This may be the straw to break the camels back

[Blue1]

I know a lot of the posters here are experienced FHA appraisers. I have only been doing FHA appraisals for 6 years. I find the HUD handbook 4150.2 vague in a lot of areas. When I post to the HUD site with questions, somtimes the answers I get are not conclusive. To me, there are many gray areas in those standards. Although I have found HUD to be quite helpful with questions posted to the Chat room, there are areas that even they cannot answer.

We, as appraisers are told that we must inspect a property per HUD standards yet, our E&O insurance companies and State Appraisal Boards are telling us to disclaim, disclaim, disclaim. "The appraiser is NOT a home inspector, environmental inspector, pest inspector" and on and on. Maybe what's needed is for HUD to distill that handbook down to the most salient paramaters they want to accept. At least it might be a starting point.......(I feel the presence of HENRY)

 

[BenLuby]

Just out of curiousity, why doesn't HUD ask the politicians to release common sense for a day, then go back to a panel? From what it looks like, what few appraisers there are that still do FHA work are preparing to drop it, and, quite possibly, that could be what the mortgage industry is hoping for, then they can use BPO's for values, and play corporate fat cat. Maybe they'll make the new laws about corporate records apply to bank presidents, too. That would just be justice. Let those suckers find out there is a new room mate in store for them if they play funny games, it might actually shake them up a tad.
Here is my question: If FHA loses most of the FHA Appraisers, what do you think they'll do then? And we all know they won't close shop up, nor do they really care about the fee's, because even if they quadruple over night with these new idiot rules, the borrower pays them, not the FHA or the lender.
From the sounds of the posts on here, most are already leaving the Mobile Homes to the rollers, so that is probably going to be a mess. And we all know that good or bad, like it or not, when this bomb goes off, we are all sitting in the same boat. Kind of sucks.

 

[Farm Gal]

Nope, we have to throw the baby out with the bath water! :roll:

ROTFL (and crying) my eyes out...

This proven HUD technique is undoubtedly in full swing... used to be that HUD swun bak and forth like a pendulum witht he result that a little more than half the time they were within the bouds of reason...

But sombody figured out how to make the system run circular, sort of like Mr. Trotta snowglobe, but with a drain at the bottom.

sigh.

Write your letters boys and girls,
It' sour, only, hope. (not a typo :evil: )

 

[xmrdfghap]

I know that in the future, if I do an FHA appraisal, I will charge a $50.00 credit check fee and score the applicant BEFORE I accept the assignement.

 

[Frederick R. Ruffell]

I am on the FHA roster but have only done one FHA appraisal in my entire career, property values generally exceed the program limits here in San Diego. I don't think I will ever consider doing an FHA appraisal after this.

 

[jtrotta]

Frederick

gave up my FHA status about 5 years ago, after I found out they use unlicensed, uncertified reviewers. Had a major blowout with the local idiot that was in charge- the job they picked was the almost perfect, of paired sales (a rare find) of the 15+ years and they had no back up. Challanged them to a hearing at the commissioners office, and sent everything off to DC; never herd back from anyone. Dropped them like a hot Buffalo Chip :!:

As far as the default rate, will have to agree 100% with Larry = no capital ventured, Y care if it gets forclosed and they get to do it again & again.

8)

 

[bradellis]

To those who like to use the word, "flip" in a legal context, I will just tell you that it originated to explain the FRAUDLENT activity of transferring ownership on paper numerous times within a short time frame in order to deceive someone into thinking the propety had sold for an amount well in excess of its actual value.

THAT is why there is this negative connotation. Frankly, I tire of hearing "good flip" and " bad flip". In my opinion a flip is fraud and the term should not be applied to the activities like those of Pat Butler who legitimately buys, renovates and resells properites.

Buying a run down property and then doing inadequate levels of renovation but selling them as having been fully rehabbed is just simple fraud and, in my view, is not a flip.

How about calling them "Pussycats" because they PURR- Purchase, Update, Renovate, Resell.?

Brad Ellis, IFA, RAA

 

[William Harmon]

I have not touched a FHA appraisal in 3 years, nor do I have a desire to. When I worked out of Flint it was a constant battle with the Loan officers over stipulations, value. :x Then HUD with all of it wisdom came out with the new and improved form, the new and improved responsibilities for appraisers. :? The appraisers they had on the “advisory panel” were overruled or they had never faced the amount of lender pressure we have to, or just cow towed to the mortgage industry. :x I have been asked time and time again by my current loan officers to re-up my cert. No thanks :lol: I don’t need the hassle and I would charge a huge fee, You do not want me to do your FHA appraisals as you will not deal well with what I have to tell you. :twisted: I will call for an inspector and contractor for everything, I will raise hell with your deal, as that is the position I am put in By HUD. The Great minds in Washington have no idea and do not want to know the truth about the HUD program, it is a boondoggle invented at “Placing Blame” :evil: , that is all a FHA appraisal is , who can we blame for the loan company placing a unacceptable credit risk in a home ? The appraiser. Who can we blame for the corruption that is rampant in the FHA/HUD program? The appraiser! Who can we blame for our inept handling of billions of dollars of the publics money ? The appraiser ! :twisted:
But wait I have a wonderful idea if you have the guts to do it 8O
Folks it is about time we do the one thing that we can do, to send the HUD program a message .
Withhold our services until we have a workable program that protects honest appraisers and a program that recognizes the limitations of a real estate appraiser. Do I ask to much? Or do I rant again ? :?

 

[BenLuby]

Greg,
On top of just running their credit scores, you'll also need to verify their debt to income ratio, calculate their scores, find out how long they have had their current jobs, and how long they have lived at their current address.
You would also want to calculate their PMI insurance and taxes into your math, to verify they could actually afford the property.
It would also be a beneficial idea to drive by their current address and do a visual on the condition of the property.
If the yard is overgrown, with trash and a dirty car in the drive way, unpainted and in generally bad shape, then that could hypothetically be taken that these buyers are arriving in roller skates, fixing to roll on down to the next property after this one goes south.
Sounds like you may need to charge a bit more than 50 dollars to pre-qualify to see if you'll even do the job. What numbers did you come up with?

 

[terr]

Perhaps we need to have every person who signed the petition write a letter and voice his or her opinion on this issue. Perhaps public response will have an effect on this proposed rule.


Comments are sent to:

Regulations Division, Office of General Counsel, HUD, Room 10276, 471 7th Street SW, Washington, DC, 20410
_________________
Richard Carlsen
-------
Home & Cabin Appraisal Co.
Elmira, MI


Is there an email address for this address?

Thanks,

Terr