This post comes via Matt Listro. Also read the comments on his post, they are very informative
Petition to change the Home Value Code of Conduct
Here is a link to the petition to change the Home Value Code of Conduct:
It is important for everyone to go and sign the petition if this law is going to be changed. How many appraisers do you know who have been put out of business by this new law?
I personally know one appraiser who has no work because of this new law. He was charging $325 for an appraisal. Now he has no work because his mortgage brokers can not order appraisals from him. He was just solicited by one of the big conglomerate Appraisal Management Companies to work for them. The AMC is charging $450 for an appraisal and is only willing to pay him $200 per appraisal. What ever happened to democracy and competition - this guy was just legislated out of his job!
Let me ask you another question: how long will it be until you have a real estate deal go south because of this new law. Because of this new law, appraisals are expected to cost more and take longer. What happens when your deal falls apart because the value doesn't come in because an appraiser was assigned from 50 miles away and doesn't know the local market.
Currently their are 9,000 signatures but they need lots more - please take a moment and sign it.
PLEASE PLEASE FLAG this post for feature status - it is imperative that the real estate community gets behind this move to change this legislation.