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FHA Appraisers West Baton Rouge Training

http://westbatonrougeappraiser.com/ - FHA Appraisers West Baton Rouge - FHA Training: 5 Myths About FHA Mortgages

FHA mortgages are excellent tools which can be used to help many
first time home buyers with no credit or past credit problems enter
into the housing market. The “subprime” mortgage crisis going on now
has resulted in a buyer’s market and prices on homes for sale are lower
while seller concessions are higher than they have been in years. Yet,
most of the 100% financing conventional and subprime loan programs
which were available to potential homeowners are long gone now. FHA is
the only mortgage program available for quite a few prospective buyers
to use to buy a home. Hundreds of thousands of homeowners who bought
homes financed with subprime mortgages over the past few years now face
huge interest rate adjustments of up to 5 percent or more. Spend 5
minutes watching a business news channel these days and it is easy to
understand why these people believe they have no other mortgage options
left.

Here are 5 myths about FHA loans that prevent many from trying.

1. FHA loans take longer to get approved.

In today’s mortgage world where automated underwriting and paperless
processing dominate, FHA loans don’t take any longer than conventional
loans to close if you are being helped by a loan officer who
understands how to process FHA loans.

2. FHA loans require a lot of extra paperwork.

The documentation required for an FHA loan is nearly the same as the
paperwork required for a conventional loan. FHA only asks for a few
more documents than a conventional loan, and the extra documents that
FHA does require take very little extra time and exist to protect you
during the process.

3. FHA loans cost more than conventional loans.

FHA loan interest rates are set based upon the same market factors
conventional loan interest rates are based on. As a matter of fact,
even when the FHA mortgage insurance premiums added to your payment are
factored in, FHA loans are often less expensive than conventional
mortgages for first time borrowers and borrowers with past or even
present credit problems.

4. FHA required mortgage insurance is too expensive.

Even conventional mortgages higher than 80% of the value of the
property being financed require mortgage insurance which will pay off a
portion of the loan should the borrower default. Before the invention
of mortgage insurance programs, all lenders required 20 percent down
payments to obtain a mortgage. FHA’s mortgage insurance program
requires a small upfront mortgage insurance payment which is
automatically added to your loan, and a small yearly mortgage insurance
premium which is divided up and added to your monthly payments. This is
often less expensive than new conventional mortgage insurance rates
which can require almost 3% per year in mortgage insurance to be added
to the the typical borrower with lower credit scores! As of July 14,
2008 this mortgage insurance costs less if your credit is better.

5. FHA loans have very restrictive guidelines.

In fact, the exact opposite is true in many respects. Although FHA
loans have lower maximum loan amounts than conventional mortgages, they
don’t have the income restrictions placed on Fannie Mae and Freddie Mac
community lending products. Getting an FHA loan with limited or no
credit history, or credit problems is much easier than obtaining a
conventional mortgage. FHA allows for manual underwriting. This means
that if the automated underwriting system does not approve your loan,
an underwriter can actually look at your file and determine if common
sense dictates that you would be able to afford the mortgage. The
underwriter can approve your loan even if the automated system turned
it down. Manual underwriting is common for FHA loans and very rare for
conventional loans. In addition, if interest rates later go down, FHA
loans allow for a streamlined, no requalifying refinance process.

About the Author:
FHA training and an expert understanding of FHA guidelines
is necessary to prevent being left behind in the mortgage market today.
Mortgage brokers will make more money and truly help more borrowers by
mastering FHA.

ORDER WEST BATON ROUGE FHA HOME APPRAISALS HERE

West Baton Rouge FHA Home Appraisers - Most Common FHA Appraisal Report Errors

http://westbatonrougeappraiser.com/ - West Baton Rouge FHA Home Appraisers -  Most Common FHA Appraisal Report Errors

Source: Anthony Blackburn, FHA Appraisal Reviewer

After reviewing a batch of about 25 reverse mortgage appraisals made for HUD, post-funding, I found that not a single one complied with all of HUD’s requirements and guidelines, based on their Appendix D: Valuation Protocol. In order to help appraisers check their own work, and avoid these errors, I made the following a list, for publication by Real Estate Valuation Magazine.

The most common errors and omissions I found were as follows:

1) Failure to Include patios, porches, garages, breezeways and other offsets on the sketch.

2) Failure to state “covered” or “uncovered” to indicate a roof or no roof on a porch structure (such as over a patio).

3) Failure to include a street scene photo which shows a portion of the subject site.

4) Failure to enter a legal description of the property.

5) Failure to state that the use of the appraisal is to support FHA’s decision to provide mortgage insurance on the real property that is the subject of the appraisal.

6) Failure to include in “intended users” both the lender/client and FHA.

7) Failure to clearly define the boundaries - north, south, east and west - of the subject’s neighborhood. Providing a description of neighborhood boundaries by physical features such as streets, rail lines, other man-made barriers or well defined natural barriers (i.e. rivers, lakes, etc.) is required to detail the make up of the neighborhood and enhance understanding of its composition.

8) Failure to adequately and accurately describe current market conditions in the subject’s neighborhood.

9) Failure to list all the dimensions of the site, beginning with the frontage. If the shape of the site is irregular, all of the boundary dimensions must be reported. (e.g., 85? X 150? X 195? X 250?).

10) Failure to describe the view from the property (”None” is not an acceptable response!).

11) Failure to include the correct zoning information, based on local zoning maps and statutes.

12) Failure to correctly report the number of comparable sales in the past 12 months and include active listings on page 2.

13) Failure to correctly calculate time adjustments from the contract date of the sale, and report both the contract and closing dates when time adjustments are made.

14) Failure to enter the name of the subdivision or PUD in the location field in the sales comparison approach.

15) Failure to describe the view from the site on the sales comparison approach (e.g., similar homes, commercial area, water view, scenic view, etc.). Such terms as “Average” or “Good” are only acceptable as modifiers: “Residential/Average”, “Water view/Good”.

16) Failure to enter the actual age of the subject in the “age” field of the sales comparison approach. The effective age may be considered and described in the Comments section (for example, if there has been substantial upgrading and renovation of an older structure) but not on this line, which is reserved for actual age only.

17) Failure to accurately report the subject’s condition as “Fair” when it is indeed “Fair”. Like a teacher’s reluctance to give a C grade to an average student, due to universal grade inflation, appraisers are falling into the broker puffing trap of overrating properties. Fair is a lower rating than Average, which in turn is below Good.

18) Failure to analyze and report the analysis of the subject’s prior sales. This is an essential aspect of appraising for FHA in the current market, and is required to help HUD and other agencies spot “flipping” of substandard properties which have been cosmetically enhanced without genuine structural repair.

19) Failure to research prior sales or transfers of comparable sales. (See #18 - same reason.)

If you are guilty of these errors yourself and want to clean up your act, it pays to re-read the HUD Valuation Protocol, a PDF download available from REV. Just click here: HUD Valuation Protocol 4150.2 Appendix D (Note: This is a big file; it may take several minutes to download.)

A real estate appraiser since 1986, Anthony Blackburn began his career as a staff appraiser with First National Mortgage of San Jose. He later worked for Diablo Appraisal in San Ramon and joined Apple Appraisal in Martinez, CA in 1991. In 1996, he became a partner in the firm. Mr. Blackburn founded Apple Appraisal’s review department and managed it directly for several years. Mr. Blackburn has taught appraisal review for the CA Association of Real Estate Appraisers, and served on numerous industry boards of directors. He was State Board President in 1998. Mr. Blackburn continues to be very involved in the local lending community and speaks regularly to affiliated industry groups. He writes for various media outlets. Mr. Blackburn is married, with two children. He enjoys making award winning wine, playing competitive league soccer, and riding his motorcycle. He may be reached at Apple Appraisal Inc., ph: (925) 313-5900 • http://www.appleappraisalinc.com/ • email: ablackburn@goapple.com

Greater Baton Rouge Home Appraiser Offers Pre-Listing Appraisals - Thinking Of Listing Your Home?

Baton Rouge Home Appraiser Offers Pre-Listing Appraisal Services
A smooth transaction is one when one has accurately represented the physical characteristics(in writing) of one’s home , whether it be listing the home with an agent or selling it yourself(FSBO). “The main step is to acquire the accurate living area during the whole process of obtaining the accurate representation of one’s property”, says William D. Cobb, CREA who is the owner of Accurate Valuations Home Appraisal Group in Baton Rouge, Louisiana. An agent will enlist a CMA or Comparative Market Analysis for determining a home’s listing price. Still, one should have with them, a precise calculation of the living area.

Also, to be on the safer side, it would be a wise decision to have a third-party measure the living area and value of the property before one signs the Listing Agreement. A residential appraiser is the best option in this case.

This has the following advantages: · When an appraisal report is done in a professional manner, it leaves a good impression on the potential buyer as it supports the price quoted as well. · An appraisal generally includes photographs, location map, accurate sketch, precise dimensions, outline of the neighborhood etc. Also, 3 to 4 comparable sales must be present adjusted to subject property. · Enlisting recommendations for repair or enhancements, if any. This listing appraisal can indicate a value for addition(s), items that require repairs, etc.. · Accurate estimation of Living-Area size lends peace of mind, especially with values @ $100/sf +

 

In U.S, majority of real estate professionals base the price per square foot of a home on living area size. Living Area is measured from the exterior walls. All real estate professionals are to follow the ANSI Standards for Single-Family Residential Buildings (American National Standards Institute) when calculating area home sizes. In a seminar in Apex Appraiser Home Sketching Software and National ANSI Standards in Houston, TX, the ANSI instructor, who is also on the Appraiser Standards Board in South Carolina, stated that one of the most common lawsuits in Real Estate today is “misrepresentation of living area size”.
Consider: A 2,000sf home is for sale, priced at $240,000. Instead of measuring the home, the living area was obtained by County Records; estimating the typical home size in that development. The home is listed with a living area of 2,000sf. A purchase agreement for $240,000 is received and is accepted. The appraisal is ordered by the buyer’s lender. The sellers submit an offer on a $350,000 home in a neighboring development. The offer is accepted. However, the appraiser for the home turns in her appraisal showing 1,840sf and an appraised value of $220,800, much less than the purchase price. The sellers are asked to renegotiate the purchase price as the living area is 1,840sf, and not the 2,000sf. The sellers sue for misrepresentation of living area. Thus, it’s crucial to have one’s home measured by the person listing your home. It is strongly recommended that when interviewing the person listing your home, one must confirm that they follow ANSI, that they will measure your home, and provide you a calculated sketch. Thus, a written verification of true living area is present.
Bill states that he recently performed a purchase appraisal in a South Baton Rouge Subdivision on a 2,026sf living area, for $260,000, listed FSBO. The home was marketed WITHOUT obtaining a professional opinion on the value of the home. The buyers end up with $9,000 in equity as the home appraised at $269k. So, as against a loss of $9,000 the seller should have paid $225 to get the listing appraisal done.
An appraisal helps homeowners make the best decisions like investment in homes and setting a competent sales price. Thus it is strongly recommended to have a Listing Appraisal before one lists their home.
About the Author: William D. Cobb, CREA, with Accurate Valuations Group has operated as a home appraiser for 16 years primarily in the Greater Baton Rouge, Louisiana market. For more information on William D. Cobb, CREA and Accurate Valuations Group, visit: http://www.batonrougehomeappraisals.com . Also, visit William D. Cobb’s Video Blog @ http://greaterbatonrougerealestate.tv .

West Baton Rouge FHA Certified Appraisers

http://westbatonrougeappraiser.com - West Baton Rouge FHA Certified Home Appraisers, West Baton Rouge FHA Home Appraisers, FHA West Baton Rouge Home Appraisals

 

 

 

 

Accurate Valuations Home Appraisal Group (AVG) Serves The Greater Baton Rouge Metroplex With Boundaries North by Zachary, South by Sorrento, West by Port Allen and East by Livingston.

Contact Information:

Accurate Valuations Home Appraisal Group

P.O. Box 40515, Baton Rouge, LA 70835

Baton Rouge Office: 225.293.1500

Toll Free: 1.888.678.3544

Toll Free Fax: 1.866.663.6065

Denham Springs Office - Local #: 225.709.6013

Staff Email: fastvalue2@cox.net

Website: http://www.getfastvalue.com/

Baton Rouge Real Estate Appraisers Reporting Foreclosure Filings Drop

Baton Rouge Real Estate Appraisers Reporting Foreclosure Filings Drop

Source: Baton Rouge Business Report

Statewide foreclosure filings dropped by 17.4% in June from the year before, as one out of every 3,134 Louisiana households received at least one filing. In contrast, the national rate jumped by 53% over the year, according to RealtyTrac, with one out of every 501 households receiving a foreclosure filing. Louisiana continued to rank low on the list of filings by state, coming in with the 43rd highest foreclosure rate in the country during June. Nevada once again had the worst rate in the country, with one out of every 122 households receiving a foreclosure notice in June.

Baton Rouge Real Estate Appraisers

Greater Baton Rouge Home Appraisers Report - Eight Quick Fixes to Increase Your Home\’s Value

8 Quick Fixes to Increase Value

With buyers scarcer, sellers must up the ante to convince them that their property offers what many want most — top value for dollar expended. Here are eight fast fixes:

1. Buff up curb appeal. You’ve heard it before, but it’s critical to get buyers to want to look on the inside. Be objective. View listings from the street. Check the condition of the landscaping, paint, roof, shutters, front door, knocker, windows, house number, and even how window treatments look from the outside. Add something special—such as big flower pots or an antique bench — to help viewers remember house A from B.

2. Enrich with color. Paint’s cheap, but forget the adage that it must be white or neutral. Just don’t let sellers get too avant-garde with jarring pinks, oranges, and purples. Recommend soft colors that say “welcome,” lead the eye from room to room, and flatter skin tones. Think soft yellows and pale greens. Tint ceilings a lighter shade.

3. Upgrade the kitchen and bathroom. These make-or-break rooms can spur a sale. But besides making each squeaky clean and clutter-free, update the pulls, sinks, and faucets. In a kitchen, add one cool appliance, such as an espresso maker. In the bathroom, hang a flat-screen TV to mimic a hotel. Room service, anyone?

4. Add old-world patina. Make Andrea Palladio proud. Install crown molding at least six to nine inches in depth, proportional to the room’s size, and architecturally compatible. For ceilings nine feet high or higher, add dentil detailing, small tooth-shaped blocks used as a repeating ornament. It’s all in the details, after all.

5. Screen hardwood floors. Buyers favor wood over carpet, but refinishing is costly and time-consuming. Screening cuts dust, time, and expense. What it entails: a light sanding, not a full stripping of color or polyurethane, then a coat of finish.

6. Clean out, organize closets. Get sorting—organize your piles into “don’t need,” “haven’t worn,” and “keep.” Closets must be only half-full so buyers can visualize fitting their stuff in.

7. Update window treatments. Buyers want light and views, not dated, fancy-schmancy drapes that darken. To diffuse light and add privacy, consider energy-efficient shades and blinds.

8. Hire a home inspector. Do a preemptive strike, since busy home owners seek maintenance-free living. Fix problems before you list the home and then display receipts and wait for buyers to offer kudos to sellers for being so responsible.

Sources: Ernie Roth, Roth Interiors, Los Angeles; Angel Petragallo, abr, Group One, Boise, Idaho; Melissa Galt, Galt Interiors, Atlanta; Steve Kleiman, CEO, Oakington Realty, Houston; Sid Davis, Sid Davis & Associates, Farmington, Utah, and author of First-Time Homeowners’ Survival Guide (Amacom, 2007); Steve Hochman, Friendly Note Buyers, Roxbury, N.Y.; Margi Kyle, designer and spokesperson for Hunter Douglas.

Greater Baton Rouge Home Appraisers

West Baton Rouge Real Estate Featured Blog | West Baton Rouge Realtors Homes News

http://westbatonrougeappraiser.comWest Baton Rouge Real Estate Featured Blog | West Baton Rouge Realtors Homes News Blog

 

West Baton Rouge, County, Louisiana Real Estate Appraisers - FHA West Baton Rouge Appraisers

http://westbatonrougeappraiser.com/ - FHA West Baton Rouge, County, Louisiana Real Estate Appraisers - West Baton Rouge Appraisers

 

FHA Appraisersearch.com - Find West Baton Rouge Real Estate Appraisers

http://westbatonrougeappraiser.com/ - FHA Appraisersearch.com - Find West Baton Rouge Real Estate Appraisers.

 

West Baton Rouge FHA Home Appraisers

http://www.westbatonrougeappraiser.com - West Baton Rouge Real Estate Appraisers, Residential Home Appraisers - Sugar Mill Plantation Subdivision Video Update