The last word is that all of this rain is driving me nuts! :buck2:
No is NOT!!
Here is an insert of an email I received. Finally, someone is doing something about the abuse (mainly Chase) in forcing prices down. I discourage anyone trying to sell an apartment or property from allowing the buyer to use Chase as their lender. They are actually taking a totally fair market sale and forcing it down 5% to 10% putting the seller in a position of disadvantage. Lucky for me our sponsors aren't taking it and are simply saying NO. If you want a fair appraisal's go to Wells Fargo or Band Of America. HSBC will turn down the deal if there is any kind of law suits (even a simple slip and fall) and TD Bank just started doing their own loans so I don't know where thky are going with it. Sellers, BEWARE!!! Find out who the buyer is using before accepting their offer. Explain to them what is happening and if they insist in using them make sure there is a clause in your contract that obligates them to use your preferred lender if theirs turn the loan down or under appraises the property. I'm not talking about obvious over price properties like many you saw in the new constrcution in Corona, Jamaica, elmhurst etc even in some parts of Jackson Heights. I'm talking about logically well priced properties that otherwise appraise fairly within the area. Emal sent todayTo: All REALTORS®
From: Charles McMillan, 2009 NAR President
Re: Appraisals
Dear Fellow REALTOR®,
During the past two months, we have heard from many of you regarding problems with appraisals that are causing deals to be delayed or canceled altogether. I assure you that we on the NAR Leadership Team are experiencing the same problems in our businesses. In fact, VP & Liaison to Committees Steve Brown recently shared his experiences in Ohio on the Voices of Real Estate blog.
http://narblog1.realtors.org/mvtype/president/2009/06/all_is_not_quiet_on_the_midwes.htmlLet me update you on what NAR is doing to resolve these problems quickly.
On Monday, June 29th, I will be in New York to meet with the Deputy Attorney General and his staff who worked directly on the Home Valuation Code of Conduct. I plan to share our concerns, as well as your stories, and ask for their assistance in resolving any problems related to the HVCC.
On Tuesday, June 30th, I will travel to Washington, D.C., to meet with the Director of the Federal Housing Finance Agency to discuss ways we can work with Fannie Mae, Freddie Mac and lenders to ensure that appraisals are accurate.
We will keep you posted on the outcome of these meetings. In the meantime, I encourage you to check out the following resources on Realtor.org for more information on the HVCC and how appraisal problems are impacting the real estate market:
Economists Podcast
http://www.realtor.org/research/research/research_podcast062309?LID=RONav0021 HVCC
http://www.realtor.org/government_affairs/gapublic/gses_hvcc_announced Appraisal Blog
http://narblog1.realtors.org/mvtype/appraisalinsight/ On behalf of the entire Leadership Team and staff, I thank all of you who have shared your experiences and concerns with us. With your continued participation, I believe we will overcome this challenge in much the same way as we have conquered others – "United Toward Tomorrow."
Sincerely,
Charles McMillan
CIPS, GRI
2009 NAR President
