Real Property - Residential Sales - Communications During Appraisal Process

Summary

The bill requires licensed appraisers to alert buyers, sellers, agents, and a designated point of contact if a preliminary appraisal shows the property value may be lower than the contract price or refinance estimate. Interested parties can then submit verified market data within two days, and the appraiser must consider it and document the exchange in an addendum. The measure aims to increase transparency and give stakeholders a chance to address valuation gaps before a final appraisal is issued.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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