Meeting an appraiser some days is akin to, hmmm, let's see, scheduling a root canal, preparing for an IRS audit, seeing a flashing red light in your rear view mirror. The list goes on and on.
This HVCC fiasco is costing untold amounts of money to consumers (some estimate in the billions of dollars). And what about the real estate market that is finally starting to show some tiny rays of light at the end of the tunnel?
I don't see this new system as being a fix. Not that all appraisers are to blame. I have two brothers and several friends who are appraisers. Unregulated Appraisal Management Companies (AMCs) are causing good appraisers and lenders with integrity to leave the business, causing huge delays in real estate transactions which affects everyone from the homeowners to the third party companies.
And now that the buyer can't take their appraisal to a different lender, they're stuck with the original lender even if he/she's an idiot unless they want to fork out another appraisal fee.
We're all in this together so let's put on some pressure. It will only take a minute to click on this link and voice your opinion before it really gets out of hand. Please sign it today!