February 2012

The Fannie Mae 5′ Rule: Fact of Myth

February 27, 2012 Appraisal
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I’m guessing that this is one of those “Myths” that has been passed around for many years, and it’s one that I was taught. In case you’re not familar with the 5′ rule, it relates to the way upper levels are measured. It states that there needs to be at least a minimum of 5′ of ceiling height for the […]

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A Letter of Thanks

February 17, 2012 Appraisal
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One of the great benefits of doing appraisals for divorce, tax planning and estates is the gratitude that people have when you help them. Yes, my mortgage clients are also very thankful, and appreciate the work I do for them. However, being able to actually “Help” someone is very rewarding. They’ve come to you with a problem […]

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Bowed Walls and How To Deal With Them In An Appraisal

February 14, 2012 Appraisal
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If you were doing an appraisal inspection for this home, and just did cursory view of the utility room, you wouldn’t of probably of noticed a few things. The big question is, why is there newer block walls in a 1940’s built home? The reason is because the original foundation wall was caving in, and […]

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What We Have Here Is A Failure To Communicate!

February 13, 2012 Appraisal
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Photo’s From A Recent Appraisal Inspection Believe it or not, there are some properties that just aren’t capable of going traditional financing. I was recently sent to appraise a property that I knew was going to be a challenge as soon as I pulled-up. This appraisal was for an FHA loan, and from the street (50 feet […]

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FHA And HUD Mortgagee Letter 2005-48

February 12, 2012 FHA

If you’re an appraiser, or a real estate agent that plans on working with FHA financing, then you should really acclimate yourself with ML 2005-48 (see below). I’ve highlighted the parts that I feel are significant and important to understand. I would pay particular attention to the “Repair Requirements,” because I think this is were most of […]

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FHA and Cracked Windows

February 8, 2012 FHA
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One of the major challenges homeowners face when having one of the sale of their home go FHA financing, is what work orders is the appraiser going to call for. With Fannie Mae and Freddie Mac in everyone’s crosshairs, FHA financing is only going to become more prevalent within the housing market. I would highly recommend that […]

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Conventional Mortgages and Chipping & Peeling Paint

February 1, 2012 Uncategorized
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When people think of peeling and chipping paint being a problem, they tend to associate it with only FHA properties. These pictures are from a recent appraisal of an early 1900’s duplex that had a ton of peeling and chipping paint around the entire house and garage. This appraisal was for a conventional refinance, which […]

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