Virginia is on the forefront of the issue and the comments will help shape the Virginia Real Estate Appraisal Board’s decision concerning these products.
From what we have observed in the comments, public trust and credibility of the information being provided are the two main issues of the hybrid appraisal. Several have mentioned the next housing crash will occur as a result of the use of these products and we can not argue that point as it has significant merit.
Appraisers, as each of you know, are the only unbiased person within a real estate transaction and appraisers are licensed, regulated and held to the Uniform Standards of Professional Appraisal Practice. Allowing unlicensed, unregulated, unsupervised individuals to provide significant assistance goes against everything appraisers do and the intent of FIRREA. This is also a question of compliance with Virginia Statutes and Regulations.
VaCAP knows other states are watching Virginia closely and are ready to follow our lead. Lets make sure the Virginia Real Estate Appraisal Board has your thoughts so they can make the right decisions for these products.
The deadline is tonight @ midnight.
Post your comment here.
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