Consumers are often confused by the process used by appraisers. The podcast included in this post includes an interview with Scott Murphy of D.S. Murphy & Associates. Scott is one of the most respected appraisers in the industry. He has personally performed over 17,000 appraisals and was appointed to the Georgia Real Estate Appraisers Board.
Scott estimates that Atlanta home values have dropped by 10-25% since the peak in July of 2007 depending upon your local area. As always, real estate is local and every market is different. Scott suggests that many of our local markets are now stabilizing and showing some signs of recovery. However, that may not be reflecting in the appraisals used by lending servicers.
Scott discusses big changes with the new HVCC process and the new 1004MC form. He also makes specific recommendations for sellers and real estate agents to impact the process.
Prudential Georgia Realty agents are receiving specific training on this process and using the right information tools for CMAs (competitve market analysis) and the 1004MC forms.
Podcast Available Below
Play the podcast from this article
