we buy houses: Muddy Waters In the Appraisal World - 03/03/09 01:50 PM
Start by reading the selection below (in quotes) from the following article: HVCC appraisal rules effective May 1
"Lenders may use "in house" staff appraisers to conduct appraisals. However, the loan production staff cannot select, retain, recommend or influence the selection of an appraiser for an assignment or appraisal roster. Staff also cannot have any substantive conversation with an appraiser or appraisal company regarding valuation."
Now help me to understand why a lender could use In-House appraisers, but can't be responsible for selecting or conversing with a third party appraiser!
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we buy houses: Will Prices Continue To Decline? - 07/16/08 11:18 AM
FORECLOSURE DISCOUNTS: Even with the Feds trying to help homeowners 'keep their homes' (in other words, help banks 'save their shirts'), only a small percentage of people are qualifying for loan modifications. Then, after qualifying, only a small percentage are maintaining their new loan. As a result, many homes sell at discounted prices before auction, at auction, or they sit vacant which increases the supply. Home values decline.
LENDING STANDARDS: When it was easier to borrow money, more people baught homes, which decreased the supply. As we speak, lenders and federal regulators are making it tougher to borrow money, so fewer homes are selling. … (3 comments)

 
Jeremy Butts, Investor (Real Estate Entrepreneur)

Jeremy Butts

Investor

Louisville, KY

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