February 2009

Dear Friends,

In an effort to keep you infomed we wanted to provide you with some important news about appraisal process chnages and the most recent sales data in Marin County from Q1 of 2009. To view the sales information, just click on the link below.

Appraisal Process Changes Taking Effect on May 1, 2009

There is also some additional news about changes in the appraisal process. Effective May 1, 2009 the new HVCC law goes into effect.

Here’s what it does:

Loan officers will no longer order appraisals. Instead they are ordered through appraisal management services. Each lender has a relationship with one or more of these services. Appraisers are, in turn, approved with one or more of these services.

Buyers will pay directly for appraisals upfront. Most likely they will do this through giving the loan officer their credit card info or possibly paying by check in the name of the appraisal service at the time the appraisal is performed. Loan officers cannot take funds from the borrowers OR submit a bill to be paid at escrow.

Appraisal reports will be anonymous at the time they are done. Loan agents will not ever see the reports. Borrowers will eventually be able to obtain a copy but not through their loan officer.

We hope that you find this infomration is helpful and we look forward to talking to you soon,

Sharon Kramlich
Top Producer
Pacific Union Real Estate | Estates Division
415-609-4473
skramlich@pacunion.com
www.sharonkramlich.com
.

Marguerite Burbank
Top Producer
Pacific Union Real Estate | Estates Division
415-613-5254
mburbank@pacunion.com
www.pacunion.com/margueriteburbank
.

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