Real Estate in Government!
Real Estate Update with Cheryl Marlow
770 KKOB AM’s Residential Real Estate Specialist!
I try to make trips up to Santa Fe to be involved with Legislative hearings that effect real estate and lately my trips have been dealing with Senate Bill 138. Basically, it’s an amendment to the Appraisal Management Company Registration Act which was originally created to “protect” the public and “protect” the authenticity of the home valuations. But, it’s not working and unfortunately the opposite is occuring.
We absolutely need this bill to go through because a family’s most important asset is their home! Imagine you sold your home and purchased another and then your buyer walks away because a less experienced appraiser improperly values your home. So therefore you get a less experienced appraiser which creates a problem in valuation. Is that fair to you? Absolutely not!But this is the very unfortunate reality of what’s happening to many people every day!
Not only does this kind of thing affect a seller, but it also affects buyers! Imagine that you’re a buyer and you can’t get the financing on a home due to a faulty appraisal. Is it fair to you that your mortgage company is now requiring more of a down payment in order for you to make the purchase because of that inaccurate appraisal? No, it’s not. I think you can see how critical it is that we hire appraisers who specialize in specific areas. It doesn’t benefit anyone to hire the lowest bidder and end up with an appraiser who’s unfamiliar with certain areas or types of properties because at the end of the day, it could cost the buyer and seller the loss of acheiving their real estate goals.
Now for some Good News!! All 40 Senators voted in favor of this bill so far because they realize the negative ramifications that could surface if it’s not passed. It’s imperative that we take action before it’s too late. So, let’s help our Senators continue to fight the good fight by voicing our concerns! As a buyer or a seller, it’s always important to educate yourself about legislation that could potentially effect you. For more information about this particular bill and others, you can go to www.nmlegis.gov or of course you can email me at cheryl@cherylmarlow.com.
Cheryl Marlow
Cheryl at the Governor’s office while Governor Richardson signed Senate Bill 138 that Cheryl helped to get passed! The law creates accountability and requires geographic and product competence for appraisers and Appraisl Management Companies to adhere to.
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