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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.
Buy Buy Now
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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 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.
Gazunteit!!! With the real estate industry poised in what could be a good recovery there appears to be a Dark Cloud that is Slowing that recovery. HVCC.
We have appraisals coming in our local area thru HVCC, one in particular where it appears the appraiser who is sent by the Appraisal Management Company, may not be the right appraiser for the job, but was sent anyway. One specific case which involves a friend of mine doing a refinance. In my opinion an appraiser doing a manufactured home should know what the data plate is or the appraisal should be assigned to someone else (ya think?)—(the data plate is the piece of paper glued to the wall in the laundry room or under the kitchen cabinet or in a closet that says where and when it was built and by who, with the data on the insulation, snow load roof etc) and the HUD Tag is the metal plate affixed to the outside of the structure, just so ya know, in case you didn’t.
Almost every lender requires a picture of both (proof) i understand. It must have been a bad day for the appraiser because pictures of the data plate were forgotten. Two Weeks Later the appraiser had still not been back to the property to take the pictures that had been forgotten. FINE. So the appraisal was held up by the appraiser, my friend lost his loan lock, costing more $$$. The only thing the loan officer could do is write the appraisal management company and say the the appraisal is still needed, over and over and over again. Good job appraisal management company and it cost my friend more money for you. (Ya Dorks).— It just cost the owner (in this case) more for this appraisal because it is being handled by an Appraisal Management Company and they get paid to manage. So what are they managing? Incompetence? It sure appears so in this case. It has taken TWO Months to get the appraisal done by these yeah-who’s. The loan officer is not allowed to call the appraiser directly because of the hands off rules (HVCC) to loan officers who can have no direct contact with the appraiser and is not allowed to know who the appraiser even is. Otherwise a phone-call would have been made to the appraiser to say, What Are You Doing?
The reason I know is because my friend told me. —So the Net result of that is, the owner, my friend, lost the loan lock because it took this appraisal process TWO Months. So someone has to pay for that. It appears the appraisal managment company should, at least in my opinion pay for that, but of course they will not .
No matter what kind of business you are in there are always going to be the select few who try to manipulate the system by doing unethical things. The end result is more rules to govern us in everything we do. Unfortunately even tho HVCC was put in place with the best of intentions by Congress I believe, there are those things like this, that because you have no control, they spin out of control on their own like a car going 100 mph with no one controlling the wheel.
Now that’s just plain crazy. Ya Think?
I hope you and the ones you care about had a comfortable Christmas and I wish you a Safe, Fun and Happy New Year as well. Smiles, Steffan
ps–Remember–No Walking, No Standing, No Smoking (I already Quit), No Changing Your Sinks P Trap without a PP (Plumbing Permit), No Turning Over Rocks, No Jumping From Bridge, No Riding in the Back of a Pickup Truck Without a SeatBelt, No Riding a Bicycle without a Helmet, No Riding a Motorcycle without a Helmet and many other fun rules someone thought was a good idea to help protect us from ourselves.
I am glad I am the age I am and got to experience some of what used to be lifes little pleasures looking back at it all.
I woke up this morning to the news in the bay area. A lady psychologist was talking about how hard it is for young girls to grow up in this country because Barbie has Perfect Hair, Perfect Skin, Perfect Body and in so many words I thought she insinuated they should be pulled off the shelves because young girls feel bad if they can’t be like and cannot compete with Perfect Barbie……..my daughter never felt like that—maybe that happens if you don’t spank them as children when they are bad and you decide to give them a time out instead–who thought that one up—I remember that movie that came out when I was a kid—It’s a Mad Mad Mad Mad World!!!
I thought to myself–it’s just a doll lady–and I think you are in the wrong job.
What’s next? Ken dolls, army men? Gotta love people. No wonder why I moved out of the bay area to here to live in the hills.