- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (9)
- Brent McDonald, "brentmcd"
- Contributions:6
Unfortunately not.
The new HVCC appraisal regulations recently established are very rigid.
Please don't hesitate to phone me directly at 480-444-7146 if I may be of service to you in any way.
Warm Regards,
Brent McDonald
Senior Mortgage Consultant
The new HVCC appraisal regulations recently established are very rigid.
Please don't hesitate to phone me directly at 480-444-7146 if I may be of service to you in any way.
Warm Regards,
Brent McDonald
Senior Mortgage Consultant
- W.J. Bradley Mortgage Capital, "serviceoriented"
- Contributions:42
- Reba Haas, "reba_haas"
- Contributions:620
I've heard of appraisers in WA State who have been losing income because of the changes taking a new tact to earn income, they're selling their services to prospective sellers (and their agents at times) to use them as a way to set the price for market. They figure that if they do an appraisal that it somehow has more validity than the CMA (comparative market analysis) that an agent would prepare.
Take that for what you will, but if you had an appraisal done to try and set and then substantiate your on market price, you may have just paid for something you didn't really need and that won't be as effective as you'd hoped.
Take that for what you will, but if you had an appraisal done to try and set and then substantiate your on market price, you may have just paid for something you didn't really need and that won't be as effective as you'd hoped.
- Reba Haas, "reba_haas"
- Contributions:620
If you chose to do an appraisal to get value on the property before going on market, then you may have done yourself a disservice. The banks are not required to accept that appraisal, and most won't. Especially with the changes in the financing industry this year. See the pasted in story below that went into effect in May that impacts our industry:
On December 23, 2008, New York State Attorney General Andrew M. Cuomo, Fannie Mae and Freddie Mac (government sponsored enterprises) announced the final agreement of the Home Valuation Code of Conduct (HVCC). The agreement establishes standards on solicitation, selection, compensation, conflicts of interest and appraiser independence. The HVCC became effective May 1, 2009, for any mortgage that will be sold to the GSEs. Federal Housing Administration (FHA) and Federal Home Loan Bank (FHLB) mortgages are not covered in the agreement.Real estate agents, including REALTORS®, and mortgage brokers are prohibited from selecting appraisers. Lenders are permitted to use "in house" staff appraisers to conduct appraisals. However, the loan production staff is prohibited from (1) selecting, retaining, recommending, or influencing the selection of an appraiser for an appraisal assignment or for inclusion on an appraisal roster and (2) having any substantive conversation with an appraiser or appraisal management company regarding valuation, including ordering or managing an appraisal assignment. The Independent Valuation Protection Institute (IVPI) will establish a telephone hotline and E-mail address to receive complaints from appraisers and users of appraisal services on the improper influence or attempted improper influence of appraisers.
On December 23, 2008, New York State Attorney General Andrew M. Cuomo, Fannie Mae and Freddie Mac (government sponsored enterprises) announced the final agreement of the Home Valuation Code of Conduct (HVCC). The agreement establishes standards on solicitation, selection, compensation, conflicts of interest and appraiser independence. The HVCC became effective May 1, 2009, for any mortgage that will be sold to the GSEs. Federal Housing Administration (FHA) and Federal Home Loan Bank (FHLB) mortgages are not covered in the agreement.Real estate agents, including REALTORS®, and mortgage brokers are prohibited from selecting appraisers. Lenders are permitted to use "in house" staff appraisers to conduct appraisals. However, the loan production staff is prohibited from (1) selecting, retaining, recommending, or influencing the selection of an appraiser for an appraisal assignment or for inclusion on an appraisal roster and (2) having any substantive conversation with an appraiser or appraisal management company regarding valuation, including ordering or managing an appraisal assignment. The Independent Valuation Protection Institute (IVPI) will establish a telephone hotline and E-mail address to receive complaints from appraisers and users of appraisal services on the improper influence or attempted improper influence of appraisers.
- Ryan Shaughnessy, "RyanShaughnessy"
- Contributions:229
In this market, lenders are going to order their own appraisal from their approved or preferred list of appraisers. This is especially true if it is a bank. A mortgage broker may re-use an appraisal if the appraiser is on their approved or preferred list.. However, a bank is less likely to permit the reuse. I have only seen appraisals re-used recently where it was a mortgage broker, the appraiser was on the mortgage broker's approved list, timing was crucial to the closing of the deal, appraisal was reassigned or endorsed to the new lender, and the appraiser conducted a re-inspection of the property and issued an updated certifying that there was no change in the condition and/or value of the property.
Correct me if I am wrong, but the appraiser would have to 'reassign' the appraisal to the lender anyway- and that means that appraiser would be on the hook for ANY inaccuracies. It would have to be a SUPER clean appraisal (no large adjustments to value, no "comps" outside a very close radius), and the appraiser would have to be licensed and approved with whichever lender you decide to work with- as Rob states below.
Why did you order the appraisal?Â
Why did you order the appraisal?Â
- Dave Mason, "DebtFreeDave"
- Contributions:1315
They should be good for 90 days....
- Clay Branch, "Georgia Loans"
- Contributions:7809
I agree with Robert unless I knew the appraiser. Even if I knew them, they will still have to put the appraisal in my company's name and they may have to see the property to make sure it didnt burn down, etc., which will involve a fee. Would also have to check comps again to confirm value.
- Robert W. Szumilas, "Polaris Funding"
- Contributions:40
I don't speak for all lenders or banks, but I would not. The reason for this is that your appraisal may be biased to a predetermined value, and I don't want to provide a bad appraisal to an underwriter. Also, there is no guarantee that the appraiser you chose is approved by any bank I work with. The bottom line is If you came to me, or any mortgage consultant or bank loan officer I know, a new appraisal would be ordered.
Will lenders accept an appraisal we (not the lender) ordered if it's within the last 30 days?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.