Let’s Talk Appraisals – Or Religion – Or Politics……

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Michael Nelson - Equity Prime, LLC
What You Need to Know About Home Appraisals – Geoff Williams – US News

We all have heard the age-old adage – never talk religion or politics with customers, the date you want to impress, or the in-laws.  Well, we might as well add appraisals into the forbidden discussion category.  As a mortgage lender, this is a tough topic.  Regulations are very clear on the interaction allowed between a loan officer and an appraiser.  Which is to say a loan officer and an appraiser can have no interaction at all.

 

 

Appraisals are a hot topic – lots of emotion and added stress!

Michael Nelson - Equity Prime
What You Should Know About the Appraisal Process – Michele Lerner – Realtor.com

I don’t take issue with the regulations for all the obvious reasons.  History has certainly taught us that relationships between loan officer and appraiser are ill-advised.  But, I do suggest regulation has taken the pendulum too far to the other side.  Scarcity of appraisers and the time required to get an appraisal have made the 30 day close very hard to hit.  Especially in a TRID environment and refinance transactions.  While, I understand that each state is different, I can tell you the appraisal situation in Colorado is especially troublesome.

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Profile of International Home Buying Activity | realtor.org

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Source: Profile of International Home Buying Activity | realtor.org

This report is based on a survey of REALTORS® about Existing Home Sales to resident and non-resident foreigners over the time period April 2014 through March 2015.

2015-Profle-of-Home-Buying-by-International-Clients

 

Lately, realtors have asked me about real estate financing for foreign nationals.  It is not surprising that I am getting this question as I work in Florida, California, and Colorado.  The questions I have received prompted me to do some Googling for general demographic information.

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One-third of realty transactions are plagued by delays, some of them fatal – The Washington Post

Financing, inspection and appraisal problems are the leading reasons why deals go offtrack. Source: One-third of realty transactions are plagued by delays, some of them fatal – The Washington Post This article appeared earlier this year in the Washington Post.  It is sobering to be sure.  32% of all real …

Click for moreOne-third of realty transactions are plagued by delays, some of them fatal – The Washington Post

U.S. Existing Home Sales Tumbled 7.1% in February – WSJ

Sales of previously owned homes sank in February, a sign that demand for housing could be cooling amid rising prices and low inventory. Source: U.S. Existing Home Sales Tumbled 7.1% in February – WSJ It will be interesting to see where the data is next month.  Rates are very attractive and …

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Bill Gross: Negative Rates Are Finance Economy’s Last, Dying Gasp

The finance economy’s fuel is just about spent, and the move into the black hole of negative rates might just be the final act, Janus Capital’s Bill Gross wrote in his latest investment letter. Source: Bill Gross: Negative Rates Are Finance Economy’s Last, Dying Gasp – MoneyBeat – WSJ This …

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US Pending Home Sales – 9 Year High

It looks like the housing market continues to grow at a steady pace – after a slow start to the year.  This is good news of course. It will be very interesting to see what interest rates do in the next several months.  As with almost every financial topic, opinions abound …

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