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Archive for the ‘Real Estate Appraisal’ Category
January 17, 2012 Can A Street Name Affect Property Values?
“The Appraisal” column in The New York Times had an interesting article in it today titled, “On a Numbered Street, Apartment Owners Yearn for More Cachet.” The article describes an up-scale condominium building on 52nd Street in Manhattan. Several of the condo owners in the building feel that their street name doesn’t accurately portray the [...]
January 5, 2012 Don’t Wait to Refinance!
Many people took advantage of last year’s low interest rates and refinancedtheir homes. If you didn’t do it last year, the Federal Reserve promised to keep rates low this year, so there’s still time. However, according to a quote in The New York Times from Frank Nothaft, chief economist at Freddie Mac, interest rates might [...]
December 22, 2011 Have a Present Value Christmas
Have a Present Value Christmas Your appraisal time is here I don’t know how it will go But have a cup of cheer Have a Present Value Christmas There’s a comp right down the street Or right next door or second floor We’re sure to be complete Oh ho, it comes in low But we [...]
December 6, 2011 Federal Housing Administration Loan Limits Increased
In October, Congress decided to lower the top loan amount that the Federal Housing Administration (FHA) could back, but then at the end of last month, they decided to raise it again. This higher loan limit will be valid for the next two years and applies to the country’s priciest real estate markets. In October [...]
December 1, 2011 Fighting the Low-Ball Appraisal
Disagreements over real estate values are nothing new. A real estate appraiser who is familiar with an area, performs due diligence, and takes updates and upgrades into consideration will likely have a much higher valuation of a property than an appraiser who breezes in and cashes a paycheck. Unfortunately, both types of appraiser exist. In [...]
November 15, 2011 How Appraisals Impact Home Sales
It’s well known that lenders are putting new demands on home appraisals so they’re protected from lending more money for a home purchase than what the home is worth. One of the unexpected effects of these new demands is that home sales are falling through because of the appraisal. Before the economic crisis in 2009, [...]
November 3, 2011 Triggering an Investigation Before Securing a Loan
Lenders have increased their methods to prevent loan fraud in recent years. When you first apply for a mortgage or refinancing loan, the investigation begins with verification of your identity and social security number. Lenders also check to see if your name appears on a terrorist watch list, verify your employment, and check your credit [...]
October 25, 2011 Is Refinancing for You?
With interest rates at extreme lows, many people are rushing to refinance. In fact, 79% of mortgage applications this year have been for refinancings. But before you refinance, it’s a good idea to take the time to decide if it’s the best decision for you. First of all, think about your long-term plans for your [...]
October 13, 2011 Problems that will Keep you from Getting a Mortgage
The Mortgage Bankers Association estimates that of the people who go through the lengthy and complicated process of obtaining a mortgage or refinancing, 30% will be rejected. Lenders’ policies have tightened up as a result of the financial crisis, and many banks have policies that go beyond federal requirements. According to industry experts, there are [...]
October 4, 2011 Getting a Good Appraisal
There’s an article in The New York Times this week titled “Determining a Home’s Value” about making sure your home is appraised well if you decide to take advantage of record-low mortgage rates by refinancing. The article suggests that you find an appraiser from your area, or make sure that your lender does so. If [...]