Monday, March 28, 2011

Oh What is An Apprasier to Do?

Well Four States (Illinois, Maryland, Missouri and Nevada) are trying to have legislation passed that would force Appraisers from using Distressed Home Sales. So NO foreclosures or short sales will be used as a comparable, that would bring home values down. Sounds Good for the Maryland Real Estate Values. But....

The Problem is that the Law contradicts the federal law which states they must obey the Uniform Standards of Professional Appraisal Practices. That law/code requires that Appraisers must use foreclosures and short sales values to come to an apprised value for Maryland real estate. If the appraiser does not follow the law/code of the uniform standards of professional appraisal practices, they can loose there licenses.

This could also create a problem with obtaining a loan because the banks will not see an appraisal done in any of these states as accurate data because it is appraised on a different playing ground then other states and they could avoid buying or offering these loans to consumers.

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