appraisal: New Appraisal Rules that may affect your current transaction
- 05/12/09 02:20 AM
On May 1st 2009, the new Home Valuation Code of Conduct came into force, with major consequences on your real estate transaction. Here are the main issues: - appraisals are not ordered directly by the bank or the realtor, but rather through a "clearing house" that uses a roster and a rotation system to decide which appraiser will be completing the appraisal. Even if appraisers have their area of expertise, that expertise wont come into play. - realtors can not communicate with the appraisers. Realtors can not offer information about the property,suggest comparable properties or dispute/question the result of the appraisal. … (4 comments)
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Mihaela Stoops
REALTOR - Broker, Your Maui Real Estate Professional
On May 1st 2009, the new Home Valuation Code of Conduct came into force, with major consequences on your real estate transaction.
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