CVMM 5/13/09
The Central Valley Marketing Meeting on May 13th, 2009 was hosted by ADT Security and had over 80 agents and affiliates in attendance. Thank you so much for joining us! (Woooohoooo!)
Nino Pascolati of Keller Williams, Modesto announced the upcoming Property Tour scheduled for Wednesday, May 20th at 9:00 a.m. leaving from the Central Valley Marketing Meeting at the Masonic Lodge. The tour has a variety of properties scheduled and we will be catching the excitement on film. Please contact Nino with any of your questions or to submit properties to the tour at (209) 613-5773.
Nate Terry, Keller Williams Realty Modesto announced "Red Day". For more information, please visit www.kw.com/redday.
Jeff Lundquist, Prudential California Realty, presented on the current status of property statistics demonstrating the trends in inventory, pricing and DOM. Thank you, Jeff, for the informative overview!
Guest speaker, Rich Paddock of Paddock Appraisals presented on the current changes in the appraisal industry. A summary of the presentation submitted by Paddock is below:
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What is the HVCC?
By Rich Paddock
The HVCC is the result of a 2007 lawsuit between First American, and it subsidiary, eAppraiseIT. The lawsuit, filed by the Attorney General of New York, Andrew Cuomo claimed that eAppraiseIT had conspired with Washington Mutual to “inflate real estate appraisal”.
Some of the affects of the HVCC on Realtors® are:
1. Borrowers may pay more for appraisal services because an AMC is now in the mix.
2. Due to low fees paid to the appraiser, the appraisal report may not be reliable.
3. The turn-around time on appraisal reports may increase due to the added layers of bureaucracy.
4. Lenders and Realtors have restrictions in discussing the purchase with the appraiser.
5. There is limited recourse if the appraisal does meet with the approval of the parties to the transaction.
How can Realtors® adjust?
1. Insure that the lender uses a local, competent appraiser who is familiar with area and nuances of the market.
2. Use a lender that has an “in-house” appraiser selection process in place and uses local appraisers.
3. Develop a relationship with a local appraiser to aid you in disputing an appraisal report.
In Summary:
The HVCC is a civil agreement between Cuomo and Fannie/Freddie. It may be modified or eliminated through legislation or the market. If you run into problems that are caused by the HVCC please contact the National Association of Realtors®, as they are advocating changes in the process.
If you have any questions, or would like a copy of the HVCC, contact Rich Paddock by email at Rich@PaddockAppraisal.net or call 209-551-3110.
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Mike Salemme of Affiliated Mortgage Partners left the group with the “Positive Thought of the Day” with a reminder that no matter what happens in a day, transaction, or moment, the one thing that people don’t forget is how you make them feel. Thank you, Mike!
COMING UP: County Supervisor, Jeff Grover, will speak at the Central Valley Marketing meeting next Wednesday, May 20th. Mr. Grover has been actively involved in Stanislaus County business and civic organizations for a number of years, including serving as a member of the Board of Directors of the Modesto Commerce Bank, Modesto Chamber of Commerce, the McHenry Mansion, Doctors Medical Center Foundation, the Salvation Army Advisory Board, and the Modesto Rotary Club. Civically he has served on the City of Modesto Planning Commission, the City of Modesto Board of Zoning Adjustments and was a Stanislaus County Grand Jury foreman. He currently holds the elected office of Stanislaus County Supervisor, re-elected to a second term in November 2006.
Join us after the meeting to kick off the return of Property Tour Modesto!