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Home Buyers need to know what is happening in Real Estate right now where the government has once again stepped in where they should not have tread. This effects EVERY home buyer and home seller so be sure and let your voice be heard.
HVCC (Home Valuation Code of Conduct) concerns appraisals. Washington Mutual, from what I have been told, pressured appraisers back in the day and were instrumental in getting appraisers to value property to the value the bank wanted, Fannie Mae and Freddie Mac thought they would come to the home buyer’s rescue with MORE rules after just one man from New York pressured for a change.
These are some of the pitfalls that have occurred due to the governments “HELP”:
Raised appraisal costs for the home buyer
Encouraged the use of inexperienced appraisers
Developed unregulated, unlicensed middle man, “appraisal management companies,” AMC who now take 50% of what appraisers USE to make
Delayed closings on properties
Home Buyers losing out on purchasing property
Out of area appraisers
NO communication when, we ALL should know communication is KEY in undertanding
Yes, you as the home buyer are paying more money for an appraisal, since the government has designated a 3 rd party who now makes money to refer an appraiser to the property needing an appraisal.
No longer is there a relationship with a bank or mortgage broker with the appraiser. Now, it may be someone who just got in the business, someone who lives outside the area, a good appraiser or a not so good appraiser and in the meantime, the appraiser makes less money and really has no vested interest in doing a good job or not.
We are seeing appraisals come in that have no bearing to the comps in the area as well as appraisals taking much too long and many home buyers unable to purchase a house due to the appraisal.
No longer may the lender speak to the appraiser or know who they are much less appraisers calling both the listing and selling agent to help with any comps they know of in the area. If a mistake has been made on the appraisers part, too bad…another property goes south.
Government needs to stay out of real estate. They have made a mess. Enforce and prosecute those who are licensed and punish if you find they have encroached where they should not have tread but don’t throw out the baby with the bath water. This only makes for more problems which is evident today all over the country.
If you are a home buyer or thinking of being a home buyer, click to sign the petition that many Realtors ® and Mortgage Brokers are fighting on your behalf to stop this madness! Request for Permanent Reversal of HVCC Petition. Let’s get back the licensed experienced appraisers and stop the middle man who takes their money and forced the good appraisers out of business.
HVCC has directly impacted my home buyers and this ridiculous rule by the government needs to be stopped by one Attorney General from New York, Andrew Cuomo.
We need to be able to communicate with the appraiser and get back experienced licensed appraisers in order to sale real estate and close the deals. Be pro active and help stop the insanity and sign the HVCC petition.
Read The HVCC-Definition of the Problem-Top 10 List of Problems with the Home Valuation Code of Conduct.
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