Comments on: HVCC Procedures and Misinformed Appraisers Delay Closings

By: Another Hurdle for Appraisers | The Chicago 77

Another Hurdle for Appraisers | The Chicago 77 — Mon, 29 Mar 2010 13:55:28 +0000

[...] only has the Home Valuation Code of Conduct, or HVCC for short, hurt the appraisal business, now another program is set to remove the appraiser [...]

By: Randy Whiting

Randy Whiting — Fri, 05 Feb 2010 19:07:47 +0000

Katie –

I agree completely. I have a perfect case study going on right now with a client of mine who’s closing continues to be delayed because an appraisal company’s lack of local knowledge. A local FHA appraiser put the house right on point with the loan amount, but when we switched to a conventional loan the UW used company out of California who didn’t know the difference between a town home and a condo and the appraisal came back 25k under valued. After a week for the rebuttal (which was denied) we now have to go with a different UW and cross our fingers. Mean while my buyer’s are stuck between a rock and hard place as they need to be out of their other home. I agree with regulation for appraisers and the desire to avoid banks from using “preferred” companies, but the fact that they are forced to go with companies that have no concept of the diverse landscape of Chicago is beyond me. It seems as if the people making the rules need to lift their head up out of the sand and start talking to those who are affected most. Buyer’s, sellers and their representatives.

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

Tue, 05 Jan 2010 18:42:30 +0000

[...] not have to be in the name of the new lender. This revision was added to protect the client from long closing delays. Could this be the beginning of the end for HVCC? Share and [...]

By: Katie Anderson

Katie Anderson — Mon, 14 Dec 2009 19:04:41 +0000

I should have been more clear in my post. After the great Chicago fire some of the city streets are at a higher grade than buildings. Therefore, the building is built at grade with 75% of the building at grade level. The front of the building is a bit lower than the street due to the elevation of the street. Also, Duplex-Down units are two story condos located in three to ten unit buildings. They are called duplex-down because they have two levels. Same with a duplex-up. They are considered Penthouse condos with two levels of living space.

This is where living in the area and working a specific territory is key. If an appraiser came into the area and did not know how these units are build and sold, they end up appraising them as a one-bedroom with a basement.

Ben – Thank you and Go Yotes!!!

By: Ben Goheen

Ben Goheen — Sat, 12 Dec 2009 01:14:11 +0000

Smith: If you read the article, she mentions that the buyer put an offer on a duplex. So obviously GBA would be appropriate in the appraisal.

Katie: Good to see another Realtor/Appraiser blogging. And you’re a USD alum too? Go Coyotes!

By: SMITH

SMITH — Thu, 10 Dec 2009 20:43:29 +0000

Are you saying that the appraiser should have included the below grade area in the GLA?. Per Fannie Mae Guidelines below grade area can not be included in the GLA.If this is a multi-famity, then you are correct,and he should have included it as part of the GBA.