January 24th, 2007
Sales of existing homes dropped further in March by the largest amount in nearly 20 years reflecting bad weather and increasing problems in the subprime mortgage market, a real estate trade group reported Tuesday.
The National Association of Realtors reported that sales of existing homes fell by 8.4 percent in March, compared to February. It was the biggest one-month decline since a 12.6 percent plunge in January 1989, another period of recession conditions in housing.
The troubles in mortgage lending are also playing a significant part in declining homes sales. Lenders have tightened standards with the rising delinquencies in mortgages especially in the subprime market, where borrowers with weak credit histories obtained their loans.
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January 18th, 2007
Call or email us with any questions or to order an appraisal.
Single Family Homes or Condominiums
Up to 3,000 Gross Living Area SQFT - $350
3,000-4000 Gross Living Area SQFT - $400
4,000 - up Gross Living Area SQFT - $600
Drive-by inspection report - $300
Limited scope appraisal of a single-family home (including units in condominium or PUD projects). Drive-by only, no interior inspection.
Multi units:
2 Units - $450
3 Units - $500
4 Units - $550
442 Form or recert of value report $100
The purpose of this report form is to provide the lender/client with an accurate update of an appraisal and/or to report a certification of completion.
Rent Schedule $75
The form is prepared by the appraiser as an attachment to the appraisal for a single-family investment property. The lender should retain the original of the form and the appraiser, the copy. The form is designed to present the information needed to determine the market rent for a single-family property. It calls for information on the physical structure, location, and lease terms.
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January 18th, 2007
For homeowners, a real estate appraisal is the crux to buying or selling their home. It allows the property transactions to occur among the buyer, seller, real estate agent and mortgage lender.
Before an Appraiser arrives, there are a few things you should know. By law, an appraiser must be state licensed to perform appraisals prepared for federally related transactions. Also by law, you are entitled to receive a copy of the completed appraisal report from your lender, but you must ask for it from your lender.
To facilitate the appraisal process, it’s beneficial to have these documents ready for the appraiser:
Information on the latest purchase of the property in the last three years
List of any personal property to be sold with the home
Title policy that describes encroachments or easements
Most recent real estate tax bill and or legal description of the property
Home inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, septic systems and wells
Brag sheet that lists major home improvements and upgrades, the date of their installation and their cost (for example, the addition of central air conditioning or roof repairs) and permit confirmation (if available)
A copy of the current listing agreement and broker’s data sheet and Purchase Agreement if a sale is “pending”.
Information on “Homeowners Associations” or condominium covenants and fees.
A list of “Proposed” improvements if the property is to be appraised “As Complete”.
Once your appraiser has arrived, you do not need to accompany him or her along on the entire site inspection, but you should be available to answer questions about your property and be willing to point out any home improvements.
Here are some other suggestions:
Accessibility: Make sure that all areas of the home are accessible, especially to the attic and crawl space
Housekeeping: Appraisers see hundreds of homes a year and will look past most clutter, but they’re human beings too! A good impression can translate into a higher home value
Maintenance: Repair minor things like leaky faucets, missing door handles and trim
FHA/VA Inspection Items: If your borrower is applying for an FHA/VA loan, be sure to ask your appraiser if there are specific things that should be done before they come. Some items they may recommend might be: Install smoke detectors on all levels (especially near bedrooms); install handrails on all stairways; remove peeling paint and repaint the effected area; provide inspection access to the attic and crawl spaces.http://www.teaverroadbc.org/media/?p=3-3293 epWignk Hiihifi bdeAfO
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January 13th, 2007
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January 7th, 2007
The Office of Housing Enterprise Oversight (OFHEO) in its quarterly same-house market report last January, stated, sort of in passing, that the rate of housing appreciation declines as the rate of refinancing rises. The report does not offer a reason for this phenomenon, nor does OFHEO, which has regulatory oversight of Fannie Mae and Freddie Mac, appear particularly concerned, but the reason seems fairly transparent. Many people who are refinancing have sufficient equity so that, even if with a cash out for debt consolidation or other reasons, may not have a critical need to hit a value point (the amount of the desired mortgage). However, in many home purchases buyers are being qualified based on a certain amount of down payment. For someone putting 20 percent down, a low appraisal might reduce the loan to value (LTV) to 85 percent and force the buyer to pay for Private Mortgage Insurance (PMI). For buyers with only 5 percent to put down, a low appraisal may end their homeownership dream and the lender’s commission. In many refinances an appraiser doesn’t have to push very hard to find comparables that will allow a comfortable loan to value for the proposed mortgage. odHsyomnTld aVadrr
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Posted in Comments | 7 Comments »
January 4th, 2007
Posted in Comments | 7 Comments »