Deeds and Leases

Do not get me started. They are plenty dumb. I have always found it amusing that an under trained underwriter in Kansas will rip apart an appraisal performed by a professional in NY, when they have never been here, and know absolutely nothing about NY. That’s bad, but this story is far worse. I read [...]

 Earlier this week I came across DSNews.com. What a fantastic resource. I have included a link to the right –>.  If you are interested in the goings on in the distressed real estate market (and who isn’t, even if it is just a perverse voyeuristic interest), it is definitely worth checking out. I have commented [...]

Yes folks the government in its infinite wisdom insists on confusing the public with acronyms guaranteed to put you to sleep.  That isn’t to say that the underlying organization is bad, it is just that the government seems to have to make it more difficult than it has to be. By now you know what [...]

The Appraisal Institute  http://www.appraisalinstitute.org has issued a new “Myths & Realities” document that does a superb job of clarifying the HVCC and debunking many myths about it. A few of the most interesting ‘myths:” Lenders do NOThave to use Appraisal Management Companies (AMC’s) and may hire appraisers directly. Correspondent Lenders CAN hire their own appraisers, [...]

The Appraisal Institute http://www.appraisalinstitute.org has come out swinging against the HVCC and the critical problem of ‘geographic competency.” Simply put, an appraiser, regardless if they are a member of the AI or not, is REQUIRED to be competent and knowledgeable about the market they are working in. USPAP (the Uniform Standards of Professional Appraisal Practice) require [...]

After a wonderful relaxing Cape Cod vacation I am back, and there is a lot to blog about. From the passing of the great Lion of the Senate, Bronxville native Sen Ted Kennedy, to the increasing virulent battle against the HVCC (Home Valuation Code of Conduct), and the apparent hitting bottom and possible stabilization of [...]

The controversy over the Home Valuation Code of Conduct (HVCC) which applies to all Fannie Mae and Freddie Mac loans (which is basically all loans) continues to cause problems and fear among buyers, sellers & Realtors. Low priced appraisals due to the Appraisal Management Firms (AMC’s) cutting payments to appraisers has caused sloppy work and [...]

To view a video about the rise in home sales, please click HERE. Washington, August 04, 2009 Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®. The Pending Home Sales Index,1 a forward-looking indicator based on contracts [...]

I am glad to see that NAR is asking for a moratorium on HVCC. This knee-jerk regulation is poorly crafted and has held the market back by killing deals with incompetent appraisers, greedy AMC’s, and overdone regulations. Should all appraisals be performed by competent, ethical appraisers with proper guidelines? Of course. Appraisal ethics has always [...]

This is a winner for Yonkers, with its large and diverse collections of historic properties, many of which are in distressed areas. The enhanced credits will act as a mini “stimulus package” to help owners restore these valuable pieces of history. New York’s preservation tax credit was adopted in 2006, however the program did not [...]