Erik Stark

ATTN House-flippers: Are you having trouble with your house flips appraising? This overview will help you understand the loan process better as well as add some tips to make sure your homes appraise.

Heres the break down of the new guidelines lenders are requiring in order to process, underwrite and schedule the clear to close on loan appliacants.

http://www.denhalaw.com/?p=447

Typically most sales are FHA or even VA right now and for professional house flippers looking to get premium dollar for their premium property this is a daunting challenge. Appraisers are scared straight and value conscious concerning underwriting values. Due to high amount of foreclosures and the term "flipping" being thrown around like a loosely tied tarp on the highway, most appraisers are considering the purchase price of what the investors paid and then adding a small resale markup to the new adjusted selling price.

Showing the value: There are a few tried and true methods of getting the appraiser to "sway" your way on the side of value and unfortunately this comes back to the good ole schmoozing method. Meet EVERY appraiser at the home at the time of appraisal. Speak to them, build rapport. Show value by bringing your repair list, holding costs, finance costs etc. This is America after all and if you find a deal for one dollar and sell it for 1 million, as long as you show the VALUE you will have no problem collecting your return.

In addition to showing them the amount you paid and the amount you did in repairs you ultimately need to pull your own comps. Many appraisers subscribe to different MLS boards, premium zillow accounts, cyberhomes, etc. and usually miss valuable properties that you may be able to find.

Finally, create a packet or presentation. Show them you care, your here to help. They collect their fee whether you come in at sale price or not. Your reputation flys with you on the next sale or meeting with that appraiser (although very slim chance to get same appraiser twice). Print the listing of when you bought it. Highlight the date, price, square feet, bedrooms, baths, features, custom attributes, finished basements, custom patio or woodwork and do the same with your comparable value properties so they see the facts. Stay within your 90 day period and try to search more than just your MLS. County records often reflect private owned FSBO's that quite often get higher amounts and less paid fee's resulting in more net profit.

Place the original listing first, repair values, holding costs, pictures if your able, the new listing for your property, and then comparable sales with all highlighted features in a $.97 CVS clear cover binder and hand it to them.

Even bringing them a cup of coffee doesnt hurt...

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I have an interesting story to share with you and it has to do with a closing htat was scheduled for noon a few weeks back.

So I am on my way to the closing and usually NEVER stop to pick up my lock box but this time I decided to drop by, grab the box and keys and give it to the seller at closing.It just happended to be snowing that day and the roads were nothing but ice. I hop out of my car, go grab the box and walk around the house to make sure its still in place. I get back in my car, put it in drive and...nothing. I am spinning my wheels in less than 1 inch of snow on a pure sheet of ice. So naturally, I rock it back and forth, move ahead come back, move ahead come back. After about ten minutes of nothing I call my business partner to come get me, Ill deal with the car later.

While waiting for him to come from the other side of town I am persistent in getting out. I take my floor mats out and stuff them under my wheels and start at it again. I MADE PROGRESS. I moved about four feet and I am stuck again. Now, I open my door to see whats going on! Whats that hissing sound I hear.

AHHHH. Flat tire from a nail in the street. No problem. let it get lower, ge more traction, make it to the closing deal with it later. Never happended that way. Now I am downright pissed off. Im late, my buyer is there, title company is thinking, "Gosh, Erik is here twice a week, hes never late". So I call to set it straight and return to getting my Lexus unstuck. I redlining my car until my check engine light comes on and still nothing. Finally, once it got low enough I got some traction, got the momentum and just got going. I cal my partner and tell him to pick me up at the corner. Once I get to the corner, I realize he is not here yet.

Ill drive to the next corner and tell him to meet there. I get to the corner and just like Forrest Gump says " I just kept on going". So I am driving down a main road on about 1 PSI of pressure in my poor lexus'. Next thing I hear is this unusually loud THUMP. I got passed by my own set of rubber. I look down and I am at 8000 RPMs and not moving. Jeez, I thought, It must be really flat. I cut three lanes over and left my car in an empty parking lot, grabbed my files, got out and ran (in $100 dress shoes mind you) through 18 inches of snow across two highways, down four blocks into my title company.

I dont write this story to brag but alot of people wonder how you make it in real estate. I ruined my car that day, but to no concern my buyer left the closing table with a $40,000 equity position and I left with $5000 to put in my bank.

Until that day I had about 45 minutes into this deal and after it was done I had a total of 1 hour 45 minutes and walked away with a small paycheck.

Just a fascinating story about what it takes to get it done in real estate. You rock it until the wheels fall off. literally.

I recently came across a very funny comic that illistrated kids dressed up in costumes walking down the street to find most houses were foreclosed and not handing candy out. It struck me as the trickle down effect that finally takes toll on societies innocent kids.

On another note I am proud to be a large source to this economy that is making a daily proactive difference in the lives of everyone in Michigan. Being a real estate investor in these times are challenging enough and are ever presently adding more trouble to the equation. Bigger the problem bigger the reward. It is the ultimate reward to see a happy family achieve the American Dream and move into thier place beofre the season sets in. Its a win-win-win-win-win-win situation. Real estate investors catch flack for making profit on peoples losses. No one takes into effect the inspections, costs, hassles of dealing with banks, cost of money, meeting deadlines, buyers thinking they can steal a fully remodeled house.

What about the great things we do?

Clean up a neighborhood. Put a private lenders money into something that returns SAFELY. Putting contractors and Michigan workers to work. Releive banks of thier inventory. Create a place for a new tax paying family to reside. Keep Home Depot in business. And make a little side money for doing good works.

To every PROACTIVE real estate agent, contractor, investor, mortgage broker and lender, keep up the good works. These times produce challenge but there is reward at the end of the roadway. The dream is real and we all live it.

Michigan Property Superstore wishes every industry professional the best of holiday season and looks forward to doing business with you all.