We are entering week 4 of the comment period on the proposed hybrid guidance document. With only 1 week to go, please post your comments now. As of this writing, only 11 comments have been posted. What are you waiting for?
As most of you know, hybrid or bifurcated appraisals are a very controversial topic currently. Virginia statutes and regulations have language which gives many of us pause on the compliance of hybrid appraisals as they are being presented in the industry. The Board has published a proposed guidance document in the hopes to clarify the language in our laws. Unfortunately, the proposed guidance document falls short of providing any meaningful guidance or clarification.
Per Virginia statute, the document has been published on Virginia Legislative Town Hall for public comments. At the end of the comment period, it is our understanding the Virginia Real Estate Appraisal Board will have an opportunity to revise the document prior to it being adopted by the Board for publication.
VaCAP has posted comments as an organization, however, we encourages each of you to add your own comments about the proposed hybrid guidance document as well. Take the time to really analyze the statutes and regulations that are impacted and make sure any doubt of compliance is addressed in your comments.
Public trust is at the forefront and consumer input is imperative. Please have a conversation with your friends and neighbors about hybrid or bifurcated appraisals. Ask them to comment. Not one consumer we are aware of has thought a hybrid of bifurcated appraisal was a good idea!
The comments are limited to 3,000 words and the comment period ends on June 26, 2019. You can access the Proposed Guidance Document and comment here.
Honesty in Real Estate Petition.
Does this sound familiar? Although the focus is not on appraisal fees, the appraisal fee certainly is part of their effort for transparency. Consumers are being victimized once again by technology companies looking to make a quick buck. Frank Garay and Brian Stevens have spelled it all out on the petition website.
Membership to VaCAP renews each June and remains at $84 per year. We represent Virginia appraisers as one of the leading coalitions within the Network of State Appraisal Organizations, currently 31 members strong. We are members of the Appraisal Foundation Advisory Council, attend meetings of the Association of Appraiser Regulatory Officials and attend State Appraisal Board Meetings. We initiate and lobby for legislative actions when necessary and communicate with State and Federal Representative on relevant issues concerning the profession.
Perhaps the most noticed benefit of VaCAP is our communication. We regularly send out information to our members and others in our database on issues important to the profession. We continue to update our Facebook page, LinkedIn page and have recently established a Twitter account. Our communications have been called “cutting edge and extremely timely” by several other appraisal organizations. Although our communications are copywritten, we encourage everyone to share, just give VaCAP credit please.
Once again, membership can be renewed online from our website. We have streamlined the application and provided a direct link for payment.
Thank You for Being Part of VaCAP!