FHA Appraisals
I have gone through a few VA and FHA loans and the appraisals have been no big deal. FHA appraisals lately have become quite the challenge. I know my market inside out, know the boundaries where prices are affected and have a good sense of what is over-priced and under-priced. I recently received a contract that was 100% FHA. I know the buyers and they are solid as a rock. High net worth, solid employment, fantastic credit scores. I know the home and what the value is. Even beyond that, there were multiple offers for full price within a very short time. That is a good indicator that the home was priced right (maybe even too low).
The problem is I got word that the home did not appraise. I was shocked to say the least. I did my research and can easily justify the value of the home. I still have not seen the appraisal yet but should get it on Monday. I have heard from a few title companies that FHA loans are failing because of appraisals. They mention that it is becoming very common, much more than ever before.
Has anyone else noticed a change in FHA loans and the appraisal problem or am I just caught up in something very local?
Comments and any info is greatly appreciated...
SELLING YOUR FIRST PLACE?
You Have Not Chosen Your Realtor® Yet?
Then HGTV is looking for you!
MY FIRST SALE, the popular primetime HGTV show, is looking for first-time home sellers (and their real estate agents!) in and around ft. Lauderdale and surrounding areas.
We are looking for fun, high-energy people who are just starting the process of selling their first place! Our cameras will be there to capture all the trials and tribulations, stress and success of prepping for sale, pricing, negotiating, and ultimately selling a home for the first time.
Taping will begin in Fall 2010 and will continue through Spring 2011. Ideal candidates will be motivated, financially candid people who want to share the experience and the SALE details with HGTV and their audience. Singles, couples and families are all invited to apply!
If this sounds like fun, first-time sellers should apply now for immediate consideration!
For more information or an application contact:
HGTV - My First Sale on the Web
Thanks for the Call
This past week I received a call from someone asking questions about one of the subjects I had written about in a blog I had posted on ActiveRain. At first I was a little confused why that person just started in like we had already been in conversation but I soon realized why. We had some communication but it was through the blog I wrote. We had quite a great chat and I thought, well I may not get a lot of comments on my blogs but I was sure happy to know they are being read! It turned out that the caller was from the neighborhood I farm and even though no actual business took place, I felt that if this caller had some real estate business to attend to that I would at least be getting a call.
Study: Let private market set property insurance rates
© 2010 Florida Realtors®
TALLAHASSEE, Fla. - Aug. 13, 2010 - The Florida Chamber of Commerce and the Property Casualty Insurers Association of America (PCI) conducted a study on Florida voters' attitudes about property insurance. According to the poll, the majority of voters think long-term property insurance stability is a public policy goal of utmost importance and should be a top priority for Florida's next governor.
Public Strategies Inc. took the poll of 800 registered Florida voters July 26-31. The poll measured public attitudes toward business, insurance and opinion leaders, as well as voter preferences in the races for governor and U.S. Senator.
"Rather than thinking that government is the answer to our property insurance problem, Florida's next governor should develop market-based, fiscally responsible solutions that don't leave taxpayers holding the bag," says Adam Babington, vice president of governmental affairs for the Florida Chamber of Commerce. "We have said for years that Florida is financially unprepared for a hurricane, and it's clear that the voters of Florida agree."
Key findings include:
· Voters believe property owners in coastal areas should pay higher homeowners insurance rates than those who live inland by a 55%-42% margin.
· Less than four in 10 realized that the state can tax insurance policies to subsidize Citizens Property Insurance, the state-run insurer of last resort, and only one in five favors that policy.
· A solid majority (65%) would give policyholders one year to file an insurance claim.
· Insurance agents are seen as highly credible on homeowners insurance issues. The governor, homeowners insurance agencies, media outlets and the Florida Chamber of Commerce are also viewed as credible.
"Florida voters believe changes to insurance laws over the past four years that promised to improve conditions for consumers have failed, with 86 percent of homeowners believing their homeowners insurance situation has either stayed the same or gotten worse," says William Stander, PCI's vice president and regional manager for Florida. "Nearly 50 percent of consumers think their homeowners insurance situation has gotten worse, while only seven percent think conditions have improved. Clearly, government must work with insurers and consumers to find long-term, common-sense solutions that work for all of us."
© 2010 Florida Realtors®
Residential Real Estate, Exclusive Homes and Waterfront Properties I also specialize in Short Sales which assists homeowners in avoiding foreclosure.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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