Listed below are informative appraisal articles. Click on the link to read the full article.
HVCC Faq's - Home Valuation Code of Conduct - Frequently Asked Questions
In order to curb some undesirable effects of the residential appraisal process Fannie Mae adopted an agreement that went into effect May 1, 2009. The code only applies to all single family loans, up to 4 units, that are sold to Fannie Mae. The code does not apply to multi-family homes or to loans that are guaranteed or insured by a federal agency. Beginning in 2010, a version of the HVCC will be adopted by FHA. Although some of the rules will be different, most will be identical to the original HVCC. Read full article
Appealing a County Tax Appraisal
Has your property value gone up according to the county, when you know it actually went down in this current economy? You don't have to take their word for it, you can appeal. If you're thinking about appealing a county property appraisal, here are a few tips from a leading tax appraiser. Read full article
Real Estate Appraisal Under Fire - Again
In recent years there has been criticism of the real estate appraisal industry, and some deservedly so, but appraisal is a critical function of lending because it establishes the value of collateral. For many decades this function was handled by human appraisers but in recent years computer generated valuations have come into being. Known as "AVMs" or "Automated Valuation Models" these are property valuations computed using sophisticated equations or ratios combined with public information on the physical characteristics of a home and recent sales. Read full article
