Comments on: Appraisals – One More Hurdle to Homeownership http://sarahiouslyspeaking.com/2009/07/appraisals-one-more-hurdle-to-homeownership/ There's No Fluff In This Stuff Mon, 09 Apr 2012 21:37:30 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Ben Goheen http://sarahiouslyspeaking.com/2009/07/appraisals-one-more-hurdle-to-homeownership/comment-page-1/#comment-432 Ben Goheen Thu, 27 Aug 2009 13:39:23 +0000 http://sarahiouslyspeaking.com/?p=560#comment-432 Stories like yours are becoming more common with the adoption of the HVCC. One thing to note however is that it does NOT apply to FHA or VA loans: http://agentgenius.com/real-estate-mortgage-economy/mortgage/fha-says-no-to-hvcc/ Appraising isn't an exact science, so the being $700 below the purchase price is just ludicrous. Stories like yours are becoming more common with the adoption of the HVCC. One thing to note however is that it does NOT apply to FHA or VA loans: http://agentgenius.com/real-estate-mortgage-economy/mortgage/fha-says-no-to-hvcc/

Appraising isn’t an exact science, so the being $700 below the purchase price is just ludicrous.

]]> By: Chris Griffith http://sarahiouslyspeaking.com/2009/07/appraisals-one-more-hurdle-to-homeownership/comment-page-1/#comment-429 Chris Griffith Sat, 15 Aug 2009 02:03:03 +0000 http://sarahiouslyspeaking.com/?p=560#comment-429 Today after *finally* getting an offer submitted on Bid Select dot com I wondered to myself. This home is probably not going to appraise and then what? That, my friends, is the government sandwich. It didn't even come with fries. Today after *finally* getting an offer submitted on Bid Select dot com I wondered to myself. This home is probably not going to appraise and then what? That, my friends, is the government sandwich. It didn’t even come with fries.

]]> By: Pat Kline http://sarahiouslyspeaking.com/2009/07/appraisals-one-more-hurdle-to-homeownership/comment-page-1/#comment-419 Pat Kline Mon, 03 Aug 2009 21:50:39 +0000 http://sarahiouslyspeaking.com/?p=560#comment-419 Had the same low appraisal, field appraisal issue on a condo in Annandale. What good does a "drive by" do on a condo?? This was totally renovated by a contractor. Made no difference - the still came in low and seller had to lower price. I also made an offer for a client on a townhouse but seller said it would never appraise at our offer and took a lower one. I'm hearing these stories from many Realtors. Now we have the banks AND the appraisers making it impossible to sell homes! Had the same low appraisal, field appraisal issue on a condo in Annandale. What good does a “drive by” do on a condo?? This was totally renovated by a contractor. Made no difference – the still came in low and seller had to lower price. I also made an offer for a client on a townhouse but seller said it would never appraise at our offer and took a lower one. I’m hearing these stories from many Realtors. Now we have the banks AND the appraisers making it impossible to sell homes!

]]> By: Danilo Bogdanovic http://sarahiouslyspeaking.com/2009/07/appraisals-one-more-hurdle-to-homeownership/comment-page-1/#comment-416 Danilo Bogdanovic Mon, 27 Jul 2009 21:24:24 +0000 http://sarahiouslyspeaking.com/?p=560#comment-416 Sarah - Here's an update on the situation: I just attended a DAAR symposium with "top dog" reps from HUD, Bank of America/Countrywide, the mortgage industry as a whole and local government and the sad thing is that, 1) they have no clue what's really going on in real life thanks to the "helpful programs" they've created or left unchanged since 1950 2) they have no clue how to fix the problem 3) they spent much of the time deflecting or dodging and 4) their attitude is more of a "don't worry about it and it will just goes away" The fact is that the real estate transaction is getting harder and messier for real estate professionals and consumer (sellers and buyers) by the day and no real help is on the way. Sarah – Here’s an update on the situation:

I just attended a DAAR symposium with “top dog” reps from HUD, Bank of America/Countrywide, the mortgage industry as a whole and local government and the sad thing is that,

1) they have no clue what’s really going on in real life thanks to the “helpful programs” they’ve created or left unchanged since 1950

2) they have no clue how to fix the problem

3) they spent much of the time deflecting or dodging and

4) their attitude is more of a “don’t worry about it and it will just goes away”

The fact is that the real estate transaction is getting harder and messier for real estate professionals and consumer (sellers and buyers) by the day and no real help is on the way.

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