Tag Archives: appraisals
What’s an HVCC and How does it Affect the Real Estate Market?
Huge thanks to Kris Berg for republishing her brilliant piece on the HVCC (Home Valuation Code of Conduct). I’m not fond of starting the week with non-original content, but all buyers, sellers and Realtors should read this. The HVCC affects everybody – and not necessarily in a good way.
Real estate is local. If the appraiser is not local, in my opinion, they are much more likely to be unable to perform their assignments effectively.
If you were a licensed real estate agent in 2005 (which, according to the most recent census, includes everyone over the age of eighteen except
It’s a Mad, Mad Real Estate World
First, if there is a foreclosure or short sale in the neighborhood that appears to have sold for market value, i.e. it is in line with other normal sales in the neighborhood, we may use it for additional support. … Common sense dictates that if a house is in a neighborhood where most of the listings are foreclosures, a smart purchaser is not going to pay the homeowner more than he could pay the bank for a similar property. Continue reading
New Appraisal Issues Affect Realtors
When the Federal Housing Finance Agency (FHFA) was appointed conservator of FNMA/Freddie, implementation of the HVCC was pushed back to next year, but you can expect that the appraisal portion of your closing process will be different when it is implemented next year. … In the last week alone, we have been hired to reappraise two properties where the underwriter felt that the original appraisals, conducted at a lowball fee by someone else, simply did not provide enough detailed information to allow a decision. Continue reading
