HOME VALUATION CODE OF CONDUCT
This new code took effect May 1, 2009. It was drafted by the office of Andrew Cuomo New York attorney general. The critics of the HVCC including the National Assoc. of Realtors are gearing up for a fight in congress, requesting an 18 month moratorium.
This new code is linked to raising appraisal costs to consumers, use of inexperienced appraisers who are not familiar with specific neighborhoods, delays in closings or cancelled sales. The intent of this code was good but the cost of appraisals has increased and the quality has dropped. I will keep you updated on this issue.
Lisa Scanlon, CSA
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