Recent upheavals in the appraisals arena and the new Home Valuation Code of Conduct (HVCC) are contributing to too many sales falling through the cracks.
According to National Association of REALTOR's® (NAR) Appraisal Survey in June 2009, 37 percent of home buyers and sellers have experienced at least one lost sale as a result of the new HVCC. The report also pointed to:
- Higher Fees
- Lower Quality
- Longer Wait
Click here for the full report from NAR.
If you encounter these problems and find your contract’s viability hinging on a low appraisal, don’t hesitate to bring additional comps to the appraiser. Also, read Tactic 12: Bulletproof the Transaction in SHIFT: How Top Real Estate Agent Tackle Tough Times for more solid strategies on protecting your transactions.
For more on the HVCC, visit www.realtor.org/hvcc.
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