buy: Real Estate Profession - our own worst enemy - 12/10/10 08:54 AM
2008 was the end of a long chain of government mistakes and the beginning of the current real estate nightmare.  The cause was simple, 20 years of bad policies and real estate lobbing to grow the homeownership rolls, specifically more minority, lower-income earners and those with poor credit ratings.
The government "persuaded" lenders with an iron fist in a velvet glove - forcing - them to forego prudent underwriting guidelines; predictably the real estate bubble BURST.
Would be homeowners borrowed far beyond their means to buy homes at artificially inflated prices - due to the artificial demand of all the new … (0 comments)

buy: The coming appraiser shortage - 11/23/10 07:03 PM
Sales are slow now and appraisers are keeping up with the business.  What happens in 2,3,5 years?  Becoming an appraiser is now more difficult that ever.  165 hours of specialized education, plus many states now have an Associates degree requirement, 2000 hours of experience, licensing fees, low pay, etc... make it less desirable to enter the business and the current appraisers population is shrinking and aging.
In 2013, 2015... when sales take off again - pent up demand will outweigh the fear of buying - appraisers will be overwhelmed with requests and the system will bog down.
Be prepared.
Be ready to help … (1 comments)

buy: I don't need your business... I WANT YOUR BUSINESS - 11/18/10 04:55 PM
After my first 5 years in the real estate profession I coined this slogan to separate myself from the crowd,  30 years later it has served me well.
What does it mean?  It means that I make a good living practicing my profession as an Appraiser, Broker and Builder and I don't NEED any single transaction to pay my bills.  It means I will NEVER compromise my ideals or yours to build you a home, make a sale  or appraise a property.
I have worked - on occasion - Pro bono publico not intentionally, but sometimes transactions take far more work than originally … (0 comments)

buy: Call your congressman - tell them No more real estate subsidies - 11/17/10 12:04 PM
Call congress TODAY!.  Tell your congressman you're ready to do your part in reducing the deficit.  Tell them you want all real estate subsidies sun-setted.  No more real estate tax write offs and no more mortgage interest deuction.
The plan is to reduce them 5% a year for the next 20 years.  By 2030 all real estate will be purchassed for its TRUE value, value as shelter, a place to make a "home" and place to raise a family.
Who is John Galt?
(0 comments)

buy: We did it to ourselves... John Galt Help us :-) - 11/16/10 04:16 PM
Self serving real estate lobbyist, inflated home values, poor loan qualification guidelines, sloppy underwriting… “Laissez Les Bon Temps Roulez" that was the mantra from 1998-2007.
Now we see the fruit of our labor - foreclosures, depressed markets, few sales, scared buyers more and more assets held by fewer and fewer people.
How do we stop the madness?  First tell the Federal Government, “get the HELL out of our business and ALL business.”
S-L-O-W-L-Y eliminate all the crony capitalism, stop the subsidies, stop the tax write offs, eliminate the mortgage interest deduction, eliminate the real estate tax deduction, stop, stop, stop all … (0 comments)

buy: How to sell your listing to the appraiser - 11/15/10 08:54 PM
You’ve sold the home.  You got the price your sellers wanted.  Now what?  The appraiser calls, don’t panic, you’re prepared – or are you?Here are a few tips for you to assist the appraiser and ensure a smooth path to closing.Make every effort to be available to the appraiser for the requested inspection date or make sure he has convenient access.If you attend the inspection do not distract the appraiser during the inspection.Advise the appraiser of all the homes, you, your office and competitors have sold in the neighborhood.  Let him know YOU are the expert in the neighborhood [even if … (1 comments)

buy: REALTORS are greedy too - 05/22/09 05:45 PM
 
REALTORS are greedy too.
 
I just got back from NAR week where we lobbying our Senators and Representatives to get favorable legislation to “help” the real estate business.  What we were really doing was being greedy and putting our hand out like every other beggar.  What we should be doing is crafting long term solutions by telling congress STAY OUT of our BUSINESS!
1.      DON’T create legislation that causes hundreds of thousands of buyers to default {CRA}
2.      DON’T mandate that lenders lower their underwriting standards which foster bad loans and cause ARTIFICIAL price increase due to the ARTIFICIAL … (0 comments)

 
Jeffrey Underwood (UNcommon Homes)

Jeffrey Underwood

Columbia, MD

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