When I was in Ireland I learned that they do not have real estate appraisers. Over there the estate agent or real estate agent does the property evaluation. One of the issues being covered in the news while I was over there was that some agents were inflating some of the values by as much as twenty percent.
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Showing posts with label decling market appraisal. Show all posts
Showing posts with label decling market appraisal. Show all posts
Saturday, May 10, 2008
Friday, February 29, 2008
No money down financing may be dead in some states due to declining real estate values
If you live in an area that appraisers are checking off declining market on their appraisal report, your underwriter may reduce your property appraised value by 5%. Fannie Mae and Freddie Mac will also take 5% right off the top. If a loan officer is telling you that they can get you 100% financing you may want to ask them a few more questions. Ask them if you are going to get dinged 5% for a declining market. You best bet for getting a home these days is to have some money down in the transaction.
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