Memorial Day
Posted on:
May
28,
2010
Good AfternoonAs the summer finally officially begins its time to reflect back on the beginning of the first half of 2010 and draw on our experiences. Changes are inevitable and we have had a lot of them in the lending industry even after all that has taken place we are showing signs of a recovery.There are borrowers and there are sellers that want or need to sell , but consistently I have seen and continue to hear that appraised values have been coming in low. As I am sure you have heard by now that mortgage loan officers arenot able to have personal contact with the appraisers.I might recommend that as realtors you must really take time to utilize the MLS in identifying quality comparable homes that have sold in the most recent time period to the subject property.Also geographical competence has come into question where an appraiser is not familiar with a geographic area. It is imperative that comparables used to price the subject property be spot on. Keep in mind cash, foreclosures and short sales are considered comparables dictating the markets present value. If the seller is contributing maximum sellers contributions these are and will be considered in the appraisal adjustments and can affect the value also.I am not and appraiser and don’t play one on TV but over 24 yrs I have had approved borrowers that agreed to a sales price completed their home inspections and pay for the appraisals and go through the complete mortgage process to find out that the appraisal comes in substantially low, enough to make the deal un salvageable when that happens we all lose.Have a great holiday and remember our veteransFHA/VA specialistJim Rousseau
Jim RousseauSenior Loan Officer(Mortgage Lending 24 Years)123 East Grand River Ave.Williamston, MI 48895Direct: 734-395-5048E-Fax:517-772-5991Office: 517-655-8200Website: www.topflitefinancial.com/jlrEBS Website: www.equitybuildingsystem.com/jlr“This message is intended only for the use of the intended recipient(s) and it may be privileged and confidential. Please note that any views or opinions presented in this email are solely those of the author and do not necessarily represent those of the company. If you are not the intended recipient, or the employee or agent responsible to deliver it to the intended recipient, you are hereby notified that any review, retransmission, conversion to hard copy, copying, circulation or other use of this message is strictly prohibited and may be illegal. If you are not the intended recipient, please notify me immediately by return email and delete this message from your system. Thank you.”
