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Meatloaf

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Looks like the hand that controls appraisers has stepped in and removed much of the content of a particular thread.... woooooo aaaaa woooooooa aaaaa ooooo wooooo

Some things ahem people are just not to be mentioned in public.

Reminds me of my time in Cuba.



From one yahoo to another... god save the queen.

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JSB

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Yahoo
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Meatloaf

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Looks like the hand missed this one.

This is gold.

Fact Sheet.PNG

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Bobby

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Or have we gone "Game of Thrones".
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moneyman

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Reply with quote  #5 
DILLY....DILLY.......


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moneyman

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Image result for dilly dilly
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Meatloaf

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Now there is a blast from the past... Whats happening moneyman??
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BChip

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The moneyman is BACK!!
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Meatloaf

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I hope that the image I posted is a very old document.  Much of the information appears really out-dated anyway.  Is the buyer an intended user?
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BillDing

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Quote:
Originally Posted by Meatloaf
Is the buyer an intended user?

LOL, they think they are.  In fact, they can't even rely on it, regardless of Cert 23.

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RubberStamp

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Reply with quote  #11 
Well to those who thought that the position would not have an intimidating effect...  Guess it was intimidating enough to get the thread removed. 
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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Lobatt

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Quote:
Originally Posted by BillDing

LOL, they think they are.  In fact, they can't even rely on it, regardless of Cert 23.


The buyers shouldn't be relying on it. But when your ass gets sued they will throw that built-in FNMA certification 23 in your face and your E&O insurance company will end up fighting a lawsuit for years.
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Meatloaf

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Reply with quote  #13 
Looking at the advertisement posted, it looks like he is giving the buyer and their lender the right to use the report done for the seller.
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BillDing

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Quote:
Originally Posted by Lobatt


The buyers shouldn't be relying on it. But when your ass gets sued they will throw that built-in FNMA certification 23 in your face and your E&O insurance company will end up fighting a lawsuit for years.

Nope, not so much

pdf Homeowner is not intended user court case won by appraiser.pdf     


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Meatloaf

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Look at the next to last two bullet points.
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Lobatt

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Quote:
Originally Posted by BillDing

Nope, not so much

pdf Homeowner is not intended user court case won by appraiser.pdf     


Well you need to send that to the Great American Insurance Company so the E&O department can send that to their lawyers and they can stop being sued by borrowers.

I came in lower than the contract price on an appraisal. They agreed to lower the contract price to my appraised value. Later the buyers sued saying that they relied on the appraised value to make their contract price and that they paid too much due to a typical 1970's-1990's construction trash hole that had formed in the back of the backyard. They claimed a $30,000, and later $50,000, diminished value due to this 16 inch deep hole. Buyers claimed that this hole would have lowered the value by that much, on a $180,000 house. My E&O provided lawyer from Hawkins, Parnell, Thackston & Young said that certification #23 allows them to use the appraisal and we were stuck. My insurance company later settled the case for $5,000 but it cost them almost $18,000 total with my E&O lawyer fees.

This was last year and cost me $1,000 for the E&O deductible and an additional $300 per year in higher E&O insurance rates due to having a claim filed in the prior five year period. This frivolous lawsuit almost made me give up appraising as the real estate agents and home inspector were not sued as they are protected by the sales contract or the home inspection form language. Only me, the appraiser, was hung out to dry.
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Meatloaf

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Reply with quote  #17 
Even if they did "rely" on the report, the fact that the hole "later" formed should have gotten you off the hook.



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Bobby

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Quote:
Originally Posted by Lobatt


Well you need to send that to the Great American Insurance Company so the E&O department can send that to their lawyers and they can stop being sued by borrowers.

I came in lower than the contract price on an appraisal. They agreed to lower the contract price to my appraised value. Later the buyers sued saying that they relied on the appraised value to make their contract price and that they paid too much due to a typical 1970's-1990's construction trash hole that had formed in the back of the backyard. They claimed a $30,000, and later $50,000, diminished value due to this 16 inch deep hole. Buyers claimed that this hole would have lowered the value by that much, on a $180,000 house. My E&O provided lawyer from Hawkins, Parnell, Thackston & Young said that certification #23 allows them to use the appraisal and we were stuck. My insurance company later settled the case for $5,000 but it cost them almost $18,000 total with my E&O lawyer fees.

This was last year and cost me $1,000 for the E&O deductible and an additional $300 per year in higher E&O insurance rates due to having a claim filed in the prior five year period. This frivolous lawsuit almost made me give up appraising as the real estate agents and home inspector were not sued as they are protected by the sales contract or the home inspection form language. Only me, the appraiser, was hung out to dry.

I don’t understand how you could be liable for something not apparent or unknown. Working with a soil scientist for a few years, I would estimate that 1/2 of the new properties have fill holes. Nothing a dump truck or two and some sod wouldn’t cure. Now it could be a issue if their septic is failing and they have no where to move the septic.
I can sense your frustration, but I don’t think your lawyers had proper and professional advice.
What I really think, is that lawyers don’t want to win, they just want to settle.
$18k - 5k for the plaintiff = 13k for the lawyers to split... Who won without going through due process. And I’m not even considering that the plaintiffs lawyer probably gets 1/2 the cut of the $5k also.

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moneyman

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Living the Dream...watching values go to Hell. Dallas, TX is on it's way down.....Atlanta...hold on to your shorts...yours is coming.....

Other than dealing with the same bullsh1t of Agents being pissed, contracts being unrealistic, and people refusing to see demand is down and prices are too.....other than that ALL IS GOOD.

F--k It.....going back to work now on a lovely Saturday
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MVA2001

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Hey B-

Long time, hope Tx is treating you well.

You pulling your own data on these forecasts or is it fairly obvious with Fannie data?

Going to be interesting with new loan programs on the cusp nation wide if we start seeing a deterioration of the past few years run up in equity.
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moneyman

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FU-K Fannie...I have been back in the field since 2016......It's a Sh1t Show here and ALL over from Maine to CA based on my appraiser sources......Gonna be fun this Spring

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moneyman

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Chuck_Schick

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Reply with quote  #23 
Quote:
Originally Posted by moneyman
FU-K Fannie...I have been back in the field since 2016......It's a Sh1t Show here and ALL over from Maine to CA based on my appraiser sources......Gonna be fun this Spring



Brian,

 Good to see you back.  In the areas that I look in, I see low inventory with steady demand.  The winter has seen lower demand (as seasonally expected) and very low inventories. Can you share some of your data and incite?  I respect you opinions, based on your past experience.

 I will note that over a year ago, one area of CA was flat to slight decline.  It has since gone to the positive, but I know that the big data compilers can skew the results.

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RubberStamp

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Reply with quote  #24 
Wasn't Florida the canary in the coal mine last bubble?  Susceptible market because of the number of 2nd homes. 

I feel markets are incapable of a soft correction and soft landing.  The guys with the cash don't make any money that way.   It's possible but I think something is baked in that can shockwave even real estate.    For example:  This latest dive in the stock market can be attributed to a whole new gamble bet based upon volatility.  Basically - just shake the market a bit and it sets off a computer generated wave of sell offs.  

There are things going on we know nothing about until after we have been had.

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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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moneyman

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Reply with quote  #25 
My sources are appraisers in the field, appraisers at large Banks and AMC's, and GSE's. The number of properties in some stage of default from 30 days late all the way to full blown foreclosure status is exploding.....


Like I said.....sh1tay Spring, higher interest rates, lowered overall demand, few truly qualified buyers left available in the buyer pool, and this being the end of the BOOM housing cycle..............ALL Culminate into a sh1t sandwich of EPIC proportions.

Economic indicators are NOT good....

FED participation in the mortgage market has been highly curtailed and additional housing stimulus is GONE. 


Like I said.......come May 2018 you and ALL of America will know the direction of the Housing market and Lord help us if the Stock Market sniffs any issue with the housing market......which THEY WILL.

All the Best and Oh Happy days are here AGAIN......"2006- Rinse- Repeat"

What does all this translate into? The reality that there is NO MECHANISM within our economy that is buoyant enough to keep markets afloat when the Fed backs away. Nearly everyone is in massive debt, there is no one left to buy at the level needed except the Fed.

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moneyman

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Reply with quote  #26 
Also worth noting....FED Chairmen and their words..not mine


https://www.zerohedge.com/news/2018-02-20/brandon-smith-new-fed-chairman-will-trigger-historic-stock-market-crash-2018

For example, Richard Fisher, former head of the Dallas Federal Reserve, admitted a few years ago that the U.S. central bank has made its business the manipulation of the stock market to the upside:

What the Fed did — and I was part of that group — is we front-loaded a tremendous market rally, starting in 2009.

It’s sort of what I call the “reverse Whimpy factor” — give me two hamburgers today for one tomorrow.

I’m not surprised that almost every index you can look at … was down significantly.

Fisher went on to hint at the impending danger (though his predicted drop is overly conservative in my view), saying: “I was warning my colleagues, don’t go wobbly if we have a 10-20% correction at some point…. Everybody you talk to … has been warning that these markets are heavily priced.”

One might claim that this is simply one Fed member’s point of view. But it was recently revealed that in 2012, Jerome Powell made the same point in a Fed meeting, the minutes of which have only just now been released:

"I have concerns about more purchases. As others have pointed out, the dealer community is now assuming close to a $4 trillion balance sheet and purchases through the first quarter of 2014. I admit that is a much stronger reaction than I anticipated, and I am uncomfortable with it for a couple of reasons.

First, the question, why stop at $4 trillion? The market in most cases will cheer us for doing more. It will never be enough for the market. Our models will always tell us that we are helping the economy, and I will probably always feel that those benefits are overestimated. And we will be able to tell ourselves that market function is not impaired and that inflation expectations are under control. What is to stop us, other than much faster economic growth, which it is probably not in our power to produce?

When it is time for us to sell, or even to stop buying, the response could be quite strong; there is every reason to expect a strong response. So there are a couple of ways to look at it. It is about $1.2 trillion in sales; you take 60 months, you get about $20 billion a month. That is a very doable thing, it sounds like, in a market where the norm by the middle of next year is $80 billion a month. Another way to look at it, though, is that it’s not so much the sale, the duration; it’s also unloading our short volatility position."

"My third concern — and others have touched on it as well — is the problems of exiting from a near $4 trillion balance sheet. We’ve got a set of principles from June 2011 and have done some work since then, but it just seems to me that we seem to be way too confident that exit can be managed smoothly. Markets can be much more dynamic than we appear to think.

When you turn and say to the market, “I’ve got $1.2 trillion of these things,” it’s not just $20 billion a month — it’s the sight of the whole thing coming. And I think there is a pretty good chance that you could have quite a dynamic response in the market.

I think we are actually at a point of encouraging risk-taking, and that should give us pause.

Investors really do understand now that we will be there to prevent serious losses. It is not that it is easy for them to make money but that they have every incentive to take more risk, and they are doing so. Meanwhile, we look like we are blowing a fixed-income duration bubble right across the credit spectrum that will result in big losses when rates come up down the road. You can almost say that that is our strategy."

 

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