The National Association of Realtors needs Realtor® and consumer assistance. We are asked to contact our members of Congress to co-sponsor HR 3044, a bill that would impose an 18 month moratorium on the code. We need to temporarily stop the mandatory use of the appraisal management companies.
As the housing market may be on a slow recovery, the new Home Valuation Code of Conduct (HVCC) is causing havoc in the market place by placing undue financial cost on the home purchaser and other issues with the appraisers.
As we all know, appraisers are taking a beating over the housing markets past increased values. Due to new regulations, in most cases for an appraiser to be assigned to a job for a Fannie Mae or Freddie Mac loan, they must belong to an appraisal management company (AMC). The AMC has overhead to pay. Appraisals that used to cost $250-$350 are now costing $375-$550 per assignment, meanwhile the appraiser is taking a pay cut to work for an AMC that the government has so kindly instructed the Fannie Mae and Freddie Mac lender to use. Currently, it's not a good scenario.
Appraisers are supposed to stay in familiar known areas. The AMC apparently sends assignments to the appraisers that will take the least amount of pay. The chosen appraisers are sent any where and everywhere. These appraisers aren't always familiar with the areas, causing bad comps and once again, bad values. Only this time the bad values are swinging the other way, too low. Not all appraisals are low, just enough to make everything difficult and weary. Purchasers are paying in advance for the appraisals then the low value causes the transaction not to close. The purchasers do not get a refund. This practice also violates the appraisers USPAP Code of Ethics.
The goal at the beginning was to create a wall between the lender and the appraiser. The government thought the lender / appraiser contact was one of the roots of the housing value problem. While separating the 2 maybe a good idea, there has to be a full plan for success. There currently is no plan.
We understand that for the Chase Banks, Wells Fargo's and Bank of America's the use of an AMC is needed because of loan volume, let's take a step back to make a productive plan for all. If the current issues excel, the volume won't be a worry.
In the recent issue of REALTOR, September 2009, the National Association of Realtors® explained the issue completely. They have asked that we help. To see a list of sponsors please visit www.govtrack.com.
Angie Ridley
www.CompleteRealtyLLC.com
www.AngieRidley.com
I received yet another home inspection report that is the bad, the ugly and the negative.
Why can't the inspections include positive features? I asked yet another inspector that question again today, "Liability". Please...
In this world of doubt and negativity would it really be so bad to list some good traits and features of a home on the inspection report. Liability? In my state, Michigan, Home Inspectors are not licensed by the state. At the end of the inspection they buyer signs a waiver and hold harmless. Liability?
I was also told the inspection is supposed to only point out defects. UGH...
I was told I am the only agent ever unhappy with this person's inspection. I'm not unhappy, I would just like to see positive remarks too.
Well, many agents won't make suggestions or comments to an inspector for fear the inspector will trash the next home this agent has inspected. Most agents will just take the inspector off the list.
I said, "isn't it nice we are talking... agents talk to each other", we just want the postive with the negitive...
Someone correct me if I'm wrong. I would love to hear the reason why positive remarks should not be on a home inspection.
Please share this Con Ed Class with anyone that holds a real estate license.
Your Michigan real estate license has to be renewed in October. The following class offers 2 hours of law credit.
When: Saturday August 1st. 8:00 am registration, 8:30 am sharp the class begins. Click on the hyperlink below and sign up: http://www.lutar.org/Forms/2009-08-01-ConEd.pdf
Where: Mayfield Township Hall, 1900 N Saginaw, Lapeer MI
You may email, fax or mail to the LUTAR Office. It includes a continental breakfast and lunch. The class will end at approximately 2:30 pm.
Angie Ridley, RE Broker, EcoBroker Certified®
www.CompleteRealtyLLC.com
mailto: Angie@AngieRidley.com
Flint: 810 744 4600 Fax: 810 936 4395
Angie's Real Estate Corner, a little of this and that blog.
2009 Michigan Women's Council of Realtors® President -Elect
Paperless with Instanet Transaction Management, e-signatures and much more...
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Angie Ridley, REALTOR® Honored with 2009 Leadership Citation
(Flint, MI - July 7, 2009) Angie Ridley, a Genesee County MI REALTOR®, has been recommended by her state for leadership service at the national level of the Women's Council of REALTORSÒ (WCR). This annual citation is awarded to a limited number of members who have demonstrated their leadership skills in WCR, the real estate industry and the communities they serve. Angie is currently serving as 2009 Michigan Women's Council of Realtors® President -Elect About WCR Mission Vision WCR is an affiliate of the National Association of REALTORS® and is headquartered in Chicago, IL. For more information on WCR, please visit WCR.org.. |
Business decisions are often difficult to make. Moving Complete Realty, LLC's listings from the Flint Area Association of REALTORS® to © Realcomp II Ltd. (Realcomp) was a thought out process. Client satisfaction was the primary focus.
The Flint Area Association of REALTORS® has been very good to Complete Realty, LLC for many years. The Flint Area Association of REALTORS® consists of approximately 850 members. © Realcomp II Ltd. consists of approximately 11,500 members. Complete Realty, LLC agents with Realcomp agents are able to serve all of southeastern Michigan through the thumb to Saginaw and way beyond. The goal of Realcomp is to become Michigan's state wide MLS. There are approximately 24,000 REALTORS® in Michigan and half of them belong to Realcomp, the other half are split among smaller associations, 3500 members and smaller.
In addition to Realcomp's 11,500 member's listings, the service also includes all of the listings for the Flint Area Association of REALTORS® and Lapeer and Upper Thumb Association of REALTORS® in one search, about 12,500 REALTOR® listings. Thus making searching for homes for clients very easy. The public site is www.MoveInMichigan.com . Other searches available to agents include Ann Arbor, Jackson, Lenawee, Monroe and West Central Association of REALTORS® (Big Rapids).
Angie Ridley, Broker of Complete Realty, LLC is EcoBroker Certified® therefore Complete Realty, LLC has committed to being "Green" in the real estate industry. After we meet face to face, Realcomp's online forms (Instanet) auto fill all the paper work needed for purchases or listings. Complete Realty, LLC has the capability of emailing all forms for signature with electronic signature capabilities. Our clients save money on gas, time, ink and paper. A true money savings all while providing the face to face, one on one service clients deserve and aspect.
Complete Realty, LLC clients have access to all real estate documents 24/7. 24/7 a person can log into their account to review activities and documents. A calendar keeps the clients updated on task competed. This is also true for lenders, title companies and all others involved in the real estate transaction.
If a clients would like to search homes in a specific area, no problem. Give us the streets and we can map the prospective listings.
Technology is what we make it together. The real estate industry is changing fast. Complete Realty, LLC is here to assist all generations with transactions.
Angela K. Ridley, MI RE Broker, MI Notary, EcoBroker Certified®
www.CompleteRealtyLLC.com
mailto: Angie@AngieRidley.com
Flint: 810 744 4600 Fax: 810 936 4395
Angie's Real Estate Corner, a little of this and that blog.
2009 Michigan Women's Council of Realtors® President -Elect
Paperless with Instanet Transaction Management, e-signatures and much more...
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