April 2012

HUD Homes And The Three Appraisal Conditions

April 27, 2012 FHA
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There always seems to be some confusion when it comes to appraisals and HUD homes regarding the insurable code that was assigned to it. For every HUD home listing, the appraiser that did the appraisal determined what it’s going to take for the property to meet HUD’s minimum property standards (MPS). The home has also had an inspection preformed […]

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FHA Appraisals and the “Head and Shoulders” Test

April 24, 2012 Appraisal
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When doing FHA appraisals the appraiser is required to do what is called the “Head and Shoulders” test. The appraiser is required to inspect the attic and basement/crawl space to at least the head and shoulders level. The appraiser should use a flashlight or similar device to illuminate the space being inspected; photographs are required […]

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Becoming An Appraiser Is Going To Get More Difficult

April 23, 2012 Appraisal

Last year the Appraiser Qualifications Board made changes to the criteria for becoming an appraiser. Starting in January 1,2015 all licensed appraisers wishing to upgrade their license to become a certified and general appraiser will be now have to have a bachelor’s degree from an accredited college. First, I’m all for raising the standards of appraisers, however, […]

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A House Or Hotel For The Birds

April 8, 2012 Appraisal
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At first glance it would seem pretty harmless to have just one piece of siding missing on a house, but that’s unless the birds decided to turn it into their own hotel. All along the back of this house were several holes that the birds burrowed through the sheathing to build their nests. This would […]

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3 Ways To Help Determine If Values Are Declining Or Increasing

April 4, 2012 Appraisal
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For every appraisal done on the Fannie Mae Form 1004 appraisers have to figure out what’s happening with current values (the past 12 months) within a given properties neighborhood and/or market area. Short term market trends differ from long term trends, but Fannie Mae tends to be more concerned with what’s been happening within the past 12 months. Given the […]

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Housing Trivia: Who Invented Sheetrock

April 1, 2012 Housing Trivia
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Who invented Sheetrock is kind of a trick question, because Sheetrock® is really a product brand invented by United States Gypsum Company, and patented in 1917. However, Augustine Sackett is recognized as the the actual inventor of gypsum board (drywall) in 1894. History Timeline Here’s a brief timeline of the development of drywall as we know it […]

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