Baton Rouge Real Estate Appraisers

Archive for September, 2009

http://www.fhaappraisersbatonrouge.com/ – Greater Baton Rouge FHA Appraiser Tip: I Told You FHA Was On The Way To Imploding

It was about 1.5 years ago that I starting saying that we the U.S. Taxpayers would be bailing out FHA. After the mortgage meltdown, when FHA became the “Savoir” of the mortgage market, I began to receiving an increase in calls from the same slimy national mortgage brokers that I had already turned down doing appraisal work for because they seemed to always need $10,000 to $20,000 more than the homes were worth. They didn’t want home appraisals; they wanted a target value hitter. EXCEPT, NOW THEY WERE USING FHA LOANS FOR THEIR DIRTY (UPSIDE DOWN) LOANS. I knew then and there that FHA was in for problems.

From Appraisal Scoop, FHA, Active Rain, Inman News and the list goes on and on….Now the flood of news since yesterday reveals rumblings within FHA that losses are increasing and that FHA is implementing Appraisal Standards similar to HVCC. This is and will get more interesting as time progresses. Remember what I said above about the “slimy mortgage brokers”? Why is FHA reacting with stricter appraisal policy when it’s the slimy mortgage brokers that are wolves wearing sheep’s clothing? I’m not saying that ALL mortgage brokers are “slimy” or unethical. I have worked with reputable mortgage brokers and still do to a more limited extents these days.

http://www.batonrougerealestateappraisers.net/ – Greater Baton Rouge FHA Appraisers: Real Estate Today Radio Show Topic The Fall Market Weekend of September 19-20, 2009

http://www.batonrougefhaappraisers.com/ – New FHA Mortgage Rules For Greater Baton Rouge Condos Effective October 1 2009

Peter G. Miller with www.fhaloanpros.com is reporting on new FHA mortgage rules for Condos, which take effect 10/1/2009. Here’s the link for the entire article and a snippet below:

“At least 50 percent of the units of a project must be owner-occupied or sold to owners who intend to occupy the units. For proposed, under construction or projects still in their initial marketing phase, FHA will allow a minimum owner occupancy amount equal to 50 percent of the number of presold units (the minimum presales requirement of 50 percent still applies).

No more than 15 percent of the total units can be in arrears (more than 30 days past due) of their condominium association fee payment.

Projects consisting of three or less units will have no more than one unit encumbered with FHA insurance.

Projects consisting of four or more units will have no more than 30 percent of the total units encumbered with FHA insurance.”

http://www.batonrougerealestateappraisers.net/ – Listing That Greater Baton Rouge Home?  Leave The Tape Measure At Home And Pull Out Your iPhone $0.99 App!

Commentary From Rob Jansen aka “Peanut” With John C. Jones Realtor:

“You know you hate it. You’re at a listing and fighting that measuring tape to go where you want it, how you want it, and stay in place. Agents meet the Sonar Ruler. This new iPhone App can measure distances of up to 60 feet by sending a short pulse (more like a clicking noise) to the wall of what-have-you and measuring how long it takes to return to the phone…and it’s pretty darn accurate. I wouldn’t measure inches with it by any means, but for measuring smaller rooms this inexpensive app allows you to get a very close estimation, which you’re more than likely going to round anyway. I still haven’t found a cheap solution for larger rooms, so you’ll probably still need your tape measure if the home’s got good sized living space, but for your typical bedrooms the Sonar Ruler iPhone App is just the ticket.”

Sonar Ruler Demo from cc laan on Vimeo.