Frank Garay and Brian Stevens – Hosts of #1 daily Real Estate industry news program on the Internet:
www.TBWSDaily.com
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In a recent internet poll, real estate industry professionals were asked to indicate the value that was generated
by their last HVCC appraisal relative to the sales contract price that the seller and buyer had agreed upon.
With 57.7% of the sales values being lowered by more than 3% the results below highlight how dramatically
HVCC is artificially deflating the value and equity of every home in America.
| 32.9% |
At or above contract price. |
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| 9.4% |
Low - But by less than 3% |
| 13.8% |
Low – By between 3% and 6% |
| 16.2% |
Low – By between 6% and 10% |
| 17.2% |
Low – By between 10% and 20% |
| 10.5% |
Low – By more than 20% |
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False claims are being made that consumers are actually being helped by HVCC while self serving individuals and entities
within the real estate industry are the only ones complaining. For that reason, we need your documentable stories of "HVCC Victims"
in the comments section of the petition and don’t forget to check the box allowing the press to contact you about your story.
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Petition to Rescind HVCC
Please accept my contact information and electronic signature as my formal support for the following petition and my personal request to rescind HVCC.
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Since "Appraisal Management Companies (AMC's)" are taking up to 40% of the total appraisal fee, and are not being regulated to ensure that their appraisers are licensed and competent, we are seeing unlicensed and inexperienced individuals performing property inspections with grave data entry errors. These inferior appraisals are then being "signed-off" by other parties that NEVER INSPECTED THE PROPERTY and are creating unnecessary financial hardship for buyers and sellers.
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With mortgage loans being denied due to inaccurate appraisals, borrowers are being forced to apply with other lenders who in turn have to charge the consumer ANOTHER APPRAISAL FEE to proceed with the transaction. This vicious cycle can go on endlessly costing well intended clients a great deal of money and time.
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Under HVCC, no one involved in the transaction is allowed to communicate these major issues (EVEN LICENSED LOAN ORIGINATORS) directly to their appraisers. So countless real estate transactions that would have otherwise closed are now failing, resulting in continued property devaluation and offering NO stimulus to our economy with the exception of the unregulated AMC's who are making unjustified profits at the expense of home loan applicants and licensed, qualified appraisers.
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Licensed appraisers have legal and ethical standards in place already. The emphasis should be on making appraisers abide by these, rather than frustrating the ordering and communication process. This well intended legislation is severely misguided.
Although HVCC had good intentions, its flaws are severely hurting our housing industry, the consumer and our economy. We are requesting that HVCC be discontinued permanently, in order to stop the devastation it has caused and will continue to cause on our housing industry and our economy.
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Most recent signatures | View More Signatures
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Name
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Comments
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State
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County
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123,950
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Hudzinski, D.
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We recently ran into a problem after the appraisal came back with a lower value than the selling price. The sellers have lowered there asking price but now the loan team is stating that the appraisal COMPS do not support the value. This is a historic home which should add value b ut on the otherhand it is difficult to find COMPS. The lender is stating the appraisal is bad and we tried to supplied additional COMPS but the appraiser refused to incorporate them.
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WI
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WAUKESHA
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123,949
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Harding, L.
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Ruined sale of property after rehab. Appraiser came from 50+ miles away. Inaccurate comps used. Couldn't even find one used. It's hurting the market in a huge way, not just me personally. Appraisals are a joke.
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TX
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DALLAS
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123,948
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becker, i.
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my property appraised at 185k when in 2009 it appraised at 253k???
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IA
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POLK
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123,947
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powers, g.
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Get rid of this HVCC
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TX
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DALLAS
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123,946
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Tyler, G.
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CA
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SANTA CLARA
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