appraisal: The Bait and Switch, Part Two. By Dan Polimino.
- 09/30/13 09:47 PM
Last month, I wrote about the “Bait and Switch tactic” sometimes used by lenders to earn a customer’s business. If you would like to re-read that column, go to www.coloradodreamhouse.com and click “blog.” Today, I would like to follow up last month’s blog with part two of the “Bait and Switch” tactic that is used this time by buyers. Sometimes, a seller will receive an offer on their home and the buyer’s contract says that it’s a cash offer. Cash offers tend to be more appealing to sellers since they know that the deal won’t crash because of a lender, it … (38 comments)
appraisal: 3 Steps to a Perfect Offer. By Marc Bayes.
- 07/02/13 09:13 PM
This has got to be one of the most competitive markets we’ve ever seen. I’m actually amazed when I see a home that doesn’t have two offers within the first fourteen days of being on the market. If the home is priced right and shows well they should expect multiple offers coming their way. I’m going to share with you three easy steps to making sure you win on the house you want in a multiple offer situation. The first step is earnest money. This is your skin the game! Want to make your offer look really great? Increase your earnest … (0 comments)
appraisal: I Want Top Dollar. By Dan Polimino.
- 05/06/13 07:15 PM
We have been meeting with lots of sellers over the last few weeks that wanted to put their home up for sale, and take advantage of a red-hot seller’s market. As one would expect, everyone wanted to get top dollar for his or her home. That can be accomplished; but some sellers can’t understand why they couldn’t list their home for any price they want. Follow the discussion below: Agent: “The good news is that the comparables say we could list your home for around $600,000.” Seller: “That’s great. Since it’s a seller’s market and there are no homes to buy, … (4 comments)
appraisal: Losing money every month because your car or mortgage need a tuneup?
- 01/03/12 10:39 PM
When our automobile needs a tune-up, it provides us with plenty of clues: hard to start, rough running, poor gas mileage, etc. But when a mortgage needs a tune-up it gives no warning. It motors along silently, not telling us that we are wasting money every month. Chances are, if you have not refinanced recently, you are losing money that could be put to a better use. While qualifying for a mortgage is harder than it was in the past, it is not as hopeless as the media and urban legends would have you believe. I am amazed at the number … (15 comments)
appraisal: FHA position on homes impacted by Meth use or labs
- 09/08/11 01:05 AM
One of the many great benefits of working for Crestline Mortgage Bankers, a division of Universal Lending Corporation, based in Denver, Colorado, is the information put out by the underwriting department to help avoid problems on the front end, so the deal does not blow up before closing when it could have been avoided. "After confirming with two separate sources at the Denver HOC office, we have learned any home, including HUD Repos, which have any evidence of the use of meth or creation of meth or even if a police report has been issued stating meth was in use … (3 comments)
appraisal: Is a loan with no fees or origination charge the best deal?
- 07/21/11 01:02 AM
Is a loan with no fees or origination charge the best deal? Maybe. Never forget that interest rate is only half of the equation. Rate AND fees are the whole equation upon which you should make a decision. When talking to borrowers who have been shopping rates, I always ask the same questions. What is the term of the mortgage, are both mortgages fixed rate, and what costs are associated with the mortgage. Sometimes a borrower is comparing a 10 year fixed rate mortgage to a 30 year fixed rate mortgage. We need to make sure we are comparing apples to apples. The longer the term of a fixed rate mortgage, the … (18 comments)
appraisal: Appraisals Are A Changin. By Dan Polimino.
- 11/14/10 10:46 PM
Our office, Fuller Sotheby’s and Kensington Mortgage, hosted two very established and well-respected appraisers at our company meeting a month ago. The purpose was for the appraisers to give us a state of union speech and for realtors to ask questions about what, where, and why. We have all seen massive changes in the appraisal business since the real estate crash and many professionals including myself are scratching their heads on a regular basis, trying to figure what an appraiser is thinking. Most people know about all of the reforms that the lending side of business has gone through, but few … (3 comments)
appraisal: No Good Options, Part Two. By Dan Polimino.
- 11/07/10 10:26 PM
Last week, I started a story about people trying to get some relief on their mortgage. I called my mortgage lender, Wells Fargo, and pretended that I needed some help. I did this because I wanted to find out for myself what people are going through in trying to refinance their homes or getting loan modifications. I started out with the refinance department and got nowhere quickly. To re-read Part One of the story, go to http://www.coloradodreamhouse.com/index.php/mortgage/no-good-options-part-one/. As we pick up the story this week, I asked the representative from Wells Fargo refinance what I should do next if refinancing … (2 comments)
appraisal: No Good Options, Part One. By Dan Polimino.
- 10/31/10 10:00 PM
Over the last 18 months to two years, I have heard people talking about the fact that there are “no good options for them to stay in their homes.” I have heard horror stories about having to deal with the banks on these issues. I have heard about people being so upside down that there was no other choice than to walk away from their home. I have heard that the bureaucratic process to get some relief is impossible to overcome and I have heard that the solutions the government and banks are offering are really no solution at all. … (3 comments)
appraisal: Easy Refinances Still Available
- 09/20/10 09:26 PM
As almost everyone is aware, the good old days of easy rate and term refinances are mostly gone. A double whammy of tighter underwriting standards and falling home values have trapped some borrowers. Two types of relatively painless options that have survived are the FHA streamline refinance and a loan modification with your existing lender. The FHA streamline is a new mortgage, while the loan modification is a modification of your existing loan to provide you with a lower interest rate. With a "loan mod" your original loan is modified, not replaced with a new loan. The FHA streamline is for borrowers who have an FHA mortgage … (1 comments)
appraisal: Will It Appraise, Part Two. By Dan Polimino.
- 10/12/09 01:55 AM
Last week, we began to take a look at a hot topic these days in real estate and that’s appraisals. We are seeing more and more people making solid offers on homes only to find out two weeks later that it did not appraise for the asking price. There are many reasons for this and if you would like to re-read part one of this series, you can, at www.coloradodreamhouse.com/denverpost Last week, we spent a fair amount of time talking about what buyers can do to protect themselves in the asking price versus appraised price dilemma. This week, I want to … (0 comments)
appraisal: Will It Appraise, Part One. By Dan Polimino.
- 10/05/09 01:58 AM
“Will it appraise?” This is the question that every buyer must ask themselves these days before they make an offer on a property. Appraisals are becoming more and more of an issue when it comes to buying a home. Why? Well, there are several reasons for this and I’ll detail some, but not all below. 1. When sellers put their home up for sale many times, they are unwilling to sell it at market value. As such, their idea of the worth of the home and the appraiser’s valuation may not be in sync. With vast drops in property values, we … (4 comments)
Last month, I wrote about the “Bait and Switch tactic” sometimes used by lenders to earn a customer’s business. If you would like to re-read that column, go to www.coloradodreamhouse.com and click “blog.” 
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