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We already answered the question on January 7th and January 9th. Scroll down to read the posts. Zillow will not allow us to answer the post twice -- the answer remains the same:
Call a Realtor&Call a Lender. Get a List of Foreclosures. Get Prequalified to know which ones you can afford.
"Make the bank order a second and if necessary a third appraisal. Or find a different lender. "Nathan,Those are your exact words...the appraisal requirements that are being put in place on 5/1 are being put in place to prevent lenders from influencing appraised values...It looks like yet again legislation is going to miss the mark.
you may want to read the code of conduct...
Abroome,With little to no experience your best bet in obtaining a foreclosed property is to purchase bank owned property. At that point the foreclosure and eviction of the current homeowner or tenants has taken place. Combine that with an unencumbered title and you have far less risk.Banks rarely if ever sell property directly, they list the properties with Realtors.
One major problem with appraisers is their lack of adjustment for quality of construction. I wonder if some of them even own a Marshall&Swifts Guide to Construction Costs. Not "weighing" their opinion in favor of quality construction has led to over valuing some properties, while undervaluing others.
Just because two homes are located next door to each other, with exactly the same bedrooms and bathrooms and square footage, does NOT mean they are WORTH the same amount. But this often seemed "good enough" to many appraisers.
I bet a bunch of the mess with the lending situation would never have happened if we still had local lending with local banks. The problem is actually with huge banks, lending in places they weren't even located, relying on underwriters who were hundreds/thousands of miles away. It's still a problem when you have to deal with a loss mitigation department that's located in Texas, and an underwriter that's in Chicago, trying to approve a shortsale or mortgage in North Carolina.
I don't have these problems with banks and credit unions that are still lending their own money to local clients.
Your answer is completely off the subject. My comments you are quoting are taken out of context in this post. They were related to a CONSTRUCTION LOAN post wherein the buyer himself stated that the market value was quite a bit higher than the appraisal.
And I was indicating to him that this is not uncommon. And that if he asks most banks WILL order a new appraisal if the value is considerably different from the contract price which had previously been approved by the bank. If this is not common in Massachusetts, I stand corrected. But is is VERY common in North Carolina, and especially with construction-permanent loans. Even at the "desk review" many banks find the need to make adjustments to appraisals. Each market is different and each state sets its own standards for appraisers.
Well then you have no clue about dealing with these lenders.
Case in point. A lender TODAY, Litton Loan, admitted on a RECORDED phonecall, and in a confirmed email, that they would order a THIRD appraisal-- at THEIR expense to determine the TRUE market value of a property on a short-sale they were approving. The previous two appraisals and two additional BPOs were all over the place on the property. The property is listed at over $900k and the appaisers and agents involved are all stating different market values. They are not charging the buyer or the seller for ANY of these!
To think that lenders won't do this shows your own lack of understanding of how banks are working in today's climate.
Get a clue. I have a great lending knowledge. I'd be happy to give you references to EVERY lender with whom I have ever done business during the past 10-years. I completely understand the Real Estate Transaction from Begining to End. And this includes the financing.Without the foreknowledge of the Financial Aspect of the Transaction, it is impossible to write a contract. I would agree that many Real Estate professional (I use the term "professional" lightly) are inexperience and uninformed as to the way mortgages, credit, and lending work. But I am not one of those who are uninformed. From commercial lending, to construction lending, to FHA, to Conventional, to Lease-Purchases and other forms of Seller Financing, I've been involved in all types, both personally and professionally.Your personal attack is unwarranted.
It's funny that the Mortgage Lenders say, "Contact a Mortgage Lender" to get "pre-approved".And the Realtors say "Contact a Realtor first".
Let me explain why you should contact a Realtor FIRST. Because the Realtor can actually answer your questions about they ENTIRE process of homebuying. And what is involved in purchasing a foreclosure property. Whereas, a Lender will only ask you questions about your desired purchase price, income, and qualifications to purchase. They are not qualifed nor are they able to advise you on the questions you are wanting answered about the properties you want to know about.With that said, once any client contacts me, as a Realtor, I ALWAYS recommend that their next step is to contact a Lender to get pre-qualified so that we will know what price-range in which to start your home search. A conference call with a Realtor AND a Lender is not a bad idea. I often have this type of call with clients.
And just to be clear, you don't have to have a mortgage or pre-approval to view list of foreclosure properties.
1. Call a REALTOR for some FREE advice. If you already know what property you want, you can fill out the paperwork with them and they will help you make sure you are fully protected.
2. Get a Loan. Your Realtor can probably recommend a bank for you to get approved for the mortgage. This will help you know you can afford the home you want to purchase. Some sellers want to know you can afford the house before you make them an offer on a Foreclosed property.
3. Find a Property. Your Realtor has access to nearly all of the Foreclosures in the Charlotte-area. The banks like to deal with Realtors because they help make certain that the transaction is legal and correctly performed. Your Realtor can email you photos and prices of foreclosed homes.
If I can help, click on my profile or post again and I will answer your questions.
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For Sale: $620,000
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