The Beverly Hills Real Estate blog Wednesday 04-21-10
Please e-mail us at: mrpk1@pacbell.net should you need immediate assistance.
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Wednesday and a little rain yesterday/evening. HERE'S AN UPDATE...
- Today: Windy with showers. Thunder possible. High 61F. Winds W at 20 to 30 mph. Chance of rain 50%.
- Tonight: Showers and thundershowers early, then overcast overnight with occasional rain. Low 48F. Winds NW at 15 to 25 mph. Chance of rain 70%.
- Tomorrow: Showers early then thundershowers developing later in the day. High 62F. Winds SSW at 5 to 10 mph. Chance of rain 60%.
- Tomorrow night: Showers and a possible thunderstorm in the evening will give way to mostly cloudy skies overnight. Low 49F. Winds light and variable. Chance of rain 60%.
- Friday: Clouds giving way to sun . Highs in the upper 60s and lows in the low
The Lakers squeak by OKC last night. The Angels win and Dodgers lose. American Idol... luke warm. We think Crystal has a lock on it.
C.A.R. Sponsored Bill to Make Appraisals Portable -- to be Voted on in Committee
C.A.R. is SPONSORING SB 1000 (Correa), making appraisals "portable" if a buyer must change lenders. C.A.R. is sponsoring SB 1000 to address the problem caused by lenders requiring the preparation of another appraisal even if an appraisal has already been obtained and paid for by the buyer for another lender.
SB 1000 will be considered for a vote in the Senate Banking, Finance and Insurance committee on Wednesday, May 5th. Your legislator is a member of that committee.
Action Item
Please Call Senator Curren Price
at 1-800-672-3135
and enter your NRDS ID -- 175512442
Ask that your Senator vote "Yes" on SB 1000.
Background
Lenders require potential home buyers to pay for the preparation of an appraisal of the home that is being considered for purchase. Lenders want to make sure that the value of the home is adequate to secure the home mortgage being sought.
Current law permits, but does not require, lenders to utilize current appraisals ordered by a different lender. However, the second lender almost always requires another appraisal -- even though the home buyer has already recently paid for an appraisal. (Many lenders have now "spun off" Appraisal Management Companies and, so, the preparation of appraisals is now a profit center for these lenders.)
Talking Points
-It is unfair to require a home buyer to pay for a second appraisal. The cost of have an appraisal prepared is between $200 and $500 and it is unfair and unnecessary to force a buyer to purchase a second appraisal when he or she has a perfectly good appraisal in hand -- particularly given the cumulative total of the price, costs and fees associated with purchasing a home. Also, in today's troubled market, the additional delay in getting a second appraisal can present a hardship for the buyer.
-FHA already requires that lenders accept "portable" appraisals. For similar reasons, the Federal Home Administration (FHA), as of January 1, 2010, requires with limited exceptions that an FHA approved lender accept an appraisal prepared for another FHA approved lender when the borrower switches from one lender to another.
-Lenders have a financial incentive to force buyers to get a second appraisal. Many lenders have now "spun off" Appraisal Management Companies (AMCs).
For More Information
If you have questions or need more information, please contact DeAnn Kerr at deannk@car.org.
From our monthly email blast:
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When it comes to keeping your home protected, the most obvious way is to secure you doors with a quality deadbolt. Home security professionals overwhelmingly prefer deadbolts to other types of locks, simply because deadbolts are harder to bypass. When choosing a deadbolt, look for a lock with a full one-inch bolt, as well as a reinforced strike plate with long mounting screws for strength and durability.
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Remember we have much to be thankful for... Never forget that and as always - Count your blessings. Enjoy today. We will see you tomorrow!
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