After my blog of “We can all breathe a sigh of relief that FHA won’t be adopting HVCC” I found out today that FHA has decided to adopt HVCC as of January 2010! As a Realtor in Northern Virginia with Exit 1st Choice Realty, we are all struggling to get the housing market into recovery mode. The biggest burden in this market is for sellers owning non distressed properties, who would like to sell their properties for various reasons-usually due to changes in their lives. The sellers have a minimum financial goal that needs to be met. If it’s unreachable in this market, they will usually wait to sell. When we have a larger proportion of non distressed properties on the market, we will know that we have turned the corner to recovery.
This news that FHA will be adopting HVCC may not be good news for the market. Here is an article by Mary Thompson, an appraiser from Georgia: http://activerain.com/blogsview/1246425/huge-fha-news-fha-is-adopting-hvcc-as-of-january-1st-get-ready-for-change
Read my previous blog on the HVCC to see how this code can affect a “regular” sale. http://househunterforyou.com/metrorealty/?p=118
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