I need to start by saying that there are countless appraisers in the Albuquerque area that are doing everything they possibly can to be placed in the appraisal pool, and work to the best of their knowledge to complete a fair appraisal. I have several friends and business partners that are honest hard working appraisers and would not falter if their life depended on it. However lets look at the bigger nation wide picture. Potentially $1.7 trillion in home equity has been lost nationally due to the HVCC (Home Valuation Code of Conduct) This is significant because you will often have an appraiser conducting the appraisal that lacks the necessary local knowledge to properly assess your home and give it full value. It forecloses on your right to choose who performs services for you, it encourages shoddy work by not allowing appraisers to be compensated fairly for their work and actually takes away accountability for the appraiser as they have no motivation to perform the full scope of work necessary to offer a fair valuation of your property. What can you do about it? Hopefully if you just purchased your home, or refinanced your property you found no flaws in the new system. Fannie Mae has a new HVCC specific form for complains: you may phone 800.732.6643 for more information.
Many Blessngs,
Dawn
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