Legal Hotline Advice Concerning FHA Inspections
Advice from the Virginia Association of Realtors Legal Hotline
Mack Strickland, a dedicated founding member of VaCAP, recently contacted the Virginia Association of Realtors Legal Hotline concerning FHA inspections. He shared with VaCAP his findings.
“I called VAR legal hotline, a service to all REALTORS (appraisers are REALTORS too if paying dues). I inquired about the liability of the FHA inspection protocol of operating appliances. The lawyers confirmed my belief that to reduce the appraiser’s liability as to operation of appliances and equipment is to have a responsible person present to operate the appliances for the appraiser. I have adopted this as a standard policy on all FHA/USDA assignments including HUD REOs.”
Thanks for sharing Mack!
New Legislation Anyone?
Each year the VAR Public Policy Committee (PPC) embarks on the long process to review, discuss and recommend legislative priorities for the next Virginia General Assembly session. The process begins with ideas being submitted by local associations and individual REALTORS®. Those ideas are researched and vetted by the PPC and VAR staff. Finally the recommendations are reviewed and ultimately approved in the fall by the Board of Directors at VAR’s Annual Convention. Contact str…@comcast.net with your ideas and suggestions. Make sure you explain why we need the legislation and provide any supporting documentation. Please have this submitted to Mack prior to June 10th.
AMCs’ Overdue Invoices and Returned Checks….
VaCAP has learned of a recent uptick in overdue invoices and a few returned checks from some AMCs. We cannot stress enough the importance of keeping up with your receivables, especially this time of year when we are busy. If an AMC stops paying on time, if the check they issued is returned for insufficient funds, these could be signs of trouble. We cannot tell you how to run your business, but we strongly advise you PROTECT YOURSELF and limit your exposure to only what you can afford to lose if the AMC goes under owing appraisal fees.
The Time Has Come Today
By Richard Hagar, SRA – Originally released in Working RE Magazine Spring 2016
The wheels of justice turn slowly, but grind exceedingly fine. After years of working with regulators and helping write several real estate laws and regulations, my experience tells me it can take years for laws to be adopted, the staff of regulatory agencies to be trained, and have that finally result in enforcement and lead to real changes. Appraisers are upset with how slowly enforcement actions have been brought against various AMCs… Continue reading
- AMC Engagement Letter: Appraisers Do Not Include Your Invoice - July 28, 2023
- We the People… - April 9, 2023
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022