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I got a few of my appraisers signed up with an AMC that a lot of local lenders I am approved with now use. First off, the last appraisal I ordered through the AMC cost 650 dollars when the borrower paid $375 last year when I got them into the house. Their excuse was that it was in a more rural location and that they could go with someone cheaper, but
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You should be able to do this with proof that all utilities, comcast, phone, etc. has been switched back into their name. Some underwriters are requiring 3 months worth of utility bills in your clients name to establish owner occupancy. I am going through something similar right now. Were they renting the townhome or did they own it? Chris
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[quote user="Catherine Coy"] As the industry implements HVCC, we'll probably find lenders capitulating on this provision. Lenders can--and probably should--release the appraisal to a new lender at the request of the consumer PROVIDED THAT the fall out wasn't due to LTV. In the meantime, it's far more important that influence be
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I read this article and was wondering if anyone knows the name of the bill that Elmer Fudd is trying to pass through the house. http://realtytimes.com/rtpages/20090406_washingtonreport.htm This would pretty much force most 95% of all brokers out of the business.
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Thanks for this post Clem. A lot of my appraisers are freaking out right now.
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Pat, You have a lot going on here. You will be fine refinancing your current home, but the tricky part is whether or not the lender will believe your mother's home is truly a second home. In the past when guidelines were more relaxed, just being 50 miles away was enough to call it a second home. Now that lenders have tightened their belts, not only
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Depends on what the current loan to value is given today's environment. If the home was purchased during the peak of the market, there is a good chance the values are down. If your father put a good chunk of money down when he bought it for you then you might be okay. Are you on the title of the home with your father? If so then there could be a
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Hi Michael, Depending on where you live, that appraised value could be drastically lower. I would definitely research current market values before doing anything, but based on the scenario you have described, pricing has definitely fluctuated since 12/17/08. Hold tight though, we are expecting rates to get better after January 13th. I would get the
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How is it even possible for us to get the current lender to release the appraisal to another lender? Why would they do that? So if the loan falls out at one lender, but another lender can do it, then borrower get's charged for another appraisal? This does not make any sense. How is this protecting the consumer?
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One of my lenders called me today to let me know that come May 1st all appraisals have to be ordered by the lenders. Can anyone else confirm this with their lenders?