HVCC - Got you down??? (New Appraisal Rules)

* - * - * - * - * - * - *

As the HVCC comes knock knock knocking on your door there may be something a LISTING AGENT can do to protect the value of their client's property!

You may find an excerpt from this CAR Magazine article of interest.

---------------------------------------

>>Qualify the appraiser. Guy Rivera, a senior loan officer with Pacific Riviera Mortgage in Santa Barbara, says REALTORS® should qualify the appraiser when he or she makes an appointment to inspect a home.A few questions REALTORS ® might want to ask are:1.) How long have you appraised homes in this area?2.) How many properties do you typically appraise in this area each month?3.) How many properties do you typically appraise each day or on a given day?4.) What are your data sources and how often are those sources updated?
If an unqualified appraiser shows up to inspect a home, the REALTOR ® should not let him into the home, Rivera suggests.

"We sent back a Ventura County appraiser who came up to do an appraisal in Santa Barbara County. We sent him away," he says.

Offer comparable sales data. The HVCC states: "It would be inappropriate for an appraiser to use comparable sales data provided by the real estate broker who is handling the sale of the subject property, unless the appraiser verifies the accuracy of the data provided with another source and makes an independent investigation to determine that the comparable sales provided were the best available." <<< http://www.car.org/newsstand/crem/current-issue/september2009/appraisalshakeup/

---------------------------------------

As LISTING AGENTS - WE have the power to PUSH BACK! If we're vigilant in our diligence - we may be able to send those 'out of town' (Carpet bagger) appraisers packing back to whence they came! This legislation has created another profit center for the lenders - (Appraisal Management Companys) Let's use our grass roots influence and the power of technology (Information and the Internet to PUSH BACK!!!)

Think Globally - Act Locally. }:-)

Mike Ackerman
Building Trust for Life
Zephyr Real Estate - 24th Street
415-695-2715
MAckerman@ZephyrSF.com
ABZ@ZephyrSF.com
http://www.zephyr-realestate.com/zephyr3_011.htm