When you don't think the valuation that you paid for is accurate you can spend some time and effort yourself to validate the results.

What is HVCC The Home Valuation Code of Conduct was brought to life by New York State Attorney General, Andrew Cuomo

NAR's decsion to attack the HVCC via the NY Attorney General's Office and FHFA to bring appraisals more in line with sales contracts is not beneficial to the appraisal industry.

After the Savings and Loan crash in the late 1980's, appraiser licensing was put into place in 1991 by the federal government in an attempt to avert another banking disaster.  Here we are, however, in 2009 with a much larger banking disaster to deal with.  So clearly the original plan for appraiser licensing has ended in failure.

Today marks a major change in the lending landscape and the way loans are sold to Fannie Mae & Freddie Mac

Most appraisal assignments direct the appraiser to form an opinion of the market value of a specific property. If you are familiar with appraisal definitions you know that most market value definitions indicate that market value is the “most probable price” that a market participant will pay for a property. So in most instances appraisers have to consider value as an anticipation of future benefits.

Since federally insured lenders now often don't need a full appraisal report, demand has strengthened for broker price opinions (BPOs) in many states. Appraisers have seen real estate agents getting valuation work that they assumed would belong to them, so a move is on to find an appraisal product that will allow appraisers to compete for the work.

Standard appraisal methods are generally sufficient to appraise "green" buildings, and a short discussion of some notable differences between typical building appraisals and "green" building appraisals has been outlined in the following paragraphs:

HVCC (Home Valuation Code of Conduct) being implemented on May 1, 2009 residential real estate appraisers are about to enter a new business environment.  Gone are many of the neighborhood mortgage brokers with whom appraisers used to work.  Here are new AMCs (Appraisal Management Companies) that are gaining control over the supply side of the appraisal market, and of course most of these firms have their hand out for a portion of the appraisal fee.

In 2009 residential appraisers are facing a number of challenges.  There are new FHA requirements and residential appraisers will have to comply with the Home Value Code of Conduct (HVCC).  They will, however, be provided with new opportunities that may carry them through the next decade.