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Real Estate Transactions Have a New Thorn in Their Side – Appraisals
Do you remember the days when a home would come on the market in the Tri-Valley, get ten offers and sell for $100,000 over the asking price? I do. I was involved in numerous transactions where homes sold well over their listed price. Did you know that in order for these homes to be finalized and actually record as a sale - an appraiser was part of the process and their requirement was to determine the value of that property? In many cases, the value of the property was appraised at over the asking price. Unfortunately, this unrestricted approach to appraisals has come back to haunt us.
The previous appraisal process has fallen under significant scrutiny and the result is a 180 degree switch. Appraisals are causing havoc to the real estate community in a new way. This new appraisal mess isn’t picking sides. Both sellers and buyers are impacted negatively. Here is what is different.
On May 1, the Home Valuation Code of Conduct or HVCC came into affect. This changed the appraisal rules for conventional loans, Fannie Mae and Freddie Mac. The primary impact is Continue reading here »
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