Home Valuation for Today’s Seller
In today’s tough economy, sellers must avoid the pitfalls of the new home valuation rules. The Home Valuation Code of Conduct (HVCC) can delay financing indefinitely, and value your home inaccurately. These new rules have engendered a communication gap between real estate professionals.
These new regulations, however, can help exclude those who attempt to swindle the system. Although some HVCC-approved appraisers are allegedly undervaluing properties, the best indication of home value is still what a buyer will pay. Many real estate professionals believe the low valuations can be attributed to the glut of distressed properties on the market.
Since foreclosures and short sales common today, sometimes appraisers don't make the appropriate adjustment for new properties. The HVCC changes are driving some experienced appraisers to move away from mortgages. Hence there are many rookie appraisers assessing current property values.