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"People, have you read, Guidance for "Lenders and Appraiser'? go to efanniemae and read the 26 pages. Realtors, ask the lenders for a list of the qualified appraisers approved for your market, and how & why they are qualified to appraise property in that market. Read #23 in the appraisal report. Do you understand what it means. Realtor, don't be lazy give the appraiser all of the market data possible. The market history for the past 2 years, 1 year, 6 months, 3 months. Lists of the..."    View Comment
"Read Jack Schlenk blog, how to review an appraisal report and also review appraisal part 2 and other articles. Go to read; Guidance for Lenders and Appraisers. Per Fannie Mae the appraiser must have knowledge of the market area etc etc... The borrower must have a copy of the appraisal 3 days before closing. Reveiw the report and ask the right questions. Jack Schlenk, Real Estate; Broker, Certified Appraiser, Consultant."    View Comment
"The snow ball gets bigger and bigger as it goes down the hill. Adjust all mortgage rates to 4% for 5 years. At the end of that time period adjust the rates to the market. If the present cost of a foreclosure is 35-60%, how much does the lender, the neighborhood, the city, and the real estate market lose with each foreclosure? What is the project number of foreclosures in the next 12 months? At present Realtytrac has over 1.5 million foreclosure listings. The higher the employment rate goes, so will..."    View Comment
"If the cost of foreclosure is 35-60% why doesn't the lender reduce the mortgage by the cost to foreclosure, and keep the home owner in the property, assuming they can afford the new mortgage. Some markets the foreclosure property is stripped of everything of value. I recently did an REO appraisal on a property that was sold for $230,000 two years ago. The value opinion for a 30-90 day sales was $20,000. How much money did the lender lost on this property? Read Jack Schlenk Blog . "Avoid..."    View Comment
"Before you refi, check the market value of your property. It you are in a declining market do you owe more on your mortgage than the property's market value? Read Jack Schlenk Blog, "What is the value of my Property". Jack Schlenk, Certified Appraisal, Real Estate Broker"    View Comment
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