Yep you heard it right. Tens of thousands of dollars out of your pocket.
Your reputation will be marred, your buyers and sellers angry and your business will suffer.
This is serious stuff people.
HVCC needs to be reversed.
Now do something about it. Sign the petition. If you already have then have your seller or buyer who was hurt by a low appraisal get a copy to this petition link. Low appraisals need to go. These are valid appraisal complaints.
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A few bad eggs making it harder for the rest of us to work in our industry.
OKo i need to make a comment, an appraiser does not work for the Buyers or the sellers they work for the bank will finance the property. An appraiser is to use the data in the area to support the appraised value, how does that make a bad appraiser, giving low appraisals? its not the people its the comps? I could be wrong.....
I haven't had low appraisals recently but HVCC has turned up some people willing to create appraisals that aren't mindful of local conditions. I think the appraisers were generally competent, but unqualified to work in our market because of neighborhood differentiation. That wouldn't have happened if HVCC was revoked. As it stands now, I try to insist on local expertise.
June - Agreed
Ken - Whoooaa! Guess it hasn't happened to you. Multiple times I have model match comparables. Model match sold for 475K Same exact home being appraised 450K- dead deal. It's sheer stupidity. HVCC needs to go and I'm sorry but I respectfully disagree with your statement. Many appraisers are not from the local area and can;t comp to save their life. I just had one where the "appraiser" if you will call him that tried to use a property in South Sacramento to justify value on a property in West Sacrmaneto which is an entirely different county, separated by a major river with no access to either neighborhood and they are a 1/2 hour driv from each other. My local appriaser knows better than to do that. I have had a ton of these "stupid" appraisals kill deals.
Dave - I agree. Unknoweldgeable about the area. bring back my appraisers PLEASE!
Hi Nevin . . . thanks for bringing this out. It hurts sellers who are already hurting. We all know we have "trickle down property loss" due to the banksters. Then the other kick in the teeth is (from you example) $25,000 additional loss to them if the appraisal is low. The deal is dead from the sellers' side.
I signed this last year and send it to every person hurt by an unjustified LOW appraisal since the inception.
Hi Nevin - I too have had Sellers and Buyers hurt by this. I had one appraiser come in from 3 hrs away, and without knowing the local market, was comping a waterfront home with non-waterfront and vice versa. Also, on another deal, the appraiser came up with a value of $320,000 when area comps supported $525,000 no problem. The house wound up selling to someone else for $515,000 a few months later. In this case, the appraiser called me about six months later in order to do another appraisal, and asked why the house sold for so much. When I told him that there were not that many homes in the area with that kind of ocean view, he told me that he was unaware that the property had a view. This was a drive by appraisal, so he never got out of the car and walked up to the home, or he would have seen the view. If he was local to the area, he would have known by the address alone.
Carla - Although HVCC is old news I don't think we should ever stop opposing it. This really needs to be repealed or changed from its current format. It is hurting buyers, seller and us.
Renee - Thanks I hope this circulates every several months and gets signed by "new" customers. If we get enough signatures they won't be able to keep ignoring it.
Laurie & Christina - Figures. Thanks for highlighting a perfect example of the stupidity of HVCC and out of area appraisers. Please pass this link around to everyone you know and askthem to sign the petition. Thanks!
Hi Nevin,
You are well informed, accountable, pro-active and a technological leader. I'm very impressed. I signed the petition. You are absolutely right. HVCC must be reversed.
Maya
Maya- thank you! Kind words and much appreciated. I think HVCC is a curse and it has hurt a lot of people.