| Author | Message | ||
| TomD (Tifosi)
Advanced Member Username: Tifosi Post Number: 3983 Registered: 9-2001 |
another racket, mortage rates always go up faster than they come down, well I guess that is how they make the money  | ||
| Terry Springer (Tspringer)
Member Username: Tspringer Post Number: 632 Registered: 4-2002 |
Well, move fast for those rates if your mortgage shopping. The bond market had priced in a .5 rate cut from the Fed. The cut was only .25. So...... bonds are selling off sharply. We are already getting re-priced rate sheets from all our lenders with long term rates sharply higher. We have seen the bottom folks.... mid week last week. If you have not refinanced yet, get a lock in place ASAP. | ||
| Terry Springer (Tspringer)
Member Username: Tspringer Post Number: 630 Registered: 4-2002 |
I own a mortgage company. My appraisers are doing 3 day turnaround time at a total charge of only $275 regardless of property value. I do over 40 per month with them.... were a valued client. Go with a local broker, let them order the appraisal. You will probably get a better rate, certainly a better/faster appraisal and the entire process will go smoother. There is a reason why small, local brokers do 75% of the loans in this nation. Even the giant companies get the bulk of their loan volume from their wholesale channels funding through brokers. Its a classic case of "small, fast and efficient" beating the crap out of "large, slow and bloated". BTW: Were doing 30 year fixed rates today at 4.875% and 0 discount or 4.75% and only .375 of a discount point. That my Ferrari driving friends is CHEAP MONEY! | ||
| djmonk (Davem)
Member Username: Davem Post Number: 317 Registered: 1-2002 |
Its far from an exact science. Had an appraiser use sales from a year ago! I knew of 5 other prop's that sold since then in my area that he could have used. Prices are still rising here an my appraisel was way off. | ||
| PeterS (Peters)
Member Username: Peters Post Number: 908 Registered: 1-2003 |
Faisal...Its not so much the money, but the time this moron took to get to your house and fristrate you with his inept abilities. Thats really sad. I have two rentals that I just got appraised and I told the appraiser that I will be adding new interior paint, carpet, new cabinets and tile. It really showed in the appraisal.....I just did not tell him when I planned on doing all of this work! | ||
| Faisal Khan (Tvrfreak)
Member Username: Tvrfreak Post Number: 338 Registered: 3-2003 |
I am getting my home loan re-financed right now. The appraiser sucked. He was late, and barely looked at the house. Two days later he sent such a low estimated value to my loan officer that in 2 minutes I was able to prove him wrong by searching on Yahoo! for comparable sales. What an imbecile. On the plus side, his employer did change the appraisal, based on the info I provided, apologised, and refunded all fees. | ||
| PeterS (Peters)
Member Username: Peters Post Number: 907 Registered: 1-2003 |
Vincent...That would be a first for me! With all of the re-fi's now, there are not enough appraisers to go around. I never heard of a bank taking an agents word for am appraised price! | ||
| Vincent (Vincent348)
Member Username: Vincent348 Post Number: 692 Registered: 4-2003 |
Iv'e found that often the bank will accept an appraisal value from your real estate agent, provided they know him or her. This gets you around the 5 to 7 week wait. Also, if you have the bank reccomend an appraiser it happens a lot faster, and you will be appraised at the value you are looking for. given that you are being somewhat reasonable. Vincent. | ||
| Jeff B. (Miltonian)
Member Username: Miltonian Post Number: 375 Registered: 12-2002 |
A brilliant appraiser took $10,000 off the value of the last home I built because a comparable home was closer to the Fairgrounds. This other home was about 3 minutes closer. The fairgrounds are noisy, parking is a problem, traffic is terrible on the day of events, nighttime lighting issues, etc. The home we built was on a larger lot, had more privacy, and was equally close to freeway access and shopping. Plus, he made several mistakes in details of the house in his report. Moron. | ||
| PeterS (Peters)
Member Username: Peters Post Number: 861 Registered: 1-2003 |
TS... I have about ten friends that want to get into the appraisal business. They can not find a single company that will let them 'in'. This is really nuts and in my opinion and extremely unfair. There has to be a happy medium in this business that will allow more people to get in this field. | ||
| Tillman Strahan (Tillman)
Member Username: Tillman Post Number: 699 Registered: 11-2001 |
In years past, the licensing requirements for appraisers was almost non-existant. This created a situation where unscrupulous/unprofessional appraisers would write an appraisal "to spec" -- basically just justifying whatever the seller or buyer wanted to see. Obviously this led to loan fraud, foreclosures, and was a contributing factor to the S&L collapse. After that fiasco, the stronger license requirements were put in place. That's why there's no quickie class for appraisers. One additional note, there's extensive ongoing training required for licensed appraisers. Appraisers are very busy right now. My dad is an appraiser in Texas, and he's booking 6 weeks out due the workload, and that's after cutting off some of the lenders. | ||
| PeterS (Peters)
Member Username: Peters Post Number: 858 Registered: 1-2003 |
A few months ago, I looked into what it takes to be an appraiser of homes and real estate. What a friggen racket this is! To get your license, one has to work with an appraiser for 2000 hours, thats if you can find one that will take you on to work for chump change. Appraisers in most areas I have looked into are so busy, some are not taking on new business. I had to beg a local appraiser to do two of my three properties. Then, I got an earfull of flack because I was not using a local broker for the loan! With the re-fi craze going on right now, this is a real bottleneck. I can get a loan in five days, but the appraisers are booked for 5-7 weeks! Why is there not some sort of class (just like real estate) one can take to get a license? This is an 'old boys' network sort of business that needs to be looked at. |