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appraisals: What Happens if We Get a Low Ball Offer on Our Costa Mesa Home? - 05/09/12 04:12 AM
MAKE A COUNTER-OFFER!
MAKE A COUNTER-OFFER!
MAKE A COUNTER-OFFER!
Neither listing agents nor home owner sellers know the motivation of a prospective buyer making an offer far below the list price. 
A few hints that indicate the offer is coming from a serious buyer would be a written offer prepared with all addenda.  Few agents are going to spend the time and energy to prepare a fully filled in written offer to buy with pertinent addenda for a buyer who is simply testing the market or testing the home seller.
On the Other Hand, if a listing agent receives a short … (12 comments)

appraisals: LOW APPRAISAL A PROBLEM?? LISTING AGENTS COULD HELP APPRAISERS WITH ACCURATE MLS INFORMATION. - 12/13/11 04:58 PM
LISTING AGENTS COULD HELP APPRAISERS WITH ACCURATE MLS INFORMATION.
Inspired by Bryan Robertson in Should foreclosures and short sales be used in appraisals? (or CMAs?)
SOMETIMES SHORT SALES AND REOS ARE THE MARKET.  They can't be ignored.  Bryan illustrates the danger of appraisers including short sales and REOs to appraise regular home owner sales. 
It doesn't have to be this way and appraisers are not responsible. 
DOES THE MLS LISTING REPORT GIVE A GOOD DESCRIPTION??  If listing agents would simply take the time to be accurate in the Listing Report, appraisers would have the facts with which to make the appropriate … (13 comments)

appraisals: Buyers Agents: Are you sure your buyer is qualified? - 10/05/11 04:38 PM
I get it.  I know the difference between a loan pre-qualification, a qualifying letter, a pre-approval, an approval and a loan commitment.
First off, all are "written in the wind".   There are no guaranties that the buyer will close just because we get a piece of paper from a loan officer/mortgage company/bank. 
A loan pre-qualification isn't worth the paper it's written on.
A loan qualification is find for agents who can't compute a price range but has no value beyond that.
A loan pre-approval isn't going to get a buyer to closing, it's not a loan approval.
A loan approval will usually have conditions … (10 comments)

appraisals: Part 2 of This needs to be seen by All Realtors regarding Appraisal Changes and what they mean - 08/14/11 11:37 AM
MORE APPRAISAL CHANGES!  MORE WORK FOR APPRAISERS AND LISTING AGENTS!! 
More risk for all.
The burden is going to be on listing agents to gather information from sellers or other sources to determine the age of any "improvements". 
THE BURDEN is also going to be on home owners to make sure that any upgrades or remodels performed on their home is don't WITH CONTRACTORS WHO PULL PERMITS.  So often, when I ask if this room, deck, basement build-out was done with a permit, the home owner has been advised by the construction company that "no permit is needed".
I'm not sure … (11 comments)

appraisals: If the Comparable Sales are so Crummy, Why Did They Sell (& You Didn't)? - 08/13/11 06:08 AM
HEY AGENT!!!  GET OUT OF THE WAY AND LET MY HOUSE SELL.
J. Philip sheds light on why some properties do not sell as quickly as they otherwise could/should have.  The AGENTS get in the way.
Brokering real estate transaction is not a personality parade. 
Comperables count.   Far too many contracts fail because the listing agent or selling agent has little comprehension of valuation.  I suspect that fewer contracts would fail due to low appraisals if brokers would take the time to help agents in their company understandd basic pricing procedures. 
One thing is for sure, that appraiser will use dispassionate procedures to … (5 comments)

appraisals: Appraisers Oppose Use of BPOs for Short Sale Valuation - 03/16/10 05:48 AM
THE BPO APPLE AND THE APPRAISAL ORANGE. 
What do you know??  Appraisers are objecting to BPOs for Short Sale Valuations.  Who would have guessed. 
One thing I know for sure.  I can value properties with the best of them and it's from years of experience selling real estate.  With experience and some study, some thing sink into the brain even of a real estate agent/broker. 
I'm not sure that the accusation that BPO agents are: " oriented, more to completing quick turn valuations than thorough examinations of the building structures."  is accurate. 
Most BPO agents of which I am aware are "from … (18 comments)

appraisals: Even Great Warriors Die In Battle - 03/09/10 05:35 AM
THIS ONE REALLY MADE MY BLOOD BOIL.  More about underwriters and the danger they can present to a transaction.

David Krushinsky (WJ Bradley Mortgage Capital Corp. Phoenix, AZ BKBR-0115165):  writes about underwriters requiring a second appraisal when a home OWNER has made significant improvements to their real property, then sells it:
"It's too bad because the consumer is the one who really loses."
THAT is precisely my point.  We have a bunch of incompetent government clerkels sitting behind a desk determining what should determine value of a piece of real estate and then a bunch of CYA underwriters misapplying that incompetent government clerkels' guideline
… (26 comments)

appraisals: HOW MANY WAYS CAN THE APPRAISAL KILL THE SALE? LET ME COUNT THE WAYS. - 08/19/09 11:54 AM
APPRAISERS are usually our friends.  I like appraisers.  I respect what they do.  I believe that appraisers are a critical element in the real estate industry including list/sale/finance/appraise/close and the many practitioners it takes to bring the deal together and complete the sale. 
HOWEVER, from time to time, we run into an appraiser who would appear be dedicated to killing a contract of sale with a "Condition" that will be totally impossible to meet and makes absolutely no sense.
AN APPRAISAL CONDITION THAT MAKES ABSOLUTELY NO SENSE.  One of the brokers in my network called me this a.m. with a bit of … (44 comments)

appraisals: DETERMINING MARKET VALUE ISN'T ROCKET SCIENCE. WHY TRY TO RE-INVENT THE WHEEL? - 07/18/09 07:12 AM
READ ON INMAN THIS MORNING, an article by Matt Carter about the recent complaints by real estate agents about appraisals needs some clarity from the perspective of a real estate industry representative, me.
Freddie Mac issues appraisal bulletin   Appraisers must have local expertise, choose 'appropriate' comps.
Requiring local expertise???? 
Choose 'appropriate' comps????
With few closed transactions in an area, an out of the area appraiser may select a comp for a home 2 miles away that would have a much higher or lower market value. 
.                    
The difference in market value for a subject home and a comp just 1 mile away could … (138 comments)

 


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