appraisals: Home Sellers - Meet Your New Stumbling Block HVCC - 04/27/09 05:23 PM
In an effort not to beat a dead horse this will be short, sweet (?) and to the point.
The head of the FHFA, James B. Lockhart, also the former Director of OFHEO, initiated the Home Valuation Code of Conduct to (paraphrased) "help curtail fraud between loan officers and appraisers".
How will it hurt the home owner/buyer? Two immediate impacts:
1. It currently costs about $350 for a Fannie Mae appraisal including the new MC1004 form which is a new $50 requirement. (Costs are estimates and I am not an appraiser but these are the average prices in the Atlanta area … (35 comments)
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appraisals: Agent Tips Countdown: #27 Prepping for Appraisal - 12/01/08 07:17 PM
Mortgage Tip #27 (Counting down to #1)
How many times has the appraiser telephoned from the property to ask, "Where is the person who was supposed to be here 30 minutes ago to let me in?" Of course that is the most preventable but here is a list of things the appraiser should have been told before being sent out:
The kitchen sink is missing.The bathroom tile is not installed.The range is still in the box.There is no carpet -only subfloor.You can't miss the trees groing through the eves.
If you are an agent you should know a property is not … (5 comments)
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appraisals: The Trouble With "National Appraisal Companies" And The Future of Real Estate - 04/22/08 09:31 AM
If you have followed along you know that FNMA and FHLMC will be required to use a third party appraisal "company" on all loans purchased by the GSE's effective 2009. Some lenders are already requiring this - Flagstar, for example, to whom we sell a couple of loans per month - and we'ver already uncovered what is bound to be a huge comedy of BS when this goes in to full swing.
Getting a contract with a national appraisal dispatch company seems to be to appraisers what getting a government contract is to closing attorneys. You can take the best, most customer … (6 comments)
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appraisals: Feedback Invited On Appraisal Issue - 11/20/07 02:51 PM
I will admit - I am quite conservative when it comes to value. If you tell me a property is worth $350,000 I do not hesitate to immediately trying to disprove that value. If I cannot disprove that value then I will accept it. Likewise one of our approved appraisers is very conservative and will not be swayed on value. I can rest assured that once he goes out the appraisal will be fully supportable.
HOWEVER -don't you just love the magic eraser power of that word- I take issue with him on three separate occasions over the years where I feel … (2 comments)
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appraisals: Aren't All Investors Slashing Your Appraisals? - 11/15/07 01:49 PM
Once upon a time in a world not so far gone bye-bye if you had a loan sold off your line it was pretty much done. You submitted your QC'd package and some secondary documents to the investor and waved goodbye to the loan and hello to the money.
Now, in this day of reality shows, I feel like I are one. A reality show that is.
Why do you, Mr. or Mrs. Reader, care?
Well, if you have ever read anything I have written you know I am going to tell you.
Here is the example: Our appraiser values the property at $162k. Our … (1 comments)
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appraisals: Are you smarter than a fifth grader? - 07/13/07 10:30 AM
Because I am so heavily involved in real estate investing I have found myself on dozens if not over a hundred mailing lists from real estate agents with whom we work, have worked or may one day work. I do not have time to read them all but I do scan them for opportunities which jump off the page. Today the one that most jumps off the page comes from one of my favorite brokers who sent out information for her office.
CONDOS - SANTA ROSA BEACH - APPRAISAL PROVIDED
Really? Appraisal provided? I'm sure when this particular broker sent this she didn't … (2 comments)
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appraisals: Changes In Valuation and Underwriting Methods That Affect YOU - 04/13/07 11:18 AM
Sometime in the beginning of 2007 I changed the title of my Active Rain blog to "New Day in Real Estate". The reason I did so is because the ripples of change were already being seen in the lending industry. I used the parallel last year in a blog of a giant wave of change beginning with an article titled, "Short Sales: The Coming Tsunami". What we could see on the mortgage banker's table and had been discussing since late 2005 was how all of the ridiculously loose guidelined non-conforming mortgages would eventually impact the housing industry. Most of what has … (2 comments)
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appraisals: Real Estate Values and Starbucks - 12/18/06 09:42 PM
Since comparing everything to Starbucks (affectionately known around my house as Star-yucks) seems to be one of the better ways of getting the message through here it is.
The statement from the client: I know the appraised value is way too low! The house down the street sold for $400,000 and it doesn't have tile floors or solid surface counters! And we have a finished basement. Why is mine only valued at $360,000? I have a nicer home!!!
Picture yourself standing in line at Starbucks looking at the menu. Frozen drinks are one price, hot drinks another, and ice cream and bottled drinks … (2 comments)
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appraisals: "My" Zillow - 10/15/06 10:52 PM
So I read that Zillow took our heat and added a function allowing users to add comments or somehow fix Zillow's ineptitude (actually - it's their excellent marketing skills to get people to look at public records which often are incorrect because of any number of reasons) at presenting a valuable service.
So, I went to Zillow.
I clicked on Register Here.
I added my information and clicked on
Buyers, sellers, homeowners: Hear about Zillow's latest tools and information. Real estate professionals: Stay up-to-date on what Zillow can do for you.
I assume I'll soon be getting emails from Zillow. Hopefully I can unsubscribe easily.
If you … (2 comments)
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appraisals: Now Zillow This, Zillow. - 09/04/06 09:40 PM
Maybe it's already happened. If not it's soon to do so. I'll admit I haven't spent much time on Zillow ... it would only be a waste to me since I have access to quite accurate records just as do many of the professionals here on Active Rain. If you're not in the real estate industry you really need to consider this: Every search I just did on Zillow was anywhere from 20% to 500% incorrect. My home shows as $57,000 and $20,000 ... that's about the value of my game room. It showed one investment property that I know is … (5 comments)
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appraisals: Appraisals - Fair and Fraud - 08/31/06 11:32 PM
Appraisals. Really the "make or break" on home sales which are financed. Cash transactions are wide open but the only way a lender judges the value of a property is through the use of the many qualified and experienced appraisers throughout the country. Here are a few things I've learned that you really need to know.Appraisers can make mistakes but it's very difficult to make a mistake when there is a "comp" very near by which has sold in the last few months. I just got off the phone with a Mr. Grier here in the Atlanta area who offered to … (0 comments)
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