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Hi,
For 8 US postage stamps which is $3.52 by today’s price— and a little of your time and energy —you can send this letter to those in charge and ask them not to make unnecessarily high down payment requirements.
Plain and Simple.
Ask yourself this—Can you and your children (if you have any) afford a ... [Read More]
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It’s almost been a month since I chatted here. Boy time, she does fly. Of course busy is a good thing especially in this business since it does not come with a regular pay check. — I will continue with my story from last posting. Ready, here we go. Turns out the appraisal ... [Read More]
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It’s almost been a month since I chatted here. Boy time, she does fly. Of course busy is a good thing especially in this business since it does not come with a regular pay check. — I will continue with my story from last posting. Ready, here we go. Turns out the appraisal was disputed by the loan officer. The appraiser rebutted the appraisal and yet did not change the appraisal. The Lender agreed with the dispute and then told the appraisal management company that the appraisal was unacceptable and they had to provide a new appraisal at no cost to the borrower. Yeah. — So then another appraisal was completed by a different appraiser who did the correct appraisal which was an as-repaired appraisal. Holy cow—The sorry part about this is, by not receiving the correct appraisal in the 1st place, the purchase was delayed which harms the buyer and the seller. There is also the possibility of increased fees to the borrower when it is not the borrowers fault. — Oh don’t we love HVCC and it’s glitches.
Buy Buy Now
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I understand why HVCC (home valuation code of conduct) was put into place because some banks and consumers alike were defrauded by those unscrupulous few— and it was an attempt by our government to try to stop that. — In theory it’s all good.— The reality from my perspective and ... [Read More]
Image by Xosé Castro via Flickr
I understand why HVCC (home valuation code of conduct) was put into place because some banks and consumers alike were defrauded by those unscrupulous few— and it was an attempt by our government to try to stop that. — In theory it’s all good.— The reality from my perspective and experience as a Realtor is that every once in a while you will get an appraisal by someone who in my opinion should not have taken the job in the 1st place because they were not qualified to do so and did not really understand what their job was.— Now–I’m not gonna get into the gory details of it all but the bottom line is that not I, nor the borrower, nor the loan officer can have any real direct contact with the appraiser even to ask, what the heck were you thinking and why didn’t you use these comparable properties that Really WERE comparable—because that–my friends are against the rules and there are fines and loss of license issues which can come up if you do so. (For those of us that have licenses to sell real estate and do loans). In the old days we could call and talk about the comps and discuss them if we think they had Missed some. I am specifically talking about an FHA203k Rehab loan. Where there is an as-is value appraisal and an as-repaired appraisal.—Simply–before the work is done and then after it’s completion. Pretty simple.—At least I thought so. The problem is the appraiser gave another as-is appraisal that the seller already has. The J.O.B. was to do an as-repaired appraisal.–Let’s see— right now— or after the work is all done—not really too hard to figure out if you know what you are doing. —So I guess here my oh waaah is me venting my frustration about something that I have no control over other than to complain to the appraisal management company for allowing their sub contracted employees to do a job for which they were not really qualified to do so and the only reason they got the job because it was probably the low bid to do the appraisal. — Once the Dispute was initiated (by the loan officer at the request of the buyer when the seller would not come down in the price because they already had an as-is appraisal) and the appraiser was given the chance to fix what wasn’t done right in the 1st place which is to provide an as-repaired appraisal, which is what the borrower paid for. —So I will write once again to our members of congress and give yet another example of why HVCC needs to be amended or repealed.— There are a lot of good appraisers out there and then there is the occasional moron.—This is just a glimpse of what it’s like on the inside as we do way more than just fill out forms.
Buy Buy Now.
