The Home Valuation Code of Conduct (HVCC) will be eliminated, thanks to a bill signed into law by President Obama.
HVCC was enacted in 2009, and has been a big issue in the appraisal battle many home sales have been experiencing.
In June last year, Tasha Linton and I wrote about how HVCC Could Negatively Affect Towson Home Values , because the appraisers assigned are the lowest cost one available, not necessarily from the area. Real estate is very local — for example, Towson neighborhoods are very unique — sometimes even street-by-street! An appraiser from outside of Washington, DC will not understand the neighborhood nuances, and this could tremendously effect an appraisal value.
The HVCC going away is a huge relief to many in the real estate community, and homeowners should be very pleased as well.
HVCC will be phased out over the next 90 days, with the end of October closing this sad chapter in real estate housing history.