A note I received from Charles McMillan, 2009 President of the National Association of Realtors, made my heart sing. Well, at least it lifted my spirits.
He said...
"On Monday, June 29th, I will be in New York to meet with the Deputy Attorney General and his staff who worked directly on the Home Valuation Code of Conduct. I plan to share our concerns, as well as your stories, and ask for their assistance in resolving any problems related to the HVCC."
I have had three, actually four, recent transactions here in Lubbock where low appraisals caused lots of pain and angst. The pain has been shared by buyers, sellers, REALTORS, and home builders. I am pleased that in each case we were able to negotiate and make it to closing, but people lost money.
I believe most if not all the appraisers involved are hard-working and honest professionals but there has to be some common sense allowed in the process. My hope is that a new method of valuation can be developed and used in times of significant market shift.
For more information -
Economists Podcast
http://www.realtor.org/research/research/research_podcast062309?LID=RONav0021
HVCC
http://www.realtor.org/government_affairs/gapublic/gses_hvcc_announced
Appraisal Blog
http://narblog1.realtors.org/mvtype/appraisalinsight/
;)
;)
