January 2012

FHA and the Three S’s

January 25, 2012 FHA
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FHA guidelines state that a house has to meet MPR (minimum property standards) for existing houses, and MPS (minimum property requirements) for new construction. FHA is very concerned with the three S’s: Safety, Security, and Soundness. When a Realtor was asked what the three FHA S’s were, he replied, “Stupid, more stupid, and seriously stupid FHA appraisers,” which […]

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FHA Appraisals and High Voltage Power Lines

January 25, 2012 FHA
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FHA Appraisals and High Voltage Power Lines Many times there are circumstances that real estate professionals don’t have to deal with on a regular basis, and power lines are one of them. Understanding what to do will keep your sale from being….Zapped!!! I recently had a Realtor friend call me in a panic; a house […]

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“The Green Monster” FHA and Abandoned Fuel Oil Tanks

January 21, 2012 FHA
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The Green Monster   When I was appraising a house the other day I came across this fuel oil tank in the basement, which is slightly uncommon given where the house is located. I asked the homeowner about it, in which she replied, “You mean that dirty old Green Monster in the basement, we quit […]

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The Top 10 Things to do to Prepare for An Appraisal

January 14, 2012 Appraisal

How To Prepare for a Home Appraisal You’ve just signed all of the paperwork for your refinance, handed the loan officer the check for the appraisal, and now you’re wondering what is going to happen next. Good news-the appraisal inspection is painless, and usually takes anywhere from 30-60 minutes to complete. However, there are a […]

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Appraisals and Using Distressed Properties For Comparables

January 8, 2012 Appraisal
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Choosing Comparable Sales When choosing comparable sales for an appraisal, often times there is more analysis done than most people realize. The use of distressed properties for an appraisal is sometimes unavoidable, especially if their concentration is more prevalent than non-distressed sales. Why Distressed Sales May Be Needed The appraiser should indicate as to why […]

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A Shared Garage and FHA Appraisals

January 7, 2012 FHA
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Who do you think owns this garage? They both do! So what does FHA say about this-NOTHING! At least not in any of their handbooks. However, there are going to be a couple of things any lender is going to look for. First, they’re going to want to make sure that there is a proper […]

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Excess vs Surplus Land & FHA Appraisals

January 3, 2012 FHA
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  Typically, everyone is under the impression that more is better when it comes to the size of their lot, and for the most part it is. However, when it comes to getting financing, whether for a sale or refinance, then that’s a different story, especially if it’s FHA. When doing an FHA appraisal for […]

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