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By Paul Collins, on August 18th, 2010
Editor’s note – Last month we published an article about HVCC which drew quite a few comments and responses….one such response was from veteran appraiser Paul Collins in which he shares his frustration with the state of the industry and the impact of lenders and legislation on his industry. Our thanks to Paul for allowing
Continue reading… HVCC, AMC’s and the Appraisal Industry; a view from the inside
By Dennis Norman, on July 16th, 2010
Dennis Norman
07/17/10-Correction – This past week Congress passed H.R. 4173, the Wall Street Reform and Consumer Protection Act which is the most comprehensive reform to the banking industry since the Great Depression. The bill now awaits President Obamas signature which is expected to happen in the coming week.
This is a
Continue reading… Financial Reform Bill Kills HVCC; Helps Appraisers
By Dennis Norman, on May 14th, 2010
Dennis Norman
Homeowners looking to upgrade or sell their home this spring should realize that not all remodeling and renovation projects will yield a full return on their investment, the president of the Appraisal Institute said today.
“When it comes to home improvement projects, especially in today’s economy, not every renovation or
Continue reading… Not All Home Improvements Lead to Higher Value
By Dennis Norman, on March 18th, 2010
Dennis Norman
“Generally speaking, real estate agents and brokers are not independent or properly trained valuation specialists.” This was said in a letter from several appraiser organizations that was sent to Treasury Secretary Timothy Geithner last week. The letter, not actually signed by anyone, but instead just bearing the names of the following four appraiser
Continue reading… Do Real Estate Agents and Brokers Know The Value of a Home?
By Dennis Norman, on January 20th, 2010
Dennis Norman
Last month the U.S. House of Representatives passed H.R. 4173, the “Wall Street Reform and Consumer Protection Act of 2009″, which contained a provision that would “sunset”, or put an end to, the Home Valuation Code of Conduct, which, since it went into effect back in May of last year has been controversial to
Continue reading… Pending Legislation would end HVCC
By Dennis Norman, on October 8th, 2009
Dennis Norman
By: Dennis Norman
The best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, (expires November 30) and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee yesterday.
NAR Regional Vice President Joseph
Continue reading… Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery; HVCC a problem, Says NAR
By Dennis Norman, on August 31st, 2009
Dennis Norman
A surge in litigation tied to real estate appraisals, loan modifications and foreclosures contributed to a 54 percent increase in mortgage-related lawsuits, according to the second quarter Mortgage Litigation Report from MortgageDaily.com.
During the second quarter, 125 cases were tracked, jumping from an already active 81 first quarter cases. The second quarter of 2008 had
Continue reading… Appraisal, Loan Modification and Foreclosure Lawsuits Soar
By Dennis Norman, on August 13th, 2009
By: James R. MacCrate, MAI, CRE, ASA
In the current unstable real estate market, we hear reports from the National Association of Realtors and many economists that the real estate residential housing market is stabilizing. This is based on several factors including recent price increases in several metropolitan markets, an increase in pending contracts of sale,
Continue reading… Incentives, Concessions, Tax Credits and Tax Abatements
By Dennis Norman, on July 30th, 2009
Dennis Norman
By: Dennis Norman
To day I am finishing up with the final post of my E-View with Frank Gregoire, a Florida appraiser and author of Appraiser Active.
Frank is often quoted as a source for nationally syndicated real estate columnists and appears as a
Francois (Frank) K. Gregoire, IFA RAA
speaker on appraisal and mortgage related
Continue reading… The real estate market and HVCC; from an appraisers perspective – Final post in the series
By Dennis Norman, on July 29th, 2009
Dennis Norman
By: Dennis Norman
Yesterday I did the first post of a series of my E-View with Frank Gregoire, a Florida appraiser and author of Appraiser Active.
Florida Governor Jeb Bush appointed Frank to the Florida Real Estate Appraisal Board where he served for eight years as a member, four of which as Chairman.
Francois (Frank) K.
Continue reading… The real estate market and HVCC; from an appraisers perspective – Part 2 of a series
By Dennis Norman, on July 28th, 2009
Dennis Norman
By: Dennis Norman
One of the hot topics in our industry now is the Home Valuation Code of Conduct (HVCC) which, according to REALTORS(R) have cost them sales due to low appraisals, and according to appraisers has resulted in degradation of appraisal quality as a result of appraisals being done by appraisers that are not
Continue reading… The real estate market and HVCC; from an appraisers perspective – Part 1 of a series
By Dennis Norman, on July 27th, 2009
Charles McMillan 2009 President, NAR
By: Dennis Norman
National Association of REALTORS(R) 2009 President, Charles McMillansent an email to members stating “as a direct result of my recent meetings with the New York Attorney General’s office, the Federal Housing Finance Agency, Fannie Mae and Freddie Mac this week issued new guidance to all lenders on the
Continue reading… NAR’s President Charles McMillan’s meeting with NY AG re HVCC produces results
By Dennis Norman, on July 20th, 2009
By: Dennis Norman
It seems the most common “deal-killer” today are issues related to appraisals. One frequent complaint from REALTORS(R) is that as a result of HVCC (Home Valuation Code of Conduct) and increased use of AMC’s (appraisal management companies) appraisers are being assigned to do appraisals on transactions in a market they are not familiar with
Continue reading… Freddie Mac issues bulletin; addresses appraisal issues
By Dennis Norman, on July 17th, 2009
Dennis Norman
By: Dennis Norman
Since going into effect May1st the new Home Valuation Code of Conduct (HVCC) has caused controversy, been blamed for killing sales and seems it has everyone up in arms.
A couple of weeks ago I did a post on another blog about a bill, H.R. 3044, that was introduced in the U.S.
Continue reading… Bill to put moratorium on HVCC gains some momentum
By Dennis Norman, on July 13th, 2009
Dennis Norman
By: Dennis Norman
According to a nationwide survey conducted by the National Asssociation of Home Builders (NAHB) 26% of home builders are seeing signed sales contracts fall through the cracks because appraisals on their homes are coming in below the contract sales price.
NAHB Chairman, Joe Robson, said “home builders are increasingly concerned that inappropriate appraisal practices are
Continue reading… 26% of Home Builders are losing deals due to low appraisals
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