Blanket denials?

[hglenbetts]

I have a MB that just told me FHA UWs are immedialty denying anything marked "Declining Market". Interesting, since 95% of the country is in a decling market. I'm guessing he's blowing smoke because his deals are so tight no one will look at his stuff in a declining market.

Any comments? Anyone else had this?

 

[OSU Beavers]

MB is FOS.

PS: Did you get that Dell link?

 

[hglenbetts]

PS: Did you get that Dell link?

Yes!! Thank you so much. I'll be placing my order tonight, if I get caught up. Actually have some work piling up!!

 

[OSU Beavers]

I think the Dell NAR people only answer the phone between 8-5 so don't wait too long to call after you put the system in your cart. Let me know how the NAR and DPA discounts stack.

Beaver

 

[David Beasley]

No comments, but a question to the OP: Where did you read or see that "95% of the country is in a declining market"?

95% of 50 states is 47.5 states. So you're telling me that 47.5 TOTAL STATES (all the individual markets in all 47.5 states) out of the 50 total states are all in decline? I doubt that seriously. The Evening Spin(news) would have no other stories worthy of reporting if that were the case. And they are already in the business of bad news-only distribution as it is...it's their job as the PR arm of the DNC - no positive news is allowed (notice their lack of Iraq stories the last few months).

 

[Lee Lansford]

...since 95% of the country is in a decling market...
Any comments? Anyone else had this?

A decline from one period to the next in the Average Sold Price does not necessarily indicate that property VALUES have declined from the one period to the next.

Do you see the difference?

 

[Dominic]

I have a MB that just told me FHA UWs are immedialty denying anything marked "Declining Market". Interesting, since 95% of the country is in a decling market. I'm guessing he's blowing smoke because his deals are so tight no one will look at his stuff in a declining market.

Any comments? Anyone else had this?

MB is flat out lying... I have marked many FHA appraisals as declining/over-supply in the past year and heard not one word of protest...

 

[tjcou812]

Same here If the market is in a declining market thats what I check off and write a statement. Have done many FHA appraisals with declining/over-supply boxes checked, like I said before if you have the supporting data to prove it in the report you don't get UW's denying or asking for a statement on the issue its already there in black and white.

 

[Ken Youngkrantz]

Lee, at the risk of showing my ignorance could (or would) you expand on your comments?
Thanks
Ken

 

[CANative]

It's the idiot, leisure suit, ex-car salesmen mortgage brokers who are all washed out in the sub-prime ARM easy money biz who now smell their next victims blood in the new sub-prime market of FHA. They are co-brokering deals and have no idea how to properly originate an FHA loan.