Nehemiah Corp "code Of Conduct"

[BigBlueGA]

http://www.rismedia.com/index.php/article/...eview/8392/1/1/

According to recent remarks by HUD officials, DAPs now represent roughly 30% of the entire FHA single-family loan portfolio representing roughly $17 billion dollars.

Scary... My favorite "suggestion" from Nehemiah to the industry though...

Expressly prohibit parties from increasing the sale price of a home, directly or indirectly, based upon the buyer’s receipt of down payment assistance

HAH! RIGHT! I'm sure this will fly...

 

[Tawfik Ahdab]

Scary... My favorite "suggestion" from Nehemiah to the industry though...


QUOTE
Expressly prohibit parties from increasing the sale price of a home, directly or indirectly, based upon the buyer’s receipt of down payment assistance



HAH! RIGHT! I'm sure this will fly...

I think it will fly, but Nehemiah sales volume will sharply decline.

Thanks for the post. Some sanity must be restored to this homeownership fetish.

 

[Otis Key]

For more information, visit http://www.getdownpayment.com/pdfs/codeofconduct.pdf

I'll believe it when I see it. I'm not holding my breath. BTW, that URL didn't work. I cut it off and went the home site and there was NO link to a "code of conduct."

 

[BigBlueGA]

The document is there, just the link they had on that page had an extra slash at the end... looks like the forum took the extra slash off though when you quoted because the link in your message works.

- Brandon

 

[Tim The Enchanter]

You want them to be honest? But, but, business will plummet!

 

[Caterina Platt]

Ok, here's my cynical little mind's bet for exactly what will start happening if this Code of Conduct policy flys. Homes in DAP likely value ranges will start to be listed 3.5-6% higher from the get go. If the Nehimiah type program is utilized, the list to sale ratio will be at or near 100%, if the Buyer happens in with his own downpayment, the list to sales ratio will be lower as they negotiate for a 'real' market value.

In the earlier scenario, we'll have to call in Nancy's buddy at 'True Value' Appraisals. B)

It will be harder for us appraiser types to spot these concessions as the old 'price bump boogie' won't be as blatant. Realtors need to be placed under a Code of Conduct to disclose these programs.

 

[Otis Key]

Originally posted by Caterina Platt@Nov 16 2004, 10:00 PM
Ok, here's my cynical little mind's bet for exactly what will start happening if this Code of Conduct policy flys. Homes in DAP likely value ranges will start to be listed 3.5-6% higher from the get go. If the Nehimiah type program is utilized, the list to sale ratio will be at or near 100%, if the Buyer happens in with his own downpayment, the list to sales ratio will be lower as they negotiate for a 'real' market value.

In the earlier scenario, we'll have to call in Nancy's buddy at 'True Value' Appraisals. B)

It will be harder for us appraiser types to spot these concessions as the old 'price bump boogie' won't be as blatant. Realtors need to be placed under a Code of Conduct to disclose these programs.

But Cat, we are already seeing that here in our market. The agent's aren't required to report any concessions. And they don't remember or don't return calls!

 

[Caterina Platt]

That's exactly my point Dear Otis. They aren't required to report them, although we have a nice little spot specifically for the Y or N regarding concessions and the dollar amount. Without the price bump in the listing history, it's just appearing to be a rather high dollar FHA transaction. Or worse yet, they record what actually sold FHA as a Conventional to further ward off appraisers sniffing out the DAP.

Honestly, I think there's already a few (or if my fears are correct, more than a few) in our database like this.

 

[Pamela Crowley (Florida)]

The Realtors being forced to disclose ALL concessions and conditions of the transaction and mortgage to LICENSED APPRAISERS or lose the license would be a nice start. Right now, too many either flat out lie or just refuse to disclose.

NO Realtor should EVER be able to dictate who the appraiser will be!!!!!!

Come on NAR - please get real!!!!!!!!!!!

 

[Phil Rice]

working families overcome the artificial barrier of the down payment.

What is it about this barrier that makes it "artificial"? Does this imply the existence of a "natural" barrier? Is it somehow better to overcome an "artifical" barrier than a natural barrier?

Is this stuff written by the same poeple who did the political ads? Now they need to find another job for the next 3 years???