Real Estate appraisals have always been a bit of a wild card. Without regulations, appraisers can often directly impact the sell price of homes which delays transactions and changes prices. While our Pullman appraisers don’t contribute to the problem, the industry has placed a lot of pressure on real estate appraisers. Lenders always want “high” numbers and buyers always want “lower” ones, making it really difficult to remain impartial. A recent ruling (Dodd-Frank Wall Street Reform and Consumer Protection Act) has helped to refine some of the rules. The ruling will help protect consumers by standardizing rules for real estate appraisals, and provide more resources for oversight and enforcement.
According to a statement from NAR (The National Association of Realtors) the ruling will help strengthen appraiser independence, Provide more guidance for HVCC (Home Valuation Code of Conduct), and regulate appraisal companies. Most buyers and sellers tend to forget about real estate appraisals, but they are fundamental to a deal closing, and a poor appraisal can derail an otherwise closed deal! Part of the List it & Sell it Advantage is making sure small things (like real estate appraisals) don’t derail or lengthen our deals. I only work with the top appraisers in Pullman, ensuring correct home values and quick transactions! These new rules, and several existing ones, are really designed to make the real estate experience better for consumers! When you’re looking for the perfect home, we want to ensure you pay the right price!
Real estate appraisals are a vital part of our industry, and help Realtors get the best deal possible. If you have additional questions about the changes, or are interested in selling or buying your home. Call me, I would love to help your family find the perfect home on the beautiful Palouse!
Check in later this week for my Q&A column, hosted on Facebook.