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March 26, 2009 at 1:02 PM in reply to: How do lenders deal with houses with un-permitted additions #373809March 26, 2009 at 1:02 PM in reply to: How do lenders deal with houses with un-permitted additions #373926
HLS
ParticipantYour anger is justified, but misplaced.
An appraisers job isn’t to give their opinion about a shack in da hood, it’s to report what the previous fool paid.An honest appraiser bears NO responsibility in this mess.
The govt allowed this to happen. Sales people were doing their jobs, many of them simply believing that they were doing the right thing.
Clueless sheep who BELIEVED that the rising prices
were valid.Face it, many people are overpaid for what they do.
Until something like this blows up, people just think that they are “worth” what they are paid.
They are screwing their customers in exchange for a part of the profits.People who sell cars, paper, equipment, real estate, or anything else are usually trying to sell as much as they can to make their commissions, with no regard of what benefit it is to the buyer.
There is such a thing as adding value to someones life, which is what I attempt to do. Many people are simply stubborn and ignorant and aren’t going to change.
Welcome to uneducated America.
Check out this video, it’s edited. The UNedited version is available on YOUTUBE… http://www.youtube.com/watch?v=fsDuL4jTkz0March 26, 2009 at 11:49 AM in reply to: How do lenders deal with houses with un-permitted additions #373278ParticipantThe real culprits in this economic meltdown are the same fools that are pretending to know how to fix it.
They are children that looted the candy store, sold the candy to their friends, and pocketed the money…
Now they got caught.The store is bankrupt. They want to blame everybody else EXCEPT THEMSELVES for what went wrong.
Blame the landlord, the security company, the manufacturer, but the child bandits are now in charge of investigating the crime. Now they are stealing money to give to their friends who no longer have a source of dirty income or candy.The change in appraisals is saying that appraisers were responsible for the housing mess. There is only a sliver of truth in that. A dishonest appraiser is still dishonest.
This will ruin the careers and incomes of honest appraisers. If an appraiser has been in business for 10-20 years and has dozens of banks or brokers sending them business, that stops completely on May 1st…
An appraiser with 8 employees recently told me that he is done, and 8 appraisers will be out of work. He will not get enough orders to keep them busy.
In the end, it will harm consumers, financially ruin most appraisers, and only benefit the management companies who have just been handed a govt contract.
Orders sent through management companies will result in apparisaers receiving about 50% less income per job, and fewer jobs.It might appear to some people that the govt is doing the right thing , it’s typical BS spin that foolish America falls for.
Once again the blame is deflected to spare the guilty… HLS
March 26, 2009 at 11:49 AM in reply to: How do lenders deal with houses with un-permitted additions #373559ParticipantThe real culprits in this economic meltdown are the same fools that are pretending to know how to fix it.
They are children that looted the candy store, sold the candy to their friends, and pocketed the money…
Now they got caught.The store is bankrupt. They want to blame everybody else EXCEPT THEMSELVES for what went wrong.
Blame the landlord, the security company, the manufacturer, but the child bandits are now in charge of investigating the crime. Now they are stealing money to give to their friends who no longer have a source of dirty income or candy.The change in appraisals is saying that appraisers were responsible for the housing mess. There is only a sliver of truth in that. A dishonest appraiser is still dishonest.
This will ruin the careers and incomes of honest appraisers. If an appraiser has been in business for 10-20 years and has dozens of banks or brokers sending them business, that stops completely on May 1st…
An appraiser with 8 employees recently told me that he is done, and 8 appraisers will be out of work. He will not get enough orders to keep them busy.
In the end, it will harm consumers, financially ruin most appraisers, and only benefit the management companies who have just been handed a govt contract.
Orders sent through management companies will result in apparisaers receiving about 50% less income per job, and fewer jobs.It might appear to some people that the govt is doing the right thing , it’s typical BS spin that foolish America falls for.
Once again the blame is deflected to spare the guilty… HLS
March 26, 2009 at 11:49 AM in reply to: How do lenders deal with houses with un-permitted additions #373732ParticipantThe real culprits in this economic meltdown are the same fools that are pretending to know how to fix it.
They are children that looted the candy store, sold the candy to their friends, and pocketed the money…
Now they got caught.The store is bankrupt. They want to blame everybody else EXCEPT THEMSELVES for what went wrong.
Blame the landlord, the security company, the manufacturer, but the child bandits are now in charge of investigating the crime. Now they are stealing money to give to their friends who no longer have a source of dirty income or candy.The change in appraisals is saying that appraisers were responsible for the housing mess. There is only a sliver of truth in that. A dishonest appraiser is still dishonest.
This will ruin the careers and incomes of honest appraisers. If an appraiser has been in business for 10-20 years and has dozens of banks or brokers sending them business, that stops completely on May 1st…
An appraiser with 8 employees recently told me that he is done, and 8 appraisers will be out of work. He will not get enough orders to keep them busy.
In the end, it will harm consumers, financially ruin most appraisers, and only benefit the management companies who have just been handed a govt contract.
Orders sent through management companies will result in apparisaers receiving about 50% less income per job, and fewer jobs.It might appear to some people that the govt is doing the right thing , it’s typical BS spin that foolish America falls for.
Once again the blame is deflected to spare the guilty… HLS
March 26, 2009 at 11:49 AM in reply to: How do lenders deal with houses with un-permitted additions #373774ParticipantThe real culprits in this economic meltdown are the same fools that are pretending to know how to fix it.
They are children that looted the candy store, sold the candy to their friends, and pocketed the money…
Now they got caught.The store is bankrupt. They want to blame everybody else EXCEPT THEMSELVES for what went wrong.
Blame the landlord, the security company, the manufacturer, but the child bandits are now in charge of investigating the crime. Now they are stealing money to give to their friends who no longer have a source of dirty income or candy.The change in appraisals is saying that appraisers were responsible for the housing mess. There is only a sliver of truth in that. A dishonest appraiser is still dishonest.
This will ruin the careers and incomes of honest appraisers. If an appraiser has been in business for 10-20 years and has dozens of banks or brokers sending them business, that stops completely on May 1st…
An appraiser with 8 employees recently told me that he is done, and 8 appraisers will be out of work. He will not get enough orders to keep them busy.
In the end, it will harm consumers, financially ruin most appraisers, and only benefit the management companies who have just been handed a govt contract.
Orders sent through management companies will result in apparisaers receiving about 50% less income per job, and fewer jobs.It might appear to some people that the govt is doing the right thing , it’s typical BS spin that foolish America falls for.
Once again the blame is deflected to spare the guilty… HLS
March 26, 2009 at 11:49 AM in reply to: How do lenders deal with houses with un-permitted additions #373891ParticipantThe real culprits in this economic meltdown are the same fools that are pretending to know how to fix it.
They are children that looted the candy store, sold the candy to their friends, and pocketed the money…
Now they got caught.The store is bankrupt. They want to blame everybody else EXCEPT THEMSELVES for what went wrong.
Blame the landlord, the security company, the manufacturer, but the child bandits are now in charge of investigating the crime. Now they are stealing money to give to their friends who no longer have a source of dirty income or candy.The change in appraisals is saying that appraisers were responsible for the housing mess. There is only a sliver of truth in that. A dishonest appraiser is still dishonest.
This will ruin the careers and incomes of honest appraisers. If an appraiser has been in business for 10-20 years and has dozens of banks or brokers sending them business, that stops completely on May 1st…
An appraiser with 8 employees recently told me that he is done, and 8 appraisers will be out of work. He will not get enough orders to keep them busy.
In the end, it will harm consumers, financially ruin most appraisers, and only benefit the management companies who have just been handed a govt contract.
Orders sent through management companies will result in apparisaers receiving about 50% less income per job, and fewer jobs.It might appear to some people that the govt is doing the right thing , it’s typical BS spin that foolish America falls for.
Once again the blame is deflected to spare the guilty… HLS
March 25, 2009 at 11:55 PM in reply to: How do lenders deal with houses with un-permitted additions #373173ParticipantI would say that it depends on the situation, and is hard to define.
An addition may mean that the house cannot get a loan. It may require that inspections be done and it needs to be brought up to code.
It may not be a problem at all, or could be grandfathered in.A lender will not go look at a property, they rely on the appraisal. If the appraiser isn’t aware that addition was un-permitted, I’m not sure if they have any liability. They should realize that something is wrong if the public record and actual size/rooms don’t match.
Just because it was done years ago and has changed hands and hasn’t been a problem before, doesn’t mean that it won’t become a problem in the future.
The current owner may not even be aware that a previous owner created this situation.
It could become a total nightmare OR it may not come up. The appraiser is probably the only one that will bring it up.
If someone pays for an inspection, they do not have to share it with the appraiser unless they want to.
An appraiser is not an inspector, the appraiser’s job is to establish current value but mention any defects or concerns that they have.
The appraisal industry is changing drastically on May 1st.
Ae there more specifics from the OP ? . HLS
March 25, 2009 at 11:55 PM in reply to: How do lenders deal with houses with un-permitted additions #373454ParticipantI would say that it depends on the situation, and is hard to define.
An addition may mean that the house cannot get a loan. It may require that inspections be done and it needs to be brought up to code.
It may not be a problem at all, or could be grandfathered in.A lender will not go look at a property, they rely on the appraisal. If the appraiser isn’t aware that addition was un-permitted, I’m not sure if they have any liability. They should realize that something is wrong if the public record and actual size/rooms don’t match.
Just because it was done years ago and has changed hands and hasn’t been a problem before, doesn’t mean that it won’t become a problem in the future.
The current owner may not even be aware that a previous owner created this situation.
It could become a total nightmare OR it may not come up. The appraiser is probably the only one that will bring it up.
If someone pays for an inspection, they do not have to share it with the appraiser unless they want to.
An appraiser is not an inspector, the appraiser’s job is to establish current value but mention any defects or concerns that they have.
The appraisal industry is changing drastically on May 1st.
Ae there more specifics from the OP ? . HLS
March 25, 2009 at 11:55 PM in reply to: How do lenders deal with houses with un-permitted additions #373627ParticipantI would say that it depends on the situation, and is hard to define.
An addition may mean that the house cannot get a loan. It may require that inspections be done and it needs to be brought up to code.
It may not be a problem at all, or could be grandfathered in.A lender will not go look at a property, they rely on the appraisal. If the appraiser isn’t aware that addition was un-permitted, I’m not sure if they have any liability. They should realize that something is wrong if the public record and actual size/rooms don’t match.
Just because it was done years ago and has changed hands and hasn’t been a problem before, doesn’t mean that it won’t become a problem in the future.
The current owner may not even be aware that a previous owner created this situation.
It could become a total nightmare OR it may not come up. The appraiser is probably the only one that will bring it up.
If someone pays for an inspection, they do not have to share it with the appraiser unless they want to.
An appraiser is not an inspector, the appraiser’s job is to establish current value but mention any defects or concerns that they have.
The appraisal industry is changing drastically on May 1st.
Ae there more specifics from the OP ? . HLS
March 25, 2009 at 11:55 PM in reply to: How do lenders deal with houses with un-permitted additions #373671ParticipantI would say that it depends on the situation, and is hard to define.
An addition may mean that the house cannot get a loan. It may require that inspections be done and it needs to be brought up to code.
It may not be a problem at all, or could be grandfathered in.A lender will not go look at a property, they rely on the appraisal. If the appraiser isn’t aware that addition was un-permitted, I’m not sure if they have any liability. They should realize that something is wrong if the public record and actual size/rooms don’t match.
Just because it was done years ago and has changed hands and hasn’t been a problem before, doesn’t mean that it won’t become a problem in the future.
The current owner may not even be aware that a previous owner created this situation.
It could become a total nightmare OR it may not come up. The appraiser is probably the only one that will bring it up.
If someone pays for an inspection, they do not have to share it with the appraiser unless they want to.
An appraiser is not an inspector, the appraiser’s job is to establish current value but mention any defects or concerns that they have.
The appraisal industry is changing drastically on May 1st.
Ae there more specifics from the OP ? . HLS
March 25, 2009 at 11:55 PM in reply to: How do lenders deal with houses with un-permitted additions #373786ParticipantI would say that it depends on the situation, and is hard to define.
An addition may mean that the house cannot get a loan. It may require that inspections be done and it needs to be brought up to code.
It may not be a problem at all, or could be grandfathered in.A lender will not go look at a property, they rely on the appraisal. If the appraiser isn’t aware that addition was un-permitted, I’m not sure if they have any liability. They should realize that something is wrong if the public record and actual size/rooms don’t match.
Just because it was done years ago and has changed hands and hasn’t been a problem before, doesn’t mean that it won’t become a problem in the future.
The current owner may not even be aware that a previous owner created this situation.
It could become a total nightmare OR it may not come up. The appraiser is probably the only one that will bring it up.
If someone pays for an inspection, they do not have to share it with the appraiser unless they want to.
An appraiser is not an inspector, the appraiser’s job is to establish current value but mention any defects or concerns that they have.
The appraisal industry is changing drastically on May 1st.
Ae there more specifics from the OP ? . HLS
March 11, 2009 at 10:53 AM in reply to: HLS update on 105% refi’s without mortgage insurance… #363953Participant[quote=paramount]I’m looking at the Refinance Program, although according to the Fannie Mae web site the refinance rates are currently 5.16%.
As for myself, I’m already at 5.1% fixed 30 years.
Still, resetting my loan back to 30 years will reduce my payments….
I just want to break close to even (monthly) when I rent out our house.
In California 105% LTV won’t be that helpful I suspect[/quote]
There is not “one” interest rate that applies to every loan across the board. There is a matrix table with pricing hits for credit score and LTV.
For those that qualify and plan on being in their home for at least 3 years, the best thing to do is to get into a 4.50% fixed rate.
It will save thousands in the long run.Most people, including mortgage “professionals”. do not know how to figure or explain the cost benefit of refinancing into a lower rate.
Dividing the total cost by the monthly savings is what 99.99% do, but it isn’t correct.
The fact is that every single person with a rate above 4.50% is wasting money with their current payment every month. The higher the current rate, the more they are wasting.
Whether or not it makes sense to refi is a different matter.Also, nobody has to stick to a 30 YR amortization. You can create your own term by adjusting your payment.
The 4.50% 30 YR fixed is available on rental properties also, but most people are too shortsighted to see the longterm guaranteed benefit.
It amazes me how foolish most people are with their mortgage decisions, but then I come in contact with other “mortgage professionals” that they are asking for advice and understand why…
March 11, 2009 at 10:53 AM in reply to: HLS update on 105% refi’s without mortgage insurance… #364399Participant[quote=paramount]I’m looking at the Refinance Program, although according to the Fannie Mae web site the refinance rates are currently 5.16%.
As for myself, I’m already at 5.1% fixed 30 years.
Still, resetting my loan back to 30 years will reduce my payments….
I just want to break close to even (monthly) when I rent out our house.
In California 105% LTV won’t be that helpful I suspect[/quote]
There is not “one” interest rate that applies to every loan across the board. There is a matrix table with pricing hits for credit score and LTV.
For those that qualify and plan on being in their home for at least 3 years, the best thing to do is to get into a 4.50% fixed rate.
It will save thousands in the long run.Most people, including mortgage “professionals”. do not know how to figure or explain the cost benefit of refinancing into a lower rate.
Dividing the total cost by the monthly savings is what 99.99% do, but it isn’t correct.
The fact is that every single person with a rate above 4.50% is wasting money with their current payment every month. The higher the current rate, the more they are wasting.
Whether or not it makes sense to refi is a different matter.Also, nobody has to stick to a 30 YR amortization. You can create your own term by adjusting your payment.
The 4.50% 30 YR fixed is available on rental properties also, but most people are too shortsighted to see the longterm guaranteed benefit.
It amazes me how foolish most people are with their mortgage decisions, but then I come in contact with other “mortgage professionals” that they are asking for advice and understand why…
March 11, 2009 at 10:53 AM in reply to: HLS update on 105% refi’s without mortgage insurance… #364433Participant[quote=paramount]I’m looking at the Refinance Program, although according to the Fannie Mae web site the refinance rates are currently 5.16%.
As for myself, I’m already at 5.1% fixed 30 years.
Still, resetting my loan back to 30 years will reduce my payments….
I just want to break close to even (monthly) when I rent out our house.
In California 105% LTV won’t be that helpful I suspect[/quote]
There is not “one” interest rate that applies to every loan across the board. There is a matrix table with pricing hits for credit score and LTV.
For those that qualify and plan on being in their home for at least 3 years, the best thing to do is to get into a 4.50% fixed rate.
It will save thousands in the long run.Most people, including mortgage “professionals”. do not know how to figure or explain the cost benefit of refinancing into a lower rate.
Dividing the total cost by the monthly savings is what 99.99% do, but it isn’t correct.
The fact is that every single person with a rate above 4.50% is wasting money with their current payment every month. The higher the current rate, the more they are wasting.
Whether or not it makes sense to refi is a different matter.Also, nobody has to stick to a 30 YR amortization. You can create your own term by adjusting your payment.
The 4.50% 30 YR fixed is available on rental properties also, but most people are too shortsighted to see the longterm guaranteed benefit.
It amazes me how foolish most people are with their mortgage decisions, but then I come in contact with other “mortgage professionals” that they are asking for advice and understand why…
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