Deeds and Leases

After much debate and wrangling in Washington, President Obama has signed the $8,000 Tax Credit extension into law. While this is welcome news to buyers (and Realtors as well!), it is much more than an extension. Some of the highlights include: * Extension of the program through April 30, 2010. You must be in contract [...]

The impending reversion of the Fannie Mae, Freddie Mac and FHA loan limits back to the old $417,000 conforming loan limit at the end of the year has been postponed to December 2010! In January 2009 the loan limit had been increased in Westchester (considered a ‘high cost’ area) to $729,750. Above this level are [...]

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, [...]

This is a big pet peeve for me. Reviewing and interviewing a prospective purchaser is not rocket science, but some boards act like you have to climb Mount Olympus. It gives coops a bad name and just makes the whole purchase process just that more difficult and stressful. The Times has a great Q&A section, [...]

This evening at 7 PM at Yonkers City hall the City Charter Revision Commission is holding a hearing regarding the Mayor’s proposal to weaken the ability of the Landmark Preservation Board to determine landmark status on a property. Currently the LPB can landmark a property, subject to the approval of the City Council. The proposed [...]

Yes, I admit it, I have a bug somewhere for the current problems with the appraisal industry and how it is hurting the recovery of the housing market (YES, I said RECOVERY). I really do not blame appraisers; having been one for two decades and having worked with some great MAI’s (John Cicero and Richard [...]

It looks like Fannie & Freddie are starting to finally listen. The media has been full of reports about complaints from Realtors that the appraisers being sent by Appraisal Management Firms (AMC’s) are from outside the area and do knot know the market they are working in. Besides potentially violating the competency provision of USPAP [...]

The following question was posted on an appraisal board www.appraiserswatercooler.com This has always been a controversial issue, even more so today with the HVCC (Home Valuation Code of Conduct) a dubious and poorly thought out set of rules. i am going to repost the question that the appraiser posed and my answer. I am sure [...]

This surprised me.. Short sales have become extremely popular because they afford a way for a homeowner who is “upside down” in their mortgage (ie owe more than the property is worth) to be able to sell their property at current market and get out of their difficult financial situation with far less hit to [...]