The Home Valuation Code of Conduct
I recently went to a class about selling listings in a slow market. It was a course on blogging, internet marketing, listing syndication, etc. Great class but perhaps more important was something I learned there about the extent of the new HVCC laws. Sponsering the class was Mike the Money Man Mike Carpenter who prefaced the class with a summary of the new appraisal laws which are supposedly put in place to help people but in the end, all it’s doing is making a few companies rich, bloating the appraisal process and making it very questionable if your financing is going to fall apart or not.
Mike has generously posted many more details about this “great appraisal conspiracy” on his website. The punchline is, the more beuracracy and layers of absurdity you add to the process, the longer any housing recovery will take. This law went into effect on May 1st, 2009. It is too early to see the effect this will have on the market but I can predict it will not be good.
Mike has several action items posted in his article that you can do to hopefully help get this law repealed. I urge you to follow up with them but let me get you started. Please sign this petition.
Nice blog, Geordy! and great meeting you yesterday! this appraisal bizness is like a lot in our industry these days… The Great Pendulum Swing!
We went from fast n loose to over-regulated. We’ve gone from gonzo seller’s market and seller greed to the other extreme.
Swings in interest rates, Swings in markets, Swings seem to be the “new normal”.
On another note, your rant about lack of IR on I-phone is right on! Hint on Treo battery… buy a spare! the old Treo’s (300 and prior) had Even Worse battery life than the 600+series units, if you can believe that! you could actually SEE the battery life indicator falling before your very eyes!!
check out my blog, man! you’ve got a rocker here!!
Steven Wayne
http://www.SeattleFineHomes.com
http://www.RealEstateSeattle.com
Geordy,
Thanks for mentioning my article. The HVCC appraisal “situation” is quite the topic these days. Hopefully the petition will help the lawmakers see that we need a reasonable solution to the problems that HVCC is causing everyone involved in this industry not least of which is the end consumer.
Here is a WSJ article on the forces that caused the recent spike in rates. While this is old news to the blog-o-sphere, it is still quite topical.
Enjoy ~
http://online.wsj.com/article/SB124346921018160569.html
Mike Carpenter
Mike the Money Man
http://www.mikethemoneyman.com