appraisal: “Getting Property Taxes Reduced” - 05/15/13 05:46 AM
“Getting Property Taxes Reduced”
 
I get this question all the time, so I thought I would share what I normally tell people. Many have gotten their taxes reduced using one of more of these suggestions.
 
1)   Go to or contact the town or city department that handles this issue and find out the process they require.
2)Check the assessor’s information for mistakes
3)  Examine the assessment of other homes in your neighborhood and see how they compare to your home.
4)Compare recent sales. A Realtor may be willing to assist you in getting good comparable sales.
5)   … (18 comments)

appraisal: “HARP Loans was No Longer Needed” - 04/30/13 06:16 AM
 
“HARP Loans was No Longer Needed”
 
 
 
I did a mortgage for one on my clients on the home they purchased in Florida. Originally they purchased as a second home and eventually sold their primary home in Connecticut and live Florida full time.
 
 
 
Unfortunately at the time they purchased in Florida it was at the height of the market, they put 25% down and had a 6.75% interest rate. Fortunately, the market they were in has come back very nicely. We discussed a couple of options, but I recommended an appraisal be done … (12 comments)

appraisal: “House Flippers Face New Challenges” - 04/09/13 05:33 AM


“House Flippers Face New Challenges”
 
 
 
In the last few months, many house flippers have told me there aren’t enough houses, the houses are overpriced and the margins of profit are shrinking.
 
 
Many of these house flippers are new to this cycle and many will get into trouble. They are impatient and will make bad decisions going forward. When they finally do buy a property, at the higher price, many will end up putting these homes at prices that are higher than market value and if they are fortunate to find a buyer … (19 comments)

appraisal: “The Stock Market Reaches All-time Highs, How About Your Home?” - 03/20/13 06:38 AM
 
“The Stock Market Reaches All-time Highs, How About Your Home?”
 
 
 
I am constantly reading articles that are titled like this, “Home values at highest level since 2007” and “Home values down 27% from the peak”.
 
 
 
Do those writing these articles really have a clue, not really. It all depends on where you are. Doing business in CT, MA, RI, VT, NH, ME, FL and NY. If someone is going to make statements about what is happening to real estate values, you better be talking about a very specific market and even then it is … (4 comments)

appraisal: “HARP Lender Does My Massachusetts Borrowers a Favor” - 03/16/13 06:29 AM
 
“HARP Lender Does My Massachusetts Borrowers a Favor”
 
 
I wish I could truly understand how decisions are made, as to which property has to be appraised verses an appraisal not being required.
 
 
My borrowers felt their property was worth $240,000 and their debt was $231,000, so doing a HARP loan was the right choice. The current rate that these folks had was 6.75%.
  
In any case the lender required an appraisal be done, so we really didn’t have an option. What a blessing, the appraisal came in at $280,000. After some discussion with … (15 comments)

appraisal: “Buyer’s Agent and Buyer Wanted Me to Fudge the Truth-Not Happening” - 03/11/13 11:03 AM
“Buyer’s Agent and Buyer Wanted Me to Fudge the Truth-Not Happening”                               I had done a preapproval for a borrower in January, he put a property on deposit in mid February, but never told me until 3 weeks later. A soon as a he put the property on deposit, a home inspection was done and a number of issues were discovered. Through the agents there was two weeks of negations and an agreement was worked out.   During the negotiations the selling agent kept asking, what is the status of the mortgage application and was the appraisal ordered. Does any of … (12 comments)

appraisal: Management Company Wants Us to Get Mortgages for Their Tenants - 03/04/13 05:51 AM
 
“Management Company Wants Us to Get Mortgages for Their Tenants”
 
 
 
I received a call from a so called national management company. Jason identified himself as a VP in charge of disposition. He indicated they represented a company that owned nearly 150 homes in NY, CT and MA. All have tenants and in reasonably good condition and they were ready to start selling these properties.
 
 
 
We want to have you handle the mortgages. I had a lot of questions: How did you happen to contact me? Have been following your blogs for a couple … (4 comments)

appraisal: Appraisal Myths and Misconceptions - 01/22/13 08:46 AM
“Appraisal Myths and Misconceptions”
Let me first say, that I have a number of friends that are appraisers. Let me also say that I have been very critical of HVCC and Dodd-Frank, which governs the appraisal process through appraisal management companies, which for me goes against the free enterprise system and put some very good appraisers out of business.
Appraisals that are done are not an exact science. Let me share an example and why the system doesn’t work in the best interest of the consumer. All these rules are put in place to protect the consumer from themselves.
… (5 comments)

appraisal: Appraisal Changes to be Tougher on High Cost Agency Mortgages - 01/17/13 06:16 AM
 
“Appraisal Changes to be Tougher on High Cost Agency Mortgages”
 
If you think rules on mortgages and appraisal will loosen up, think again. This is just what we need is tougher rules when it comes to tougher appraisals.

In most of these situations, a second appraisal is needed. Here is one of the problems that is showing up when a second appraisal is required on certain FHA loan, the borrower can’t pay for it. The mortgage broker is prohibited for paying for it. Also, the lender doesn’t want to pay for it. OK, who is left?
… (5 comments)

appraisal: The Government is NOT Responsible for Fixing Housing - 12/24/12 07:56 PM
“The Government is NOT Responsible for Fixing Housing”
That job belongs to us! We have already seen the great job the government has done, when they get involved in any business, the results have been poor at best.
Look at what the involvement in recent years, HVCC, which has since been rolled into Dodd-Frank. The result of HVCC, did more harm to real estate values than any recession could, plus the increased cost of an appraisal. Dodd-Frank has created mortgage restrictions has increased the time it takes to get a mortgage closed, beyond belief and put excellent borrowers through the proverbial mill.
… (8 comments)

appraisal: Why Does FHA Have an Anti-Flipping Rule? - 12/11/12 11:09 AM
 
“Why Does FHA Have an Anti-Flipping Rule?”
 
Why on earth is the anti-flipping rule even in existence? It has no merit what so ever. What difference does it make how much money someone is going to make on a property or how quickly this happens, as long as there are two appraisal to insure that the buyer is getting good value and a home inspection to make sure the overall work was done correctly?
 
I have often expressed, that we are fortunate that the flippers took many properties in disrepair in all kinds of neighborhoods, invested their money … (7 comments)

appraisal: Do Flippers Live by a Different Standard? - 11/05/12 04:17 AM
“Do Flippers Live by a Different Standard?”
 
I personally don’t understand some of the rules about houses that were purchased to be renovated and resold. Here is what doesn’t make sense to me. If the home has been renovated, has a deposit from a qualified buyer, had a home inspection and an appraisal or in some cases two appraisals, then what difference does it make how much profit the house flipper makes or in how many days?
 
I am doing a mortgage for a client, buying a home that is being flipped. The lender has asked for a … (11 comments)

appraisal: Over 50% of Homeowners Overestimate the Value of their Homes - 10/08/12 05:46 AM
 
“Over 50% of Homeowners Overestimate the Value of their Homes”
 
I feel like the bearer of bad news so often, when it comes to value. So many homeowners feel their home is worth more, when we are doing a refinance and in some cases a purchase.
 
I prep every client about the appraisal process and the possibility the value will come in below expectation. I let them know, that once we get an appraisal, we will immediately get them a copy for them to review. I share the process if a decision is made to challenge the value. … (10 comments)

appraisal: I Can Speak Realtor, Can You Speak Mortgage Broker? - 09/07/12 06:44 AM
“I Can Speak Realtor, Can You Speak Mortgage Broker?”
 
I received an irate phone call from a Realtor, saying that she saw no reason to have to get an extension for a closing for one week. I let her rant about how much she knew and that she had told the buyer, my client of 20 years, that they should go to a local bank instead of using a mortgage broker in Connecticut for someone buying a home in Florida.
 
I put the phone down a couple of times, as she still had a bunch of steam going. When … (4 comments)

appraisal: APPRAISER FIGHTING A LOSING BATTLE - 07/31/12 05:52 AM
 
“Appraiser Fighting a Losing Battle”
 
I was having lunch with an appraiser a couple of weeks ago. She shared with me that she was recently removed from an AMC approved appraiser list for 6 months, because of what she didn’t do.
She shared that she was appraising a property in MA, house, small barn, two out buildings on 5 acres. Sounds simple enough, but not the case.
Apparently, the property that bound the subject, had a build on it that was in disrepair. Since the back boundary was all wooded, no one could possible know the abutting property had … (2 comments)

appraisal: LOVE GETTING TIPS TO OVERCOME APPRAISAL HURTLES - 07/06/12 07:31 AM
“Love Getting Tips to Overcome Appraisal Hurtles”
I want to share a recent appraisal experience that was extremely frustrating.
A Realtor referred a client, pretty simple transaction. Sale price was $335,000, borrowers were putting 20% down, plenty of income. Like I said pretty simple, until we got to the appraisal. The appraisal came in at 324,000. The process today is that a copy of the appraisal gets sent by the appraisal company to the client and to us. The client was not a happy camper and talked about backing out.
We sent copies to the two Realtors and requested they review … (8 comments)

appraisal: SOCIAL MEDIA WORKED IN MANCHESTER, VERNON & TOLLAND, CT - 06/28/12 06:30 AM
“Social Media Worked in Manchester, Vernon & Tolland, CT”
I have been blogging on a regular basis for 13 months. If you are in business and you have a message, rest assured someone will want to hear it.
Below is the blog that I wrote in April and within three days, I took three mortgage applications from folks in Manchester, Vernon and Tolland, CT. These were all folks that owed more on their homes than they were worth and were desperate to refinance, so that they could lower their monthly payments.
They all went to their local banks previously and they … (3 comments)

appraisal: INTERVIEWED BY WASHINGTON POST COLUMNIST - 06/22/12 05:42 AM
“Interviewed by Washington Post Columnist”
We spent 45 minutes talking about appraisal issues in this country. Ken indicated that he had read some of my blogs on this topic. I have written on this topic many times and I have been extremely critical of the appraisal process, since HVCC came into existence and now Dodd-Frank.
The present appraisal process, which was created and sold to the public as being in the "best interest of the consumer". I don’t know too many consumers that feel the present system is in their best interest. Each consumer now pays more for every appraisal and … (8 comments)

appraisal: DODD-FRANK APPRAISAL RULES COMING - 06/12/12 05:56 AM
“Dodd-Frank Appraisal Rules Coming”
I have been beating the drums for a long time about the need to repeal Dodd-Frank. It is one of the most business intrusive pieces of legislation ever created in this country. Maybe pieces of legislation are correct, it is volumes of rules and regulation that affect all businesses.
The appraisal industry has no business being part of Dodd-Frank. Between HVCC, the AMC system and Dodd-Frank, appraisers have lost their independence. The really is no free enterprise system in the appraisal world today.
Let me know what you think?
Don't Forget, Dodd-Frank Appraisal Rules Are Coming
By: … (3 comments)

appraisal: HARP 2, WORKING WELL FOR THE MOST PART - 06/06/12 09:06 AM

 Working Well for the Most Part
There is still a lot of frustration with the product and the process, but we are not complaining. We are closing these loans and saving these clients serious dollars. All of these folks were not able to refinance previously, because the value of the homes were less than the mortgage.
It is constantly amazing to me, how many banks and credit unions are just not willing to do these refinances, even though it is in the best interest of the client.  Many of these institutions are referring this business to us, good for us.
… (5 comments)

 
Joe Rainmaker_large

Joe Petrowsky

Manchester, CT

More about me…

Joe Petrowsky NMLS# 6869 - Right Trac Financial Group, Inc

Address: 110 Main St., Manchester, CT, 06042

Office Phone: (860) 647-7701 x 116

Cell Phone: (860) 836-9294

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