HVCC , the Home Valuation Code of Conduct, has recently gone in to effect. The thought behind this, as far as I can tell, is to protect the consumer from lenders, Realtors and appraisers working together to set a price on a property or home. While at first blush this may sound like a good idea, protect consumers, the ability for Realtors, lenders and appraisers to work together to help a client purchase a home in an expedient manner has been hampered.

Tom Vanderwell, who writes Straight Talk About Mortgages, yesterday wrote a post at Bloodhound Blog explaining the new HVCC.  Tom managed to put a understandable spin on a new layer of bureaucracy by explaining what the HVCC means to loan officers, Realtors and consumers.

A few points in specific to the Page Lake Powell Real Estate market and how I see the HVCC changing our process.

We are isolated – very isolated with only a few appraisers on hand. If  lenders are going to increase their use of AMC’s (appraisal management company) which frequently work by county, we could be seeing appraisers getting called from Flagstaff.  I don’t feel there is a appraiser in Flagstaff that would know enough of our Page market to give a correct appraisal – being 130 miles away but still in the same county.

Not to mention there are probably not many Flagstaff appraisers who would willingly make the journey to Page.

Bottom line for Page and the Lake Powell area – appraisals may take a bit longer, communication needs to be routed properly, consumers are more than likely going to pay a bit more – but the job will get done in a timely manner if everyone stays on task.

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