Housing Trivia: Who Invented The Flush Toilet

March 12, 2012

Like many things in the real estate there are a lot of myths that have been bandied around, and who invented the toilet (which doesn’t have much to do with appraisals) ranks up there as one of the oldest around. Many have come to believe that Thomas Crapper was the one to invent the flush toilet, heck, how many [...]

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Housing Trivia: Who Invented The Doorbell?

March 12, 2012

The reason I thought about this is because my current house doesn’t have a doorbell, and for the life of me I can’t ever remember not having a doorbell in any house that I’ve lived in. One thing’s for sure, not having one is fine with me. But it did make me wonder who came up with this [...]

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5 Things Appraiser’s Look For When Analyzing A Purchase Agreement

March 10, 2012

Every appraisal for a purchase that is done on the Fannie Mae 1004 form, the appraiser is required to analyze the purchase agreement. Some say that the only thing that appraiser’s look for is the sales price so they know what number to hit (or some would say what number not to hit). While it is true [...]

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Does FHA Require Appliances

March 6, 2012

Sometimes I find myself scratching my head wondering how some of these myths get started in the first place. FHA doesn’t require appliances, all they require is a cooking area. If there are appliances already at the property, then they’ll have to be operational and meet local safety codes.  HUD-MPR states in 2-9 SPACE REQUIREMENTS. [...]

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Ask The Appraiser: When Did Appraisers Become Home Inspectors?

March 1, 2012

Over the past several years I’ve had some very good questions that have been asked on various topics regarding appraisals for FHA financing.  So I’ve decided to recap some of those questions in blog posts. My guess is that if one or two people have had a particular question regarding a certain issue, then most likely there are several others wondering the same thing. Some [...]

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The Fannie Mae 5′ Rule: Fact of Myth

February 27, 2012

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

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

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

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

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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