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appraisal problems: Heaven help us, we are surrounded by idiots! - 04/04/11 08:47 AM
Heaven help us, we are surrounded by idiots!OUR LEGISLATORS ...... are concerned that foreclosures are 'skewing' housing market prices. Now? They are concerned now? After how many years, depending on the regional area has the market been this way?This is an article from DSNews.com that came out Friday I'd like to share with you:
"With foreclosure sales steadily rising, four states are concerned that the use of the foreclosure sale prices in appraisals of neighboring homes is distorting the market.Legislators in Illinois, Nevada, and Missouri have all proposed separate bills that would exclude or restrict foreclosure sales from being used as comparisons … (18 comments)
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appraisal problems: Appraiser Announces the Attic needs Inspection - 05/18/10 08:39 AM
Well there's always something! Had an appraisal done for one of my sales and the lenders processor just told me about 'the conditions' from the appraiser. Now this is a short sale so there was nothing wrong with the below market sales price, I guess I am irked by the comments and recommendations from the appraiser!1) Lights have to be working and all utilities have to be turned on. (Because he's afraid of the dark?)2) Attic needs to be inspected as well as the basement & crawl space. (Yep, it's true, he is afraid of the dark!)How lovely! What did … (11 comments)
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appraisal problems: What happened to the price difference between a Foreclosure and a 'Regular Sale'? - 12/07/09 05:09 PM
Recently I have been noticing a disturbing trend in low appraisals all across my area and I'm sure you have too. We are all having a hard time having a 'regular sale', if there is such a thing, get appraised out to the purchase price. There are many of you out there, mostly buyers agents, that don't seem to see a problem with this trend. I DO and here's why - no where in the appraisal guidelines do appraisers have to use REO's and foreclosures in an appraisal. Yep, that's right. By their own guidelines and policies the REO's and foreclosures … (149 comments)
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appraisal problems: Appraisal Survey from NAR - Please view your concerns on new appraisal HVCC - 06/24/09 10:19 AM
This came today to everyone in the Illinois Association of Realtors and the 2nd link takes you to a survey at Realtor.org that NAR is conducting. Asks questions about appraisal time for your area and costs to the consumers.
If you get a few minutes, please fill out the survey. If you don't voice an opinion - good or bad - how can things change!
Concerns about the Home Valuation Code of Conduct.
On May 1, Fannie Mae and Freddie Mac adopted the Home Valuation Code of Conduct (HVCC), which applies to mortgages that will be owned or guaranteed by … (3 comments)
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appraisal problems: How can we sell anything if we can't get it to appraise! - 06/19/09 04:47 PM
There has to be another way to get an FHA appraisal raised! Anyone know how to do it?Here's the story behind my situation! A few short sales, foreclosures in a particular community and throw in a few divorces and we've got some low sales prices. The market is slightly turning around and most of the inventory has now been marked under contract. Great - except that there are now not enough closed comps! The only one we can use that is decent is $218,000 with no location, no 6 panel doors, no skylite. The appraiser adjusted +1000. How flippin' generous! … (0 comments)
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Lyn Sims - Schaumburg Homes
Schaumburg,
IL
More about me…
Schaumburg Real Estate - Northwest Suburbs - RE/MAX Suburban
Address: Schaumburg | Hoffman Estates | Elk Grove Village | and Roselle, IL in the Northwest Suburbs of Chicago
Office Phone: (847) 230-7324
Cell Phone: (847) 230-7404
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