The most important thing: attorney Lloyd Gussis on appraisal reform

“You find a buyer out there, it’s like gold in the mine,” says Chicago real-estate attorney Lloyd Gussis, who talked to me recently about the changes he’s seen in the closing process over the past year. “Everything’s different. The mortgage market is incredibly different. The process takes longer.”

I asked him about the upcoming appraisal reform that will terminate the “Home Valuation Code of Conduct.”

It’s not going to make it any easier. It’s one of these situations where the horse is out of the barn. You’re too late. You’re trying to get money to flow and turn the economy around by making mortgages more available, but you’re making it more difficult.

The rules change on a bi-weekly basis. It creates uncertainty and distrust and frustration. The most important thing for buyers is that they stay patient.

About a year ago, Joe had an extensive conversation with Lloyd. Click here to view the playlist.

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