Is Working All The time Making You Grumpy? - 06/29/08 01:55 PM
I see many Mortgage and Real Estate Professionals always "Self marketing" and looking for their next deal with their social affairs. Most notably on the children's sports events. My understanding is that some larger churches have such professionals as well.
While these professions require such a work ethic, does it make people grumpy? I often wonder when I talk with an agent that is rude or short with me. Did they do anything to relax? Do they have people that they do not talk business with, just personal events, sports or family? Does their family feel loved by them?
Some people … (20 comments)

Missouri Flooding! - 06/19/08 01:06 PM
I am marvelling at some of my neighboring cities to the north of St Charles, Missouri. I see small communities of Winfield, Elsberry, and Clarksville fighting for their existance, as the Mississippi River approaches them and wants them to fell her rath. I watch local news of massive sandbagging being done in efforts to fight the greatest river of North America. These are people that will not give up.
As the permanent levies along the river break, they just keep putting more and more sandbags between them and the Mississippi River. What a brave and determined bunch of people. Most have … (5 comments)

Does Anybody Believe Senator Dodd or Senator Conrad? - 06/16/08 11:03 PM
Both Senators in the last week have agreed that they received preferential treatment in obtaining mortgage loans, from Countrywide Home Loans. The special treatment is obviously becuase they are US Senators and neither seems to have known that such "Favors" were done for them by Countrywide CEO, Angelo Mozilo.
After reading about their stories in paper, they both checked their loan papers and saw they did receive favorable treatment. Neither knew of the favoritism handed to them. I am sorry, I do not believe either of them.
Thank you Senators, as you receive your special deals and have your back stratched … (3 comments)

Personal Property in the Sales Contract! - 06/15/08 04:03 PM
Ok you have a purchase deal completed and there a pool table and a some furniture included in the sales contract. You think to yourself "No problem, anything is possible if both parties agree in writing." If there is a mortgage involved, there might be a problem.
The Real Estate Appraiser must analyze the contract to understand the transaction. Real Estate Appraisers are required by FIRREA (Federal lending guidelines) and USPAP (appraiser's ethics) to analyze the contracts and comment on sales concessions and personal property. The personal property must be assigned a value. I know, we are supposed to be Real … (20 comments)

Missouri House Bill 2188 - 06/13/08 08:55 PM
Missour Governor signs House Bill 2188
This "Mortgage Fraud Law" appears have stiff penalties for those who hurt the public. This new law is designed to punish Mortgage Brokers, Real Estate Brokers & salespeople, and Appraisers, who perform things that are already illegal. These things are all well and good, anybody who hurts somebody else by fraud should be punished.
My question is where is the Mortgage Originators licensing legislation? If lawmakers really wanted to protect the public, we would have this profession regulated. Each and every mortgage originator should be tied to a standard of ethics that are designed to protect … (2 comments)

Check Your Shoes! - 06/12/08 09:30 PM
I got an appraisal order this week, it was in East St Louis, Illinois. I went there this morning, for the field observation.
About half way through the walk thru I started noticing a smell. I began to walk around each room and wonder where it was coming from. The smell stayed with me regardless of where I walked the smell was just as strong. I wondered if I stepped on a doggie land mine outside. I got outside and still smelled it.
I got in the car and closed the doors and drove away, then I noticed a neighbor burning a tree … (7 comments)

My Worst Appraisal Assignment, Ever! - 06/12/08 09:18 PM
Several years ago, I accepted an appraisal assignment in a area of Northern St Louis City. This is an are of the city with several vacant and deteriorated buildings. When setting up the appointment, I agreed to a 5:00 PM appointment. I had an earlier inspection, that day, and drove by my later appointment to snap exterior pictures. (This was back when we used 35mm film and one hour developing.) I wanted to save the cost of a role of film and developing. While I drove by the house that I was to inspect later that day, apparently I alarmed a … (5 comments)

Transferring An Appraisal From One Lender to Another! - 06/08/08 03:31 PM
You are trying to get a mortgage loan and you fall out with your mortgage professional or somebody offers you an overall better mortgage. You paid for your appraisal, it is yours correcct? No, your mortgage lender engaged the appraiser, for an appraisal report, and they are the client.
Many mortgage professionals, borrowers and REALTORs do not understand that by federal law (FIRREA act) the mortgage lender must engage the appraiser for an appraisal and be named as client on the appraisal report. Oftentimes appraisers hear "But you do understand, my personal check paid for that report, it is mine." Sorry, it just … (2 comments)

What Has to Happen Before We Are On Track? - 06/08/08 03:05 PM
I look at my home area of St Charles County, MO, and I see a market that is crippled by many things. (I often rant about negative news on real estate, however here I go.) This area is not unlike many other areas across the country.
I see many potential new home buyers that cannot qualify for a mortgage, due to the tighter credit market. HUD has stepped into other areas, however does not seem to want to lend additional help in the FHA program in this area. Mortgage insurance prices are up because of all the REO properties and the losses … (2 comments)

Thank You for the Invitation to Join. - 06/07/08 05:30 PM
I would like to thank Mr. Ives for inviting me into the Real Estate Professionals Group. I received the invitation this afternoon.
I am a Real Estate Appraiser in Eastern Missouri servicing The Metro St Louis area Missouri and Illinois. This looks like an interesting group of blogs and I look forward to reading and posting inside this group. I have learned much in a short time from my short time in the Actve Rain Community.
… (1 comments)

Bankruptcy Real Estate Valuation Report - 06/06/08 08:19 PM
In today's current economic conditions, bankruptcy has become a decision for many individuals. While this cannot be avoided by many, if there is real estate involved in the bankruptcy usually a valuation report is required. This is true for chapter 7 and chapter 13 bankruptcy.
The market value of your home should be based upon current market conditions and recent comparable sales within your immediate neighborhood market area. It should not be based upon a computer model or what the neighbor thinks it is worth.
The Most Common Definition of Market Value for Real Estate:

The most probable price that … (1 comments)

The Mortgage Professional Should Select the Appraiser! - 06/06/08 07:43 PM
Tomorrow morning I am going to perform an observation for an appraisal that was already completed. My second appraisal is in response to a first appraisal report which mentioned dirty carpet and floor coverings to be in overall below average condition due to dirty carpet.
I am told that a Real Estate salesperson asked specifically for a particular appraiser who performed an appraisal report within USPAP standards. The mortgage professional was not aware of any undesireable condition of the home until the report was received. Then the report did not include interior photographs, which were required by this lender. Appraiser did not … (9 comments)

The FHA Appraisal - 06/06/08 06:51 PM
The FHA loan has became popular, due to higher conventional mortgage insurance premiums and tighter underwriting guidelines. The FHA loan has became a more viable option for many borrowers in this current mortgage market.
The FHA loan does require a more detailed appraisal inspection on a FHA loan versus a conventional loan. The FHA appraiser must do a detailed check of plumbing fixtures, a sample of electric fixtures in each room of the home, a sample of windows in the home, check on furnace and air conditioning systems and the automatic garage door opener. The attic and any crawl spaces must … (0 comments)

I Was Looking for Some Positive News! - 06/06/08 12:45 PM
We just cannot get much of a break in the Real Estate Market. It appears everytime something good is reported in the Real Estate crisis, we get several reports to drown out the news.
I personally think that the media is talking down the economy and exaggerating in order to have influence on the Presidential & Congressional Elections in November. We saw economic news reported in a fashion similar to 1992, when Bill Clinton won the Presidential Election. Before he took office, he took credit for changing confidence in the economy.
This situation hurts us in the Real Estate Industry especially … (10 comments)

It Appears to be Difficult to Prosecute Those Who Have Hurt the Real Estate Industry. - 06/06/08 11:44 AM
I read story after story of banks and mortgage companies taking hard losses with excessive mortgage foreclosures. Many reports state that most of the foreclosured homes were not owner occupied, they were some sort of investment properties.
Such persons who borrowed money while knowing they really could not make payments after ARM's reset, I have little simpathy for. I do have simpathy for owner occupant victims, however these investors should have understand their risk and have hurt the entire country by causing investors to tighten their belts.
We punished Enron executives. If current laws are not strong enough to punish credit … (0 comments)

 

James Graner

Saint Charles, MO

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Residential Services: http://appraisalmo.com

Address: 1245 Cunningham Ave, St Charles, MO, 63301

Office Phone: (636) 916-4325

Cell Phone: (314) 277-3336

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