You Have to Have a Sense of Humor These Days

Last Tuesday, I attended one seminar for my continued education. One of our class topics was about the importance of the appraiser’s certification in every report that the appraiser states that they have no bias and no interest in the property.

The question posed by my instructor was: can we appraise our brother, sister or parents house? One of the students answered, “Yes, as along as you disclose it in the report.” I raised my hand and retorted, “No, we can not appraise our family member’s house.” “Why?,” asked the instructor. I answered, “BECAUSE THEY WILL NOT PAY ME!”

You have to have a sense of humor these days; to read more real estate jokes go to: http://realestatejokes.nationalrealtorsdirectory.com/

Do You Need a Real Estate Appraiser to File for Bankruptcy?

The appraisal report must be submitted in bankruptcy court for the stripping of the 2nd trust deed of the client and other debts like credit cards. A 2nd trust deed is an unsecured loan so if the bankruptcy is approved the bankruptcy court can strip that loan.
Bankruptcy lawyers need an appraisal report from a residential appraiser with an AR (Residential Appraiser) license or an AG license (General Appraiser meaning a commercial appraiser including 1-4 units, multi units apartment and commercial establishments like hotels, malls, etc.). Appraisers with only an AL license (License Appraiser) can not do the appraisal because there are limits in the value of the houses or the complexity of the 1-4 units they can appraise. The lawyers are more likely to suggest to hire an appraiser with an AR license. For more information about who should hire the real estate appraiser and why, please visit: http://www.buzzle.com/articles/hire-real-estate-appraiser-why.html

Buying a Bank Owned Property?

Some of my friends have asked me if it is a good idea to hire your own appraiser before you buy a foreclosed property. People who are thinking about buying foreclosed properties or REOs (bank owned properties), need that extra peace of mind and hire their own appraiser before they buy the property. If a client wants to know the value of the REO property before buying it, then that client can call their local real estate appraiser to appraise the property and give them an idea of how much the property is really worth. Remember, only federally related loans require certified or licensed appraisers.

To learn more about the Benefits of Hiring Real Estate Appraisers visit: http://www.life123.com/career-money/real-estate/investment-property/the-benefits-of-hiring-real-estate-appraisers.shtml

FHA Loans: What Is It and How Can Appraisers Help?

FHA (Federal Housing Authority) is a government agency that insured the mortgage loan from the lender or the bank. They also help first time home buyers purchase a house with only 3 to 3.5% down payment if they qualify for a FHA loan. With conventional loans today, a lender wants at least 20% down because of the current market condition. They want to be on the safe side in case the borrower defaults in their payments. There is nothing an appraiser like me can do. I am an approved FHA appraiser and attended seminars on the recent FHA appraisal guidelines. For more information on FHA loans visit: http://www.hud.gov/buying/loans.cfm