Residential Real Property Sales – Appraisals

Added provisions allowing sellers or their agents to provide comparable sales and cost approach information to appraisers during the sale process.

Added requirement that appraisers must accept and consider information provided by sellers under specific circumstances.

Added notification requirements where appraisers must inform lenders and buyers when appraisal values are lower than contract prices.

Added 2-business-day window for buyers and sellers to provide additional property information to lenders for appraisal reconsideration.

Added requirement that appraisers must consider cost approach methods when reviewing additional information for reconsideration.

Added provisions for refinancing scenarios where owners can provide additional information to lenders when appraised values are lower than expected.

Added requirement that all licensed appraiser training and continuing education must include information on these new appraisal requirements.

Modified the language around providing copies of additional appraisals to clarify they go to the requesting party at no cost.