Comments on: Impact of the HVCC http://agbeat.com/editorials/real-estate/impact-of-the-hvcc/ News, insights, tools, and inspiration for business owners and professionals Tue, 22 May 2012 19:01:13 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Debbiehttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-39761 Debbie Tue, 13 Oct 2009 23:48:38 +0000 http://agentgenius.com/?p=15289#comment-39761 We are selling our home. It took forever to get an appraiser. They had to be requested a second time. The female appraiser scheduled a day to come out. Eight days later she was sitting in our driveway unannounced, thinking the home was empty. Needless to say, she had to call the bank and our realtor let me know she was sitting in my driveway. She let no one know she never showed the week before as scheduled. She thought we would sneak in when she did and no one would be any wiser. Better than that, she fraudulently commented on line that the appraisal would be in soon( this is the original week she was scheduled) when she hadn't even shown up. She tells me she will have it in the next day and of course she didn't. It was the following Tuesday evening she had it in and it was 5, 000 under the listed price. The listing was within range of area houses in similar size, shape and condition. We have 1/2 acre of land which the others didn't with numerous upgrades. I wish we hadn't spent one dime to update this house. The county taxes we are being charged are on a house selling for more than 60,000 more than what this stupid woman appraised it for. How can either of them get away with that? The government is sick, be it county, state OR government. We are being ripped off big time and who is going to help us recoup our losses? At this point, I am ready to leave the house, not make any more payments and just let the bank take it. Then see who else loses in all of this realty mess. I hope Attorney General Cuomo rots! This is all his fault! We didn't even have a local appraiser! Screw all of the government. I wondered why my father never trusted the government. Now I feel the same way! We are selling our home. It took forever to get an appraiser. They had to be requested a second time. The female appraiser scheduled a day to come out. Eight days later she was sitting in our driveway unannounced, thinking the home was empty. Needless to say, she had to call the bank and our realtor let me know she was sitting in my driveway. She let no one know she never showed the week before as scheduled. She thought we would sneak in when she did and no one would be any wiser. Better than that, she fraudulently commented on line that the appraisal would be in soon( this is the original week she was scheduled) when she hadn’t even shown up. She tells me she will have it in the next day and of course she didn’t. It was the following Tuesday evening she had it in and it was 5, 000 under the listed price. The listing was within range of area houses in similar size, shape and condition. We have 1/2 acre of land which the others didn’t with numerous upgrades. I wish we hadn’t spent one dime to update this house. The county taxes we are being charged are on a house selling for more than 60,000 more than what this stupid woman appraised it for. How can either of them get away with that? The government is sick, be it county, state OR government. We are being ripped off big time and who is going to help us recoup our losses? At this point, I am ready to leave the house, not make any more payments and just let the bank take it. Then see who else loses in all of this realty mess. I hope Attorney General Cuomo rots! This is all his fault! We didn’t even have a local appraiser! Screw all of the government. I wondered why my father never trusted the government. Now I feel the same way!

]]> By: Arlington condos Jayhttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-37644 Arlington condos Jay Tue, 25 Aug 2009 14:12:48 +0000 http://agentgenius.com/?p=15289#comment-37644 FHA says no to HVCC rules--breaking newz! thinkbigworksmall.com/mypage/player/tbws/14856/1031016 FHA says no to HVCC rules–breaking newz!

thinkbigworksmall.com/mypage/player/tbws/14856/1031016

]]> By: Joe Sheehanhttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-36537 Joe Sheehan Sun, 26 Jul 2009 13:56:29 +0000 http://agentgenius.com/?p=15289#comment-36537 The FHFA says that the HVCC rules were inplemeted due to past abuses in the appraisal process and potential conflicts of interest between mortgage brokers, realtors, and appraisers. The sad irony of HVCC is the homebuyers who allegedly overpaid for their homes due to "hyped-up" appraisals 5-7 years ago are now getting dinged on the sell side for decling home values and "hyped-down" appraisals. It's the consumer who is the ultimate victim of these misguided rules. The FHFA says that the HVCC rules were inplemeted due to past abuses in the appraisal process and potential conflicts of interest between mortgage brokers, realtors, and appraisers.

The sad irony of HVCC is the homebuyers who allegedly overpaid for their homes due to “hyped-up” appraisals 5-7 years ago are now getting dinged on the sell side for decling home values and “hyped-down” appraisals.

It’s the consumer who is the ultimate victim of these misguided rules.

]]> By: Is MBA telling the full story? | Real Estate Opinion MAG - AgentGeniushttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-36130 Is MBA telling the full story? | Real Estate Opinion MAG - AgentGenius Thu, 16 Jul 2009 14:55:40 +0000 http://agentgenius.com/?p=15289#comment-36130 [...] Memphis Real Estate Buzz: Real Estate News Summary (week ending 07-14-09) [...] [...] Memphis Real Estate Buzz: Real Estate News Summary (week ending 07-14-09) [...]

]]> By: Real Estate News Summary (week ending 07-14-09) | Memphis Real Estate Buzzhttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-36049 Real Estate News Summary (week ending 07-14-09) | Memphis Real Estate Buzz Tue, 14 Jul 2009 23:21:10 +0000 http://agentgenius.com/?p=15289#comment-36049 [...] of the HVCC | Real Estate Opinion MAG – AgentGenius – http://agentgenius.com/g-rants… [...] [...] of the HVCC | Real Estate Opinion MAG – AgentGenius – http://agentgenius.com/g-rants… [...]

]]> By: Charlottesville Market Report – First Half 2009http://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-35922 Charlottesville Market Report – First Half 2009 Mon, 13 Jul 2009 05:07:59 +0000 http://agentgenius.com/?p=15289#comment-35922 [...] of good volume of transactions is holding back the market. More to come on this, and as I said in a comment on AgentGenius – "Accuracy and competency are all I want – for my business and my [...] [...] of good volume of transactions is holding back the market. More to come on this, and as I said in a comment on AgentGenius – "Accuracy and competency are all I want – for my business and my [...]

]]> By: Jim Duncanhttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-35915 Jim Duncan Sun, 12 Jul 2009 22:32:03 +0000 http://agentgenius.com/?p=15289#comment-35915 Paul - My beef with the HVCC is not the regulation per se, but with inaccurate appraisals using comps that <em>aren't</em> comps ... Accuracy and competency are all I want - for my business and my clients. Paul –

My beef with the HVCC is not the regulation per se, but with inaccurate appraisals using comps that aren’t comps …

Accuracy and competency are all I want – for my business and my clients.

]]> By: Paul Maustellerhttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-35902 Paul Mausteller Sun, 12 Jul 2009 12:03:14 +0000 http://agentgenius.com/?p=15289#comment-35902 My 2 cents about HVCC has actually shed some light on how fudged the appraisal and mortgage business was in the past. No more LO sleeping with appraisar theory. I think the mindset was to continue to bring in appraisals to match or exceed purchase prices, the appraisar would get additional work from that LO. The pressures for appraisers was make it happen since your my buddy, I'll give you more work. Funny how everyone wants to point the finger at HVCC is a problem. WAKE UP people we are in a declining market, almost half if not more of all homeowners are upside down in their mortgages. HVCC is called regulation. The truth is hard to swallow, being transparent will set you free. The reason our economy is in a mess is this very reason, lies, fudging make it happen no matter what. When the true value of homes has been inflated for years because of lack of regulation, now we are paying for it. My 2 cents about HVCC has actually shed some light on how fudged the appraisal and mortgage business was in the past. No more LO sleeping with appraisar theory.
I think the mindset was to continue to bring in appraisals to match or exceed purchase prices, the appraisar would get additional work from that LO. The pressures for appraisers was make it happen since your my buddy, I’ll give you more work.
Funny how everyone wants to point the finger at HVCC is a problem.
WAKE UP people we are in a declining market, almost half if not more of all homeowners are upside down in their mortgages. HVCC is called regulation. The truth is hard to swallow, being transparent will set you free.
The reason our economy is in a mess is this very reason, lies, fudging make it happen no matter what.
When the true value of homes has been inflated for years because of lack of regulation, now we are paying for it.

]]> By: AgentGeniushttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-85664 AgentGenius Sun, 12 Jul 2009 00:50:07 +0000 http://agentgenius.com/?p=15289#comment-85664 <span class="topsy_trackback_comment"><span class="topsy_twitter_username"><span class="topsy_trackback_content">#agnow Well, it seems that the consensus is building - at least here on AG - that it really isn't "the market" as s... http://cli.gs/eYeW0</span></span> #agnow Well, it seems that the consensus is building – at least here on AG – that it really isn’t “the market” as s… http://cli.gs/eYeW0

]]> By: Ken Montville - MD Suburbs of DChttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-35886 Ken Montville - MD Suburbs of DC Sat, 11 Jul 2009 20:50:04 +0000 http://agentgenius.com/?p=15289#comment-35886 Well, it seems that the consensus is building - at least here on AG - that it really isn't "the market" as so many appraisers want to claim. It is appraisers unfamiliar with "the market" establishing artificially low valuations and affecting "the market". It's a vicious cycle. I wonder at what point will it become obvious to even the most clueless of appraisers that the valuation/contract price/comparables are really valid? Well, it seems that the consensus is building – at least here on AG – that it really isn’t “the market” as so many appraisers want to claim. It is appraisers unfamiliar with “the market” establishing artificially low valuations and affecting “the market”. It’s a vicious cycle. I wonder at what point will it become obvious to even the most clueless of appraisers that the valuation/contract price/comparables are really valid?

]]> By: AgentGeniushttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-85665 AgentGenius Sat, 11 Jul 2009 17:29:07 +0000 http://agentgenius.com/?p=15289#comment-85665 <span class="topsy_trackback_comment"><span class="topsy_twitter_username"><span class="topsy_trackback_content">#agnow [...] Bookmarked a link on Delicious. Impact of the HVCC | Real Estate Opinion MAG - AgentGenius [...] http://cli.gs/XUUVe</span></span> #agnow [...] Bookmarked a link on Delicious. Impact of the HVCC | Real Estate Opinion MAG – AgentGenius [...] http://cli.gs/XUUVe

]]> By: AgentGeniushttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-85666 AgentGenius Sat, 11 Jul 2009 17:28:31 +0000 http://agentgenius.com/?p=15289#comment-85666 <span class="topsy_trackback_comment"><span class="topsy_twitter_username"><span class="topsy_trackback_content">#agnow The problem I have experienced on 30 day closings is banks say they have no control on the appraisal time an... http://cli.gs/P36Hq</span></span> #agnow The problem I have experienced on 30 day closings is banks say they have no control on the appraisal time an… http://cli.gs/P36Hq

]]> By: AgentGeniushttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-85667 AgentGenius Sat, 11 Jul 2009 16:17:28 +0000 http://agentgenius.com/?p=15289#comment-85667 <span class="topsy_trackback_comment"><span class="topsy_twitter_username"><span class="topsy_trackback_content">#agnow Dangit Ben! They didn't consult me either - nor was I a Static Rep! Guess us folks down heah in the sticks... http://cli.gs/2bq2T</span></span> #agnow Dangit Ben! They didn’t consult me either – nor was I a Static Rep! Guess us folks down heah in the sticks… http://cli.gs/2bq2T

]]> By: Joe Loomerhttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-35869 Joe Loomer Sat, 11 Jul 2009 12:17:26 +0000 http://agentgenius.com/?p=15289#comment-35869 Dangit Ben! They didn't consult me either - nor was I a Static Rep! Guess us folks down heah in the sticks jus doun matta to them high-falutin folks at NAR! Oh well, I'm sure we'll hear more on the HVCC issues before it gets any better. As always - I enjoy your extremely informative and relevant posts..... Navy Chief, Navy Pride Dangit Ben! They didn’t consult me either – nor was I a Static Rep! Guess us folks down heah in the sticks jus doun matta to them high-falutin folks at NAR!

Oh well, I’m sure we’ll hear more on the HVCC issues before it gets any better. As always – I enjoy your extremely informative and relevant posts…..

Navy Chief, Navy Pride

]]> By: Daily Digest for 2009-07-10 | Joe Spake - Memphis Real Estatehttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-35866 Daily Digest for 2009-07-10 | Joe Spake - Memphis Real Estate Sat, 11 Jul 2009 07:13:39 +0000 http://agentgenius.com/?p=15289#comment-35866 [...] Bookmarked a link on Delicious. Impact of the HVCC | Real Estate Opinion MAG - AgentGenius [...] [...] Bookmarked a link on Delicious. Impact of the HVCC | Real Estate Opinion MAG – AgentGenius [...]

]]> By: Jerry Bluhmhttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-35865 Jerry Bluhm Sat, 11 Jul 2009 03:54:44 +0000 http://agentgenius.com/?p=15289#comment-35865 The problem I have experienced on 30 day closings is banks say they have no control on the appraisal time and they can no longer have contact with the appraiser. Then after the appraisal is done, the appraiser who is selected from the "appraiser pool" takes about 2 weeks to submit the completed appraisal. My question is what has this appraisal pool accomplished? The appraiser has access to the MLS in Mass. Then they ask you to bring a copy of the Purchase & Sale Agreement to the appraisal appointment. Could they actually determine value without having access to the list and sale price? Have you ever done a CMA and the seller disagreed with you on the price and called in an independant appraiser and their value was way out of wack because they didn't have a P&S to determine the value? Make sure you get the appraiser's business card at appraisals. That way if they drag their feet I call them and ask what the delay is. Also bring comps to the appraisal appointment! Where so many appeaisers are now from outside the area and not familiar with the area market, don't leave it to chance! The problem I have experienced on 30 day closings is banks say they have no control on the appraisal time and they can no longer have contact with the appraiser. Then after the appraisal is done, the appraiser who is selected from the “appraiser pool” takes about 2 weeks to submit the completed appraisal.
My question is what has this appraisal pool accomplished?
The appraiser has access to the MLS in Mass. Then they ask you to bring a copy of the Purchase & Sale Agreement to the appraisal appointment. Could they actually determine value without having access to the list and sale price?
Have you ever done a CMA and the seller disagreed with you on the price and called in an independant appraiser and their value was way out of wack because they didn’t have a P&S to determine the value?
Make sure you get the appraiser’s business card at appraisals. That way if they drag their feet I call them and ask what the delay is. Also bring comps to the appraisal appointment! Where so many appeaisers are now from outside the area and not familiar with the area market, don’t leave it to chance!

]]> By: AgentGeniushttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-85668 AgentGenius Sat, 11 Jul 2009 03:52:42 +0000 http://agentgenius.com/?p=15289#comment-85668 <span class="topsy_trackback_comment"><span class="topsy_twitter_username"><span class="topsy_trackback_content">#agnow Joe - NAR didn't consult me before this survey, so unfortunately I can't answer that question. :) I also w... http://cli.gs/QugSg</span></span> #agnow Joe – NAR didn’t consult me before this survey, so unfortunately I can’t answer that question. :) I also w… http://cli.gs/QugSg

]]> By: Ben Goheenhttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-35856 Ben Goheen Fri, 10 Jul 2009 23:52:40 +0000 http://agentgenius.com/?p=15289#comment-35856 Joe - NAR didn't consult me before this survey, so unfortunately I can't answer that question. :) I also wasn't in the "statistically representative" group of agents surveyed. I wonder how many agents were...? Joe – NAR didn’t consult me before this survey, so unfortunately I can’t answer that question. :) I also wasn’t in the “statistically representative” group of agents surveyed. I wonder how many agents were…?

]]> By: Bill Ricehttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-64255 Bill Rice Fri, 10 Jul 2009 23:07:06 +0000 http://agentgenius.com/?p=15289#comment-64255 <span class="topsy_trackback_comment"><span class="topsy_twitter_username"><span class="topsy_trackback_content">Impact of the HVCC | Real Estate Opinion MAG - AgentGenius http://ow.ly/gYxc</span></span> Impact of the HVCC | Real Estate Opinion MAG – AgentGenius http://ow.ly/gYxc

]]> By: AgentGeniushttp://agbeat.com/editorials/real-estate/impact-of-the-hvcc/#comment-85669 AgentGenius Fri, 10 Jul 2009 22:22:10 +0000 http://agentgenius.com/?p=15289#comment-85669 <span class="topsy_trackback_comment"><span class="topsy_twitter_username"><span class="topsy_trackback_content">#agnow [...] rules is wearing off. While there are still clearly problems with the application, it is clear that th... http://cli.gs/AmDQv</span></span> #agnow [...] rules is wearing off. While there are still clearly problems with the application, it is clear that th… http://cli.gs/AmDQv

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