STATEHOUSE (March 12, 2018) — Legislation co-authored by State Rep. Doug Miller (R-Elkhart) ensuring the appraisal process for real estate transactions is fair and timely could soon become law.
Miller said this legislation would require an appraisal management company to provide a real estate appraiser with a contract before evaluations are conducted. The contract must include details about the work involved, the date when the appraisal must be completed, and the terms and conditions for the payment of the real estate appraiser.
“Appraisers estimate home values and help unbiasedly determine whether a property’s contract price is appropriate,” Miller said. “Appraisal management companies do not perform appraisals, but work with lenders and appraisers to facilitate the ordering, tracking, quality control and delivery of appraisal reports. These companies sometimes add surcharges, which are passed along to consumers, and these consumers are paying excess appraisal charges despite appraisers charging relatively low fees.”
Miller said this legislation now being considered as a new law by the governor would quantify the practices and understandings for both the appraisal management company and the appraiser on timeframes and expectations for completion.
For more information on House Enrolled Act 1277, visit iga.in.gov.
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State Rep. Doug Miller (R-Elkhart) represents House District 48, which includes portions of Elkhart County.
A high-resolution photo of Miller can be downloaded by clicking here.
