more appraisal frustrations...

Mortgage and Lending with FHA EXPERTS - Baltimore's #1 Mortgage Lender-FHA-VA-203K-





HVCC continues to frustrate lenders and consumers


Getting value has become a crap shoot....

Our wonderful federal government, through new HVCC appraisal guidelines has made sure that if you want to know what your house would appraise for you may spend between $375 and $650.00 - depending on the type of house and your loan program.

In the Feds eyes that protects you. Now that is where I just lose it. Protects you??? What kind of protection are we speaking about? If i was about to fork over money for an appraisal I would like some sort of up front knowledge of what my house is going to appraise for.

Well it used to be that way.

We as mortgage bankers used to be able to talk to our appraisers and get COMPS or comparables in your neighborhood. From that we could determine if it is worth while for you to proceed before you spent the money. BUT now the fed says no to COMPs, so here is what you have left:

1- Look in zillow. They have a device that allows your to look at sales in your local neighborhoods. Can be fairly accurate.

2- Talk to your neighbors. See what they know homes have sold for.

3- Talk to a realtor.

It really comes down to a $375 crapshoot.

For that you can thank Barney Frank and the other knuckleheads in Washington who consistently make laws without the thought of how it affects the average person instead of acutally enforcing the ones on the books. THANKS BARNEY!!




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We look forward to hearing from you soon.

Will Steneman - President & Founder
Happy Mortgage

Baltimore's #1 Mortgage Lender



Comments (2)

Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ

We agree.   Everytime the goverment jumps into private business, it screw it up.

Feb 09, 2010 01:50 AM
Will Steneman
FHA EXPERTS - Baltimore's #1 Mortgage Lender-FHA-VA-203K- - Baltimore, MD
Happy Mortgage - FHA PRO, Maryland First Time home Buyers

I realize many skeptics will jump in and say, hey - your just gonna ask the appraiser if he can get value. Not True! 

First of all, as a lender, we want to make certain the value is accurate as we have big time "skin in the game".

This is about common courtesy to the consumer who could be paying for something that just isn't there....

Feb 10, 2010 01:55 AM