mike376625's Advice

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mike376625 wrote:

Need help understanding deed of trust

Response
In New York state we have an energy star program where they will give an unsucured loan at a low rate for energy efficient items such as windows, insulation, etc..  Depending on your income, you can qualify for a grant.  I did it, and it worked out great.  My loan was 15k at 5.9% for 10 years.  My sister qualified for a 5k grant because she makes less than 40k a year.Check out your state to see if they have a similar program.
January 11 2008
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What Are Appraisals Supposed to Reflect?

Response
Appraisals are suppose to reflect market value.  Here is the official definition of market value: "The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.  Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and sellers are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale."
January 11 2008
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Release of Appraisals

Response
As Steve have noted, lenders are required by federal law under the equal credit opportunity act, to furnish a copy to the borrower.  The borrower may have to request it in writting.  If that doesn't work I would have the borrower's attorney wright a nasty letter to that lender.
January 10 2008
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Release of Appraisals

Response
Thats good stuff Steve, thanks. You are absolutley right, the appraiser cannot release the report to anyone except for the client.  The client being the lender.  The borrower must obtain the report from the lender. As for certification #23, which states: "another lender at the request of the borrower" may rely on the report.  I have always understood that as long as the intended use and scope of work is unchanged, then another lender may rely on the report even though they are not named as the intended user.
January 10 2008
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Release of Appraisals

Response
USPAP states: "Once a report has been prepared for a named client(s) and any other identified intended users and for an identified intended use, the appraiser cannot "readdress" (transfer) the report to another party." Regardless of who pays for the appraisal, the lender is the client stated on the report, however, I believe the borrower has a lawful right to a copy of the report. If the report was written on a fannie mae form such as a 1004 (URAR), then you might want to read the appraiser's certification page #23 which states:  "The borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves any one or more of these parties." In short, the appraiser cannot simply readdress the report, however, I believe the borrower has a legal right to a copy of the report.  The report can be given to another lender without readdressing it because of certification #23. I hope this helps.
January 09 2008
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Appraisal Nightmare

Response
If Moneywarehouse goes out of their way to "get the job done" in obtaining the value you need, then I want to stay away from them.  Lenders like that are partially to blame for the situation of our real estate market.
January 09 2008
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