What a day at the convention, HVCC (Home Value Code of Conduct) is a HOT topic nationally and one that is impacting the value of properties and what banks will lend on. This all started in May 2009 as property values were in a spiral and banks were tightening qualifications to be granted a mortgage.
AMC's (Appraisal Management Companies) those companies that hire and assign the appraiser to do the job started sending appraisers into areas they are not geographically familiar with. This has created a nightmare for sellers driving prices down even further, for buyers because banks are unwilling to give the mortgage, for the REALTORS and originators. We in Fairfield County have seen many appraisers coming in from New Jersey thus creating even larger problems!
NAR has been working with Fannie Mae, Freddie Mac and FHA to workout a solution to this problem, one thought is to limit the distance an appraiser can travel to do a quality appraisal. This is a major problem !
After sitting in a meeting for 2 hrs with government representatives it's obvious the government reps just don't get it! They listened, gave poor responses to questions, said they would look into some of the problems that were raised-but it was still pretty obvious they are NOT in touch with reality....
Please keep watching here because in the future I will be giving you some ideas you all can do to help. Declining property values effect all of us. Abraham Lincoln said: "The Strenght of a nation lies in the homes of it's people"!
On another note, our new business cards arrived, wow! These cards are classy and beautiful and what a wonderful way to launch a new and dynamic real estate team.
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