In the normal course of the marketplace, a consumer will purchase a product or service and the retailer has the right to set a price. There is virtually no negotiation on price between the retailer and the consumer. The real estate marketplace operates in a significantly different manner with the seller setting a price. The buyer and seller negotiate and reach agreement on price.

1. Why should the parties to the negotiated agreement bring in the third party (appraiser) to independently and impartially a written statement expressing an opinion of defined value?
2. Secondly and equally important to this discussion (in response to the 2008-2009 mortgage crises), new appraisal rules-The Home Valuation Code of Conduct (HVCC) went into effect.The appraisal rules have been evolving since the mortgage mess of 2006-2008 and now the HVCC has been superseded on July 10, 2010 with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. What has been the long term impact of on-going changes to the appraisal process?
3. As part of this discussion thread, you are required to contact a local appraisal company to determine the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on the home buying process.In your discussion with a licensed appraiser, ask questions as to the impact of Dodd-Frank Act have had on their career field. In addition, ask what are the educational and licensing requirements to become a licensed appraiser in their of record state; be aware that each of the 50 states and all US Territories has state specific licensing requirements.