Comments on: HVCC Regulations Are Changing Your Property Values

By: Pricing A Listing With No Comps | The Chicago 77

Pricing A Listing With No Comps | The Chicago 77 — Mon, 29 Mar 2010 13:50:08 +0000

[...] bank would send an appraiser out to the property and the appraiser would come across similar challenges appraising the property. If they could not find any reason to justify a sales price of $475k the buyer would never get the [...]

By: HUD Revises 4155 Manual – HVCC Regulations Challenged | The Chicago 77

Tue, 05 Jan 2010 18:42:10 +0000

[...] ? the bible for underwriters. HUD appears to be seeing the light on problems associated with the HVCC regulations and the impact HVCC has caused throughout the real estate industry. One revision in particular [...]

By: HVCC Procedures and Misinformed Appraisers Delay Home Buyers from Closing | The Chicago 77

Thu, 10 Dec 2009 19:24:02 +0000

[...] knowledge in the City of Chicago not only delayed the closing for over a month but he also made the appraisal profession look bad. An appraiser can accurately appraise in areas not within their territory so long as they [...]

By: Neighborhood Anxiety: Foreclosures, Short Sales, and Your Property Value | The Chicago 77

Tue, 17 Nov 2009 18:00:49 +0000

[...] neighbor’s low-priced unit must be included if it is a true comp, but the appraiser cannot base the value entirely on that unit, even if it is identical and in the same building. If [...]

By: Update: House to Vote on HVCC Changes | The Chicago 77

Update: House to Vote on HVCC Changes | The Chicago 77 — Mon, 26 Oct 2009 15:22:24 +0000

[...] and Mortgage Originators can order the appraisal. This in essence could possibly put an end HVCC as we know it and to Appraisal Management [...]

By: IyamwhoIyam

IyamwhoIyam — Mon, 19 Oct 2009 23:58:33 +0000

Katie,

You need to read the HVCC before you write a blog. Alot of your statements are flat out wrong. The HVCC doesnt change property values. It’s the market.

Good luck anyway

By: Bob

Bob — Fri, 16 Oct 2009 00:07:01 +0000

“lowering property values.”

You are out of your mind. Apraisers report values. They don’t set values.

By: Mark Konar

Mark Konar — Thu, 15 Oct 2009 21:38:28 +0000

Although I agree with much of what you stated, you need to fact check , im not sure who your sourse is? HVCC has no requirments on only going back 3 months for comparables. I do go back a full year, and did on one today. You are correct on AMC are killing the industery, and so is HVCC.

By: Mike

Mike — Thu, 15 Oct 2009 21:27:44 +0000

Agree with most of the premise. However, there are cases in which REO sales are arms length. I.E. if it has been exposed for a reasonable time with no price reductions and subsequent reductions are required to sell the property. This does not address the condition of the property which is typically “fair” to “poor” in the case of foreclosures. I try to avoid using them if at all possible. The bigger issue is the unreasonable requirements placed on appraisers as far as comparable sales time frame. If there is no evidence of a declining market, then the appraiser should be able to utilize sales up to 6 months old and even 12 months (as a fourth or fifth comp). Most clients, however, are requiring 3 months on at least 2 of the comps. Another problem is when 3-9% of closing costs are rolled into the sales price of some of these properties. I have seen numerous cases where a property has been for sale for an extended period lets say for $100,000 and finally ends of selling for $106,000 with the seller paying $6,000 of the buyer’s closing costs. No competent appraiser is going to appraise this property for $106,000 in light of its listing history. Anyway. Enjoyed the article. I think some good has come from HVCC but also a lot of bad. The AMCs are scum and need to be regulated.