House Appraisal & Divorce

Most states require a home appraisal to settle the division of property in a divorce. The home easily represents one of the largest marital assets, and the outcome of the property division often adds to the emotional trauma. In addition, marital property may include commercial or vacation property. To achieve an equitable distribution of property between the spouses, courts depend on objective appraisal valuations of all real estate assets that are considered marital property.

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Pros and Cons of Refinancing Appraisal

Many homeowners want to refinance their home loans in order to take advantage of lower mortgage rates. Before a loan is approved, however, the borrower likely will be asked to order a professional appraisal to assess the value of the property.

Even though appraisals are common, not everyone needs one to refinance a home, says Carolyn Warren, author of the book "Homebuyers Beware." That's because lenders sometimes participate in plans that allow eligible homeowners to skip the independent valuation, she says.

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The Top 5 Barriers to Buying a Home

Buying a home is worlds away from just a few years ago. In 2000, approval rates were around 90 percent. Today, the home loan approval rating has fallen to a mere 30-40 percent. While decreased access to credit is a byproduct of the recession (largely caused by lax lending and the ensuing defaults) and the subsequent financial reform, it doesn’t change the fact that one of the following situations may prevent you from buying a home:

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Obama Signs Bill Eliminating HVCC

When President Barack Obama signed the Dodd-Frank Act this week to reform the financial markets, the Home Valuation Code of Conduct (HVCC) was officially set for elimination in 90 days.

The Federal Housing Finance Agency (FHFA) implemented HVCC in May 2009 in an attempt to improve the independence of appraisers by prohibiting lenders and third parties from influencing appraisals. It’s a controversial regulation, leading to an increase in demand for appraisal management companies (AMCs) and complaints from independent appraisers who claim they’re being cut out of the market.

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The World According To Fannie Mae: More Updates To Its Appraisal Policies

Fannie Mae has updated its appraisal policies. Most of the appraisal related issues are effective September 1st. Here's an overview.

Inclusion of interior photographs in the appraisal report.

On or after September 1st, interior photos of the following must be provided: kitchen; all bathrooms; main living area; examples of physical deterioration, if present; examples of recent updates, such as restoration, remodeling and renovation, if present. This falls into the category of "about time."

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