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I suppose I'll be adding a new addendum about possible drywall issues for homes built or remodeled between 2004 and 2006.  The sulphate gasses from this toxic drywall can eat into framing, electric and even plumbing.  Lovely.

Click photo for audio file or copy and paste: http://www.npr.org/templates/player/mediaPlayer.html?action=1&t=1&islist=false&id=114242303&m=114253842

I see that I am far from the first Rainmaker to blog post on this.  In fact, others have far more information and so I'm adding their links here:

http://activerain.com/blogsview/1227241/chinese-drywall-in-florida-and-louisiana-renovation-loans-may-help-major-problem

http://activerain.com/blogsview/1288902/do-you-have-chinese-drywall-in-your-home-

http://activerain.com/blogsview/1287695/chinese-drywall-is-causing-problems-and-insurance-is-being-pulled-on-those-homes-

Click the picture below (or copy and paste the bottom link) to watch this informative video that shows a step by step of the Credit Crisis created by Jonathan Jarvis. Note how the speaker's voice gets slightly more cynical towards the end.

<click picture to view video>

Source: http://www.youtube.com/watch?v=kzQOT5atka8&feature=player_embedded

I highly recommend all of the 'This American Life' pod casts (like one of the previous shows on 'Frenemies'), but this one is particularly relevant to the industry and current issues within.

                                                             (Click photo)

You can also find the first pod cast 'The Giant Pool of Money' to hear the original story although the follow-up covers much of what was in the original. 

I get my share of junkmail, as I'm sure many of you do.  However, being in the real estate business, I try to be sure that the masses of real estate junk mail I get isn't legitimate business mail.

Today I ran across this [partial email] that made my day:

"I'm sure you have all seen on the NEWS over this past weekend all the advetising about the First Time Home Buyer's $8000 TAX CREDIT from the government if you purchase (MUST BE CLOSED) a home by November 30, 2009.    It takes about 5 years to close your loan so we need to act fast.  You still have time to take advantage of this GIFT!  Interest rates are still terrific. "

I'm not sure if the email meant to say 'five days' or 'five weeks'... (assuming they really weren't boasting that this company could close a loan in 'five years') ....

What I do know is that I've been doing 'update' and 'recertification' forms for appraisals that I original filed about five months back to complete people's loans ... meaning that five months to go from 'pending sale' to 'sold' is somewhat realistic... sadly.

So ... buyer beware... you're $8,000 First Time Tax Credit might time might already be up...

It's September Eleventh.  I started out my morning a bit melancholy; reading news stories saluting those who had fallen eight years ago.  Had it really been that long?  Strange sensations of feeling connected yet disconnected from that day and the path in which it has detoured all of our lives.

It wasn't until the date had really sunken in that I realized I wanted to and could properly honor the emergency teams in the presence of working firemen.  Today was the last day of the controlled burn that was happening down the street from my home. 

For about a year now I had been bemoaning this project that would obliterate an entire city block.  The owner of the land had determined that it was a lucrative decision to annihilate this block of bungalows and replace them with the increasingly popular live/work condos that are starting to pop up in the area. 

I've been told that I have a problem with change.  This was certainly no exception.  Although the bungalows had all seen better days, I felt for them.  They had histories, they had hearts... even boarded up for months they looked a bit proud in their defeated states. My final hope for them was that at the very least their turn of the century fixtures were removed and donated so there would be some memento to send into the future.

I went down to watch the fires smolder through a couple of the houses.  The fire crews seemed a bit somber.  I knew the significance behind today's date was etched into each one of their thoughts as they safely practiced their profession.  In a twist of the moment, I realized that the sacrifice of this block was not just sad now, but so much more poignant because of the date. 

This was reminder that structures will come and go, but humanity, civility and the will to survive lives on.

Today, watching those crews, effected me more than the past seven years of nine elevens.  Thank you to all of the past and present members of society who have decided to take their lives into their own hands in hopes of saving us all.

Recently we were approached by the city regarding our sewer hook-up.  It is located on a ‘party sewer line' where it connects into our neighbor's sewer line before entering to the main sewer at the street.   It used to connect to the house on the other side of ours as well before those owners ran a new line in 2007 (which is when we first learned of the party sewer line).

The issue was 'caught' (although they have known about it for years) by the city when our other neighbors with the existing party connection had a sewer scope inspection due to the sale of their home. 

The city is now saying that because they are the 'host' and we are the 'guest' in the party line hook-up (which doesn't make since as we are the middle house and it would be more likely if all the 'poop' (most literally) ran to a middle source before going to the sewer main in the street).

According to the city, we have three options to complete before January 2010:

• 1)      fix the sewer line at 100% our cost... including a new connection into the city main.  That alone will cost us $3,800 (mind you the neighbors don't have to shell out a dime as they are the 'host') .
• 2)      Provide a sewer video scope that proves that there is no environmental hazards (we know that it is unlikely that a 65 year old sewer line is free of issue, so we'd simply be paying $100 more than the $8,500+ bill they are asking of us) or
• 3)      get the neighbors to allow an 'easement' .  First of course, I would require that the city can prove that the sewer line is in fact encroaching onto their property, rather than their line adjoining ours before going out to the street.   

Short of bending over and paying for all costs, does anyone have any legal words of advice or personal experience in the matter?  Understandably, our neighbor in the midst of selling her house has been avoiding my queries about the situation (who can blame her?  She just wants to sell the house, not be burdened with updated an existing deed).  I'm leaning towards option #3 for the ‘cleanest' possible solution to this situation.  It is my understanding that encroachments (or would that be a 'prescriptive easement'?)such as these become easements over a certain period of time even if the encroachment is undetectable (and thus far unproven). 

 Here is one of the links that the city provided in the letter.  In this link, the city immediately admits that they do not have accurate records of the city sewer lines. 

Sadly, this is a situation that the city or our Realtor could not have warned us about prior to us purchasing the home in 1997 as their ‘Sewer Program' did not even take effect until 2007.

Any information on the matter would be most appreciated. 

My boss, Brandon ('Mr. Ashcroft' being his alias over at 'Ashcroft & Associates'... he also dislikes it when I use an ampersand rather than the word 'and' but I digress) got a bit of press today at Bloomberg.com.

This in turn churned up at least one other AR blog post from a frustrated Realtor.  If time permits, I'll look for others that aren't members only blogs as I'm sure there are more out there in Rainland. 

I knew when I got into the appraisal biz I was set to be a punching bag, but sometimes I grow tired of it.  Which angle am I not getting struck from?  Realtor?... nope, they got me in the nose today... Underwriter?... no no, they're always down for the sucker punch... Loan Officer?... he's laying low for now, but I sense a sneak attack coming... Management Company? .... ha!  They're just laying on the punches in rapid fire... Government? .... I think they just tagged me in the back of the head and pushed me into the Management Company for good measure.  Did I just hear the bell?

The following is an albeit biased educational on the HVCC via TBWS Daily.

Click on the attached pictures for Brian Stevens and Frank Garray's video blog about the HVCC.

Click here to sign the HVCC petition.

Thank you Michael Tarabotto for bringing this to my attention.

No calls for value checks.... Ahhh.... That silence is most welcome.  But in return, appraisers have a new litany of issues with our new go-to-guys.  I'm not trying to burn bridges here, just sending a note out into the blogosphere which include some friendly ideas.   The following are suggestions to any AMC out there that may find these helpful ways to improve their business processes and ours.

Appraisals due within 2 business days (or in one case, 96 hours of accepting the assignment).  You wanted quality or quantity?  And so why then do I get questions on the appraisal nearly three weeks later?  Was this really so urgent that it might get stuck in your own pipeline? 

Get the appraisal request information correct before you send it to me.  Please don't send me a ‘condition' as if it's my fault that you had the wrong company address on the original request.

Status calls.  Please. Just. Stop.  I promise, I remember when the appointment was set.  I put it on my calendar.  I promise, I will keep the inspection date.   (What kind of appraisers are you used to dealing with?) I imagine I spend an additional 35 minutes on each file telling five different people that the appointment is still set for 3pm on Tuesday.  And for crying out loud, when I give you a status, update the system!

Fees.  The lower the fees the worse the companies to work with... trust me. Help me afford my rising phone bill from your constant status calls. 

One AMC employee per appraiser file.  This means when finding an appraiser for the file and when checking status and dealing with any issues.  You're wasting everybody's time by sending all your henchmen out to get me.  Seriously, hours have been lost with whatever system you're using.  Better yet, let the appraiser choose their favorite AMC employee since they've already spoken with every one of them within the first week of working with your company.

Please note where you're calling.  I live on the west coast.  When you think it's okay to start calling me from Pennsylvania at 8am, you're really calling me at 5am.  And while we're at it, why do you all work on Sundays? 

Pre-set appointments.  This annoys the customer to be called so many times and the appraiser who has to struggle to make the appointment by 5pm on a Saturday.  Half the time I find the borrower can't even make the ‘pre-set' appointment time, anyway.

Promptness of Desk Reviews.  I have done reviews from appraisals in January and even November.  I feel for these borrowers that are waiting six months to close a loan!  I realize this might not be a clog in your pipeline, but it makes me curious.

Please be as diligent about checking your emails, voice mails and web forms for information that your appraisers need.

Here are some of the urgent matters that have taken weeks to sort out:

• House that is on the market for re-fi.  Who do I contact?  No one at the AMC bothers to answer and so I continue on with my inspection. 
• The house is less than 500 square feet.  I know that some lenders will not accept smaller abodes. 
• Waiting for purchase agreement... and waiting .... And waiting.... Believe me, loan officers had this to me yesterday.
• Waiting for correct contact number.  It's usually not until I get a status call from an actual person that I can successfully rely the information about the lack of a correct contact number.  I'm not sure that they read their web forms. 

Have your appraiser's information on hand.  I do tire of answering the same AMC pre-qualifying questions about my appraisal license, what areas I cover, what type of appraisals I'm willing to do, etc.  I filled out a five-page form when I signed up for you.  Where did you put it?

When I tell you that I have all of the qualifications you are looking for and you say that you are sending an appraisal over, please send it over.  I would say about 10% of the time after I have verbally accepted your order; I never get the request.

Give your appraisers a heads up.  If you know the property is a manufactured home, on acreage, complex, a pre-construction etc. please don't keep that information a secret.

Why am I purchasing additional software to send a different format file for appraisals?  OK, this whole AI Ready/ENV format?  I'm sure it's for data mining purposes and I have to pay for the lousy upgrade to convert the files.  There goes $300.... That's like two appraisal fees these days.

I hope this has helped you as an AMC.  I don't mind taking your criticisms and so I assume that you would welcome mine with open arms.

It is unclear in this news story whether his title is 'Banker' or 'Loan Officer'... but really, who cares?  It's just one of those nice 'breather' stories that reminds us all that life is alright.

The morale of the story ... Take a break to help others every now and again... you never know, it might even turn out to be a 'marketing moment'.

See the story here