More On The New Appraisal Rule, HVCC
The new rule that mortgage brokers and others have to order appraisals through a management company is still being argued. Although I don’t have to order my appraisals through a management company, I am also opposed to this new rule because it is hurting our entire industry and real estate market.
So how are they making out with getting this changed? It is hard to say and who knows what will become of it. The article below makes it sound like they are getting somewhere but you never know. If you are unfamiliar with how it is affecting the industry make sure to read this article.
It is causing property values to fall more than they should. “To say a house that needs $200,000 in repairs to make it livable should appraise at the same level as a new house next door is ridiculous,” said Howard. “Right now, using these foreclosures as comparables without adjusting for condition can go unchallenged.”