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Appraisers & Sales Agents – Congressional Testimony (Modernizing the Appraisal)

Appraisers & Agents,

We’ve reached the point in our Philadelphia real estate market life cycle where agreed upon sales values are frequently not supported by historical data. Multiple layers of appraisal regulatory requirements are extending completion times and delaying settlement dates. These factors are creating issues between transactional parties with blame often placed on the real estate appraiser.

Complicating matters, have been increasing and costly professional licensure requirements that has resulted in a lack of new appraisers entering the profession; and a lack of competent or credible appraisers. As a certified appraiser or licensed real estate broker/agent, it is crucial that you understand the current state of affairs and play a role in shaping them.

This past Wednesday, a Congressional hearing was held on “Modernizing the Appraisal”. Several organizations (Appraisal Subcommittee, The Appraisal Foundation, Appraisal Institute, National Association of Home Builders, and others) were able to testify. It is a lengthy video, though relevant to remain educated and participatory for both appraisers and agents. It is now available to watch online.

A link describing the “Subject of the Testimony” is:

http://financialservices.house.gov/uploadedfiles/111616_hi_memo.pdf

The link to view the hearing is below.  The hearing starts at the 10:25 mark (it is a static screen before that).

https://www.youtube.com/watch?v=_XwhTQsguYI