In this discussion Scott discusses evolution of the appraisal.
2009 Home Valuation Code of Conduct (HVCC) changed to Dodd Frank Act
Most importantly this give the right to realtors to discuss appraisals with Appraisers! It is important to discuss and ask questions of the appraiser and meet them upon appraising!
1. When was the last time you appraised in this area?
2. How many homes on average do you appraise in our area per year?
Bottom line we are looking for geographic competency.
According to the new rules of the Dodd Frank it is imperative for the buying and selling realtors to be a team. They are allowed to:
1. Consider additional, appropriate property information, including the consideration of additional comparable properties to make or support an appraisal.
2. Provide further detail, substantiation, or explanation for the appraisers value conclusion.
3. Correct erros in the appraisal report.
AMC vs Local Lenders
National appraisers have rotations …