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Another change to the home purchase process

May 10th, 2009 · No Comments · Appraisals in Macomb County MI, macomb county MI

One of the new changes to the process that occurs during home buying has been implemented:  HVCC – the Home Valuation Code of Conduct – went into effect on May 1st of this year.

If a home buyer is using a conventional mortgage (not FHA or VA) the appraisal that is ordered will now be subjected to much stricter rules in order to ensure that it isn’t tainted by pressure from mortgage lenders, real estate professionals and home buyers.

Please read the link above for the full explanation from Freddie Macs website.

What will I be watching for as this new change is implemented?

* The time it takes an appraisal to come back to the mortgage lender.

* The cost of appraisals.

Currently I have a buyer that is purchasing a home right now that is the *first* for me going through this new appraisal process.  I’ll keep you updated if there appear to be any delays or glitches as it goes through processing on the appraisal end of things.

Kris Wales – A partner for your real estate needs in Macomb County MI
Search homes for sale in Macomb County MI with MLS provided data


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Important copyright information: All photos were taken by Kris Wales. Do not copy and use photos for your own use, whether it be for personal or commercial purpose. All articles were written by Kris Wales. Once again, do not copy and use for your own purposes. Important disclaimer: Views expressed on the blog by the author and commenters do not express the views of Keller Williams Realty. All information contained is deemed to be reliable at the time of posting but not guaranteed.