value: VA Appraisals now need Interior Photos and other changes on Value Assessments - 01/06/12 04:06 AM
The VA has recently made two major announcements in regards to Appraisals.  Here are the two changes:
1.     Interior Photos are now needed- This is not a major change since interior photos are needed on appraisals for FHA and Conventional.  The appraiser know must include photos of at least the: Kitchen, all bedrooms, main living area, examples of physical deterioration, examples of upgrades, restoration  and improvements. 
2.     Value Assessment- This one is a little bit more tricky.  In the past, the Lender’s Staff Appraisal Review(SAR) could give a value of 5% more or less than the VA appraisal value.  So … (3 comments)

value: Houston Area is #10 for Best Real Estate Long Term Investment - 01/03/11 03:15 AM
For the majority of us, the biggest investment we will ever make is buying a home.  Bloomberg.com recently names the top 25 metro areas where home prices increased over 20yrs. Making these areas the best for buying a home, since the values greatly increased over a 20yr period (1990-2010). Houston was ranked as the 10th best city.  During that 20yr period, home values increased by 34.6%.  Once thing that helped us have a increase in home value is that Houston did not get as affected by the Real Estate bubble like most major cities.  If you are looking for a home … (0 comments)

value: When Refinancing your Mortgage do lenders/banks base your home value off of the Appraisal District Value? Nope - 12/09/10 08:58 AM
When you are refinancing your mortgage the underwriter will need a value for your home.  Many people believe this value is the same as your County Appraisal District value, the same that is used for property taxes.  This is not true.  Instead there is a  separate appraisal ordered and this new appraisal decides your home's value.  The reason why is that the county appraisal district uses comparable home sales within the last 12-18+ to decide a value(per Fort Bend County Appraisal District).  Why the appraisal needed for your appraisal uses comparable homes sales within 3-6mths (depending on how many homes sales … (0 comments)

value: Know your Appraisal options. Appraisal Form 1004, 2055, 2075 - 10/28/10 07:43 AM
When doing a mortgage you need to pay for an appraisal.  This is part of the mortgage process.  But, there are times where you can choose to use different appraisal forms.  These different forms offer different information that the lender requires and there are different costs for these different appraisals.  Here is an explanation of the major appraisal forms and their benefits:
 
1004- this is the complete full appraisal.  It uses comparable sales to decide a value.  It will include the appraiser coming out to your home and doing interior and exterior photos.   The majority of mortgages require this appraisal. 2055- … (1 comments)

 
David Krichmar, DaveYourMortgageGuy.com (www.DaveYourMortgageGuy.com - Legend Lending) Rainmaker large

David Krichmar

DaveYourMortgageGuy.com

Sugar Land, TX

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