Appraisal Issues and the National Association of Realtors

The National Association of Realtors (NAR) basically sums up the appraisal issues this real estate market is working through. In my opinion, external influences seem to be muddying the waters right now. When we eventually return to (or swing past) a true, fair "pure" market, I expect it to work itself out reasonably quickly. In the meantime, hold on for the ride...

Please spread the word on this issue. We are warning every client we work with that this is a very serious problem for everyone right now.

reblog..

To: All REALTORS®
From: Charles McMillan, 2009 NAR President
Re: Appraisals

Dear Fellow REALTOR®,

During the past two months, we have heard from many of you regarding problems with appraisals that are causing deals to be delayed or canceled altogether. I assure you that we on the NAR Leadership Team are experiencing the same problems in our businesses. In fact, VP & Liaison to Committees Steve Brown recently shared his experiences in Ohio on the Voices of Real Estate blog.
http://narblog1.realtors.org/mvtype/president/2009/06/all_is_not_quiet_on_the_midwes.html

Let me update you on what NAR is doing to resolve these problems quickly.

On Monday, June 29th, I will be in New York to meet with the Deputy Attorney General and his staff who worked directly on the Home Valuation Code of Conduct. I plan to share our concerns, as well as your stories, and ask for their assistance in resolving any problems related to the HVCC.

On Tuesday, June 30th, I will travel to Washington, D.C., to meet with the Director of the Federal Housing Finance Agency to discuss ways we can work with Fannie Mae, Freddie Mac and lenders to ensure that appraisals are accurate.

We will keep you posted on the outcome of these meetings. In the meantime, I encourage you to check out the following resources on Realtor.org for more information on the HVCC and how appraisal problems are impacting the real estate market:

Economists Podcast
http://www.realtor.org/research/research/research_podcast062309?LID=RONav0021

HVCC
http://www.realtor.org/government_affairs/gapublic/gses_hvcc_announced

Appraisal Blog
http://narblog1.realtors.org/mvtype/appraisalinsight/

On behalf of the entire Leadership Team and staff, I thank all of you who have shared your experiences and concerns with us. With your continued participation, I believe we will overcome this challenge in much the same way as we have conquered others – "United Toward Tomorrow."

Sincerely,
Charles McMillan
CIPS, GRI
2009 NAR President