NAR to fight HVCC

If you are practicing real estate right now you know that the appraisal process change passed in to law in May is not working! Appraisers working in areas they don’t know, inexperienced appraisers, unregulated appraisal management companies. NAR isn’t speaking out in public but is laying out a strategy to lobby Congress to fix this bill. Charles McMillan, President of NAR say this new system is causing hardships and delays for both buyers and sellers with “delays in closings and cancelled sales, which result in artificially low existing home sales.” Sound like one of your deals lately. I know the agents in my office have had very strange appraisal issues of late and there is very little that can be done to resolve an inaccurate appraisal. NAR is somewhat pointing the finger at HVCC for slower than expected home sales for the summer.

This should be interesting, NAR against or with Mortgage Lenders, Appraisers and Congress depending on how you look at the situation. Stay tuned.