Marian Thomas

In canvassing a neighborhood, I saw a 2 story home with almost 2000 square feet near the park and school. It has been on the market for over 1 year. The original price was $153,000 and now it dropped to $125,000. The home is in Park Glen and in the Keller ISD . Address Fort Worth 76137

My question is WHY? If we have low rate rates in the 5% range. You have a beautiful well maintained home vacant with every thing for it. What is wrong?

I spoke to several neighbors in the area. They say, if that home can not sell, then neither will mine, and I saw many homes in the subdivision in the same predictament but not as long.

What is wrong? Rates are not the answer;

In the governments's attempt to improve the housing market, many changes are coming down the road. The bill HR1728 passed the House with a strong majority, and now goes to the Senate. When the Senate gets the bill there will always be changes and amendments. Go the HR1728 and read the bill for yourself.

YSP the lifeline of the for the loan industry is brought up in the bill. Also HVCC and how it will benefit the housing market.

Some people say HVCC does not apply to FHA, I agree for the time being ONLY, but its time has come to pass that FHA will fall in line with the other governmental agencies. HEADS UP

We as Loan Professionals must keep us with the changes in Congress and notify our Real Estate friiends and customers that these changes will only strengthen our industry. Now, for those who bury their heads in the sand will be left behind.

The time has come to get our industry back on the right track, even if we have to go back to the basics to do so.

The Home Valuation Code of Conduct will starts effective May 1, 2009 stipulates that the appraisers, loan officers, lenders and real estate agents will handle the appraisals differently.

• A loan officer can NOT order the appraisal, and can not be involved with the selection of the appraiser
• The loan officer must have the lender order the appraisal and the appraiser is a member of a group of appraisers.
• If a second appraisal is needed, then that appraiser can not be from the same group of appraisers. An appraiser must be from another group of appraisers entirely.
• Appraisers with little or no experience will be used as the regular appraiser will not be able to set their own rates and pay a part of their fee to the group of appraisers.
• This will apply to all FHA laons and many loans were fannie mae or freddie mac is involved in the transaction.
• Each person in the deal is affected by this change: the buyer, seller, lender, loan officer, appraiser, and real estate agent.
• We know appraisals help cause the housing melt down but this is no way to handle it.
• Escrows will take longer due to this change with appraisals, so notify your clients to expect delays!!!

What are your thoughts

Marian Thomas

mavericksellsmoney@gmail.com

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