lender want to be certain you are not paying too much. As a seller you want to be certain you are getting a fair price. The appraiser has the answer.
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