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I have been busy trying to find homes for my people and it seems just lately there is a shortage in the price ranges of the areas they are looking in. Shuks. Gotta keep looking and something will pop up. I hope you enjoyed the Superbowl yesterday as I did. That is actually the 1st game i have watched in years and it was a good one. Oops, back to work.

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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 20% down payment to buy a home?

That is what is undergoing discussion.

Most Americans Can’t.

Take Charge and Let them Know How You Feel.

http://www.realtor.org/wps/wcm/connect/3949fd804629380ba1ecb9ce195c5fb4/government_affairs_joint_letter_LTV_031611.pdf?MOD=AJPERES&CACHEID=3949fd804629380ba1ecb9ce195c5fb4

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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.

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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 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.

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Please Help Save the Mortgage Interest Deduction.

You are welcome to use this sample letter (part courtesy of the National Association of Realtors–or you may draft your own). 

Subject: Co-Sponsor H.Res 25. Preserve, Protect, & Defend the Mortgage Interest Deduction.

Dear [Decision Maker],

 I remain steadfast in my belief that economic recovery depends in large measure on recovery in the housing market. That recovery is by no means complete and, in fact, the market is still quite weak.

Please show your support of stable housing policy by cosponsoring H.Res.25, a bipartisan resolution offered by Rep. Gary Miller. Realtors believe that wide cosponsorship of this resolution will send a strong signal that Congress remains committed to a housing recovery.

H. Res.25 expresses the sense of Congress that the current law governing the MID must be retained. To restrict current law in any way would undermine progress in the still-fragile housing recovery.

Please join Mr. Miller and your colleagues in sending a strong signal that you support a stable housing market and that you support the current MID rules. Please co-sponsor H.Res. 25.

Sincerely,

your name and address

==========================================================

I Appreciate your help. Thanx.

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 The Contractor must be qualified to bid & do the work for your FHA203K loan if you choose one. Just a few points so you know.

 Remember the contractor must have an active  general contractors license at the time he or she submits the bid (there are exceptions to this) .

Before you have the contractor bid for the work check to make sure that the contractor has the following:

1    Copy of his Contractors license card and print from the California State Contractors Licensing showing status of license 

2    Copy of his bond insurance

3    Copy of his General Liability Insurance and possibly Errors and Omissions Insurance

4     Resume with 3 references

5     If the contractor has employees or sub-contractors, proof of workman’s comp insurance will be required  and if sole proprietor and not covered under workman’s comp insurance the Liability insurance with$1million coverage

 If the ONLY repair is electrical or plumbing repairs to be completed, the contractor must be licensed to perform these repairs or a separate bid from an electrical or plumbing contractor must be provided along with the 5 required items above.

Once you have the bids and have decided on which contractor you will be using, the contractor will fill out a Homeowner/Contractor Agreement  and a W-9. 

 Every lending institution may have Additional requirements so check with your loan officer, mortgage broker or personal banker whatever they may be called these days.

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Did you know that you may be able to refinance and use an FHA203K  Loan to remodel?  There are 2 different types of 203K Loans.  I think pretty much Most Capital Improvement such as Windows, Appliances, Carpeting, Septic Systems, Well Drilling could be done using this type of Loan Program. You should ask your Mortgage Loan Officer which could be the Best for You.

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There are houses for sale right now that will not qualify for financing using conventional FHA or Conventional Loan Financing because of the amount of Repair work that is needed. Remember that an FHA203K (Streamline) Loan up to $35,000 in Repairs which must also include the Inspection fees and other costs can be used for repairs.— Also the FHA203K Rehab Loans are Available up to $50,000. Typically it is harder to find a Loan Officer that will do those because of the amount of work involved. You should obtain multiple Contractor bids for Comparison sake but it is just one more Creative way to finance some of these  fixers.— If you have questions ask your Realtor and Loan Officer for Clarification of these loan programs.

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If you are renting a house and your credit is not completely trashed you should probably own that house. You probably know there is plenty of inventory and with the rates still down. Now is the time to talk to a loan officer and get qualified for a loan and then go find one that suits your needs that you can afford. Makes sense to me. Then you can invite your family and friends over to your house.— Just call em and say Come Over to My House.   

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