Reason for optimism

[Bob Ipock]

The number of people with decent credit and equity (that would be REAL EQUITY, not inflated appraisal equity) are getting tougher to come buy.

Loan qualifications have gone up and qualified #'s ofapplicants have gone down. 20-25% of loan applications (purchase and refis) never make it to the closing table due to buyers or refiers not qualifying of the homes not appraising.

The primary reason rates are down is so PAYMENTS will be less and people will pay more for houses worth less.....because they think the payment looks low.

That is how it with new cars. When you stretch a car loan over 84 months and the payment looks super low, people will buy. They will crap, they will overpay and they will still be making payments when the Suzuki is rusting away in the junk yard.

In this country is is all about the "low monthly payments" and very little about value or the long term.

 

[Tom Woolford]

Not busy, but more so far this month than all of last month. Its nice to have something populating the "in" tray, and scheduling a couple of days ahead instead of running out the second it hits the email.

 

[CNYAppraiser]

Same here. It's been a good start too the new year. Some of my regular clients are slow, some have some work, some are busy. Could this be a reflection of the customer service I provided throughout the past? I'm not that good. We'll see what happens.

 

[Doug in NC]

Although I expect refis to pick up as consumers avoid rate increases, I have gotten a mixture of jobs this year. A few refis, a REO, one sale, and some non-lender stuff.

 

[Ray Miller]

I am preplexed

I am preplexed. The ole workhorse in me says go, go, go and not happy unless work is stacked up.

But the brain says you are in semi-retirement and headed to full retirement this year. STOP/SLOW DOWN!!!!!

Other brain says your going to get bored if not working full time and going, going, going.

Enough orders coming in per week to keep me busy for a week or so out with the other things I am doing now. Sale of ranch is set for early March, what then???

Re-inventing myself, but the darn ole snow blower broke down this morning at 6 a.m. out by the barn. I need to get it loaded into truck and finding out I am not the horse I use to be. So got to reinvent myself at the gym.

Income and money worries me if things keep increasing in cost, where is this really going to put me in retirement???????

Auction RE I have four clients I am dealing with to close RE auctions with for early spring projected $2M in sales. Getting ready to do an email blast to every one in my email data base for appraisals, RE auctions, Saddlefitting Clinics with Equiscan (www.saddlefitting.net). Getting ready to do a direct mailing to 2900 expired or withdrawn RE listings in the past 24 months for RE Auctions.

Reviewing for my RE Agents test and the RE Broker Test in February.

Should I or Should I not test for my CR and CG license is another question

Working fighting the state appraisal board hearing coming up where ever the judge set the date again.

A few other business things on the back burner.

Retirement jaunts starting in Feburay.

Church carry in dinner this sunday with business meeting afterwards.

Flying into Denver for Monday and Tues morning for the Western and English Show, then the National Western for a few hours. Back by Wed evening to meet auctioneers flying in from OK City for a couple large auctions I have working for late spring.

Ever been preplexed about life in general.

Can't look for a rich young women to take me home as a house pet now, since I got married a few year back.

PS forgot. Got to look at a house this morning for an appraisal and got to haul another loan of hay from one barn to the other.

 

[Kevin Mc]

Agree.

I agree, so far January has been the best month this year.

Seriously, this year is starting out gangbusters!

(damn, who says that anymore)

TC

don't know about gangbusters, but it has started out fairly well. Busy here.

 

[TXCBoy36]

Great~~~

While others are thinking of getting out of the business, I'm encouraged. I got 5 orders in today and I can't remember the last time that happened to me. Even in the busier parts of the year, I rarely get 5 orders in a day. January is usually one of my slowest months. Looks like things are off to a good start for 2008 at least they are here in NC.

It makes me wonder, if all of the changes going on in this industry are starting to have an effect on the appraisal business. Sub-primes are out, many mortgage brokers have disappeared, new appraisal requirements have gone into effect, lenders are denying the use of trainees, appraisers are retiring, and some are just dropping out of the business. There may be hope left for this business yet.

I have been relatively busy.....Investors buying up these foreclosed properties....I think it is not good to get out....just shift your gears to accomodate the market....I have maintained and I should be typing up my 5 appraisals instead of typing on here.....hang in there ppl, it will turn around....there is a way to survive...just locate it and utilize it.

JC

 

[jnordquist]

Very Slow Here In Pittsburgh, But I Do Have 4 On My Desk Waiting For Payment Before I Dig Into The Reports

 

[moh malekpour]

In most areas of So CAL, anyone who bought home since 2005 with less than 10% down, may not have equity or may even have a negative equity right now that makes it impossible to refi by the new lending guidelines and unfortunately 95% of homebuyers in that period bought their homes with very low down or no down payments because they were available to get them so they bought bigger homes with very low or no down on a bad loan instead of buying a lower price home with a good loan. Those who were able and smart enough to put down 10% or more in that period, they were also able to get a decent fixed rate loan and I don’t think they are interested now to refinance a good fixed rate loan.
The only ones who may have equity on their homes now are those who bought their homes prior to 2005 and didn’t refi at the max (90 or 95%) after 2005 with those toxic loans because if they have done it, their outstanding loans are more than their property value now and they cannot refi either. There might be few sporadic refi here and there for those homes with equity but not enough to move the market.

 

[KYLECODY]

Ray,

When do you find time to breathe. You do more in a few days than I do in months. Good job.