Realtors cry foul over low-ball appraisals

Posted by Carla Fried
Real estate appraisers are the latest villains in the continuing saga of the bursting of the real estate bubble. Industry groups including the National Association of Realtors and the National Association of Home Builders are howling that new appraisal guidelines that went into effect on May 1 are producing below-market appraisals that are killing sales and adding yet another tough hurdle to refinancing.

The NAR reports that 17% of its members say they have recently lost one sale due to an appraisal coming in way below a purchase price, and 20% of members say they have lost more than one deal because of low appraisals. NAR’s chief economist Lawrence Yun blamed “faulty valuations that keep buyers from getting a loan” as the reason May home sales data weren’t stronger.

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What can real estate agents and home sellers do to abolish HVCC?

URGENT HVCC UPDATE:

HVCC Continues to devastate home values across the US. We fear that with higher Fannie and Freddie loan limits it will carry through to our former “jumbo” markets, leading the country even further into recession. As we’ve shared, Representatives Childers (D-MS) and Miller (R-CA) introduced legislation (H.R. 3044) requesting an 18 month moratorium on the Home Valuation Code of Conduct (HVCC). H.R. 3044 now has 22 co-sponsors and now is the time to forward our petition to every person you know and every representative in the country. Read some of the comments in the petition and you will soon understand the harmful nature of this horribly misguided code.

ThinkBigWorkSmall applauds the introduction of H.R. 3044 and would like to thank Representative Childers (D-MS) and Representative Miller (R-CA) for their continued efforts and leadership on this issue but it is not enough. Tens of thousands of consumers have already been robbed of their opportunity to enjoy historically low rates by Attorney General Andrew Cuomo’s rule.HVCC needs to be permanently reversed in order to restore lower costs to the consumer and to protect the thousands of real estate transactions stalled by this horribly misguided code.

Please sign and forward the following petition and forward to everyone you know in the industry and ask them to forward to their representatives: www.hvccpetition.com

ThinkBigWorkSmall, 3700 Hilborn Road, Suite 700 Fairfield, CA 94534

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