Katy Home Sellers: How You Can Help Your Home Appraise, Part Two
In May 2009, a new law, The Home Valuation Code of Conduct, or HVCC, became law. One of the main rules prohibits mortgage brokers from ordering appraisals directly from, or having any contact with, a licensed real estate appraiser.
Also, a lender cannot approach a an appraiser with relevant information, such as comparable sales. Lenders are forced to use third-party appraisal management companies who oversee all aspects of the appraisal process.
Valuation may come in low due to an out-of-area appraiser who is totally…to read the rest of my article, see OnlyKaty.com.
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