The latest Real-Estate articles published and distributed by Articles3000.com http://www.articles3000.com/rss/Real-Estate.xml Sat, 04 Jul 2009 23:33:02 +0100 FeedCreator 1.7.2 http://www.articles3000.com/Real-Estate/183612/How-to-Stop-a-Foreclosure-Get-Your-Home-Back-After-a-Foreclosure.html The common belief of many homeowners facing a foreclosure of their home due to the inability to pay the balance of their outstanding debt on time is that they only have a limited time to be able to save their homes Once the property has been seized by the creditor or the financial institution, they would not be able to get their homes back since this would then be sold for the creditor to liquidate the property and thereby use the money to pay off your existing debt with them Tue, 30 Jun 2009 15:56:31 +0100 http://www.articles3000.com/Real-Estate/183603/How-to-Increase-You-House-Value-and-Sell-it-Fast.html Are you considering remodeling your home or making an improvement by adding on a room or two Maybe you just need some extra space to entertain your guests, have a game room, a home office or maybe living quarters for the young adult at home or for in-law quarters Mon, 29 Jun 2009 23:42:29 +0100 http://www.articles3000.com/Real-Estate/183557/Spring-Time-Renovations-Of-Your-Property-%26-Real-Estate-Choose-Your-Paint-Roller-Properly.html Spring renovations of your home this spring Make sure that you are properly prepared to paint your residence or commercial property i Sun, 28 Jun 2009 20:35:33 +0100 http://www.articles3000.com/Real-Estate/183515/New-Appraisal-Rules-and-Regulations-HVCC-Clarifications.html May 5, 2009, Written by: Michael C Zari If you have not already heard, as of Friday May 1st 2009, as one industry expert put it, "the complete lending landscape just changed Michael C. Zari If you have not already heard, as of Friday May 1st 2009, as one industry expert put it, "the complete lending landscape just changed!" To bring that back in from a more macroscopic statement, the way that appraisal are performed for certain types of real estate has changed. Welcome to the new world "after: the introduction of the Home Valuation Code of Conduct (HVCC). The HVCC pertains to mortgage loans (originated from May 1st onward) that are intended for sale to either Fannie Mae or Freddie Mac. SO REMIND ME AGAIN ABOUT THE HVCC? Last week's article went over the Good, Bad and the Ugly of the Home Valuation Code of Conduct, and before I continue I wanted to remind folks of a few things about the HVCC. According to the Federal Housing Finance Agency (FHFA), the HVCC builds on existing Fannie Mae and Freddie Mac seller-service guidelines to "increase the reliability of appraisals" for loans sold to the both these agencies. To make a long story short, the changes being implemented through the HVCC are really intended to protect everyone and are for the greater good (yes - "the greater good") by setting requirements so that the individuals and organizations requesting the appraisals have no influence on the outcome of the actual appraisal itself. Thus, the HVCC: * Prohibits lenders and 3rd parties from influencing appraisals; * Requires lenders to ensure that borrowers get a free copy of appraisal reports at least three business days before closing; * Allows lenders to have in-house appraisers, so long as they're completely independent of the sales staff and their compensation does not depend on their estimates or on loan closings; * Requires lenders to test a randomly selected 10 percent (or other statistically significant percentage) of appraisals and report any problems to Fannie Mae or Freddie Mac, which may force lenders to buy loans back from them; * Requires lenders to report appraisal misconduct to applicable state agencies; * Etc. and so forth. In a nut shell, the HVCC sets guidelines to prevent real estate appraisers from being intimidated, bribed or otherwise influenced in their developing their valuation on a particular property. As you can imagine, there has been a lot of resistance on the HVCC throughout the industry; Real Estate Brokers, Agents, Lenders, Appraisers, investors, and even the end consumer are all going to be affected in one way or another. WHAT KINDS OF PROPERTIES DOES THIS APPLY TO? Now, as far as the types of real estate properties that this pertains to, we would need to take a closer look at what both Freddie and Fannie to say. For Fannie, the HVCC only pertains to conventional, single-family loans and NOT to multifamily loans, or to loans insured or guaranteed by a federal agency. For Freddie, the HVCC also only pertains to single-family mortgages as well (no big surprise there). NOW THAT I KNOW THE INTENT, WHERE CAN I GET SPECIFICS? To start out with, a copy of the HVCC can be found on the Fannie Mae web site. To download a copy, simply go to: https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/ and then click on the link for "Home Valuation Code of Conduct" Along with any new code or regulations comes the issues with interpretation of such. Specifically, exactly what does the code mean and what can (and can not) be done. To help along with that, the various agencies have put out Frequently Asked Questions on the HVCC. At the above link for Fannie Mae, you have access to not only to the 6-page code itself, but also Fannie Mae has put together a nice list of Frequently Asked Questions and a replay of a recorded webinar on the topic. Some of the more interesting outputs from the FAQs include: * The Code does NOT specifically prohibit communication by a real estate agent with an appraiser; * The Code DOES prohibit an appraiser from collecting payment for the appraisal directly from the borrower; * The Code ONLY applies to Appraisals and does not apply to other valuation methods (i.e. automated valuation models (AVMs), broker price opinions (BPOs), tax assessments, etc.); and * The Code prohibits mortgage brokers from ordering appraisal services, but brokers may initiate the appraisal process on a lender’s behalf in accordance with arrangements made by the lender. Interesting to see how this all plays out, what tweaks are made over the coming months, and how this will impact not only the end user, but also anyone in the busin Wed, 24 Jun 2009 15:14:37 +0100 http://www.articles3000.com/Real-Estate/183352/Home-Valuation-Code-of-Conduct-Important-For-Investors.html Today marks a major change in the lending landscape and the way loans are sold to Fannie Mae & Freddie Mac a Thu, 18 Jun 2009 05:35:41 +0100 http://www.articles3000.com/Real-Estate/183245/Renting-Out-Your-Property-%96-New-Landlords.html The credit crunch and subsequent sinking of the property market has brought reluctant landlords into the letting arena Here is a guide of what you need to know as a new landlord Tue, 02 Jun 2009 10:01:54 +0100 http://www.articles3000.com/Real-Estate/183174/Making-A-Quick-House-Sale-The-Easier-Way.html The traditional method of selling your home is of course getting in touch with an estate agent You have to have your home valued and then they come and stick up a for sale sign in the garden Mon, 01 Jun 2009 22:36:50 +0100 http://www.articles3000.com/Real-Estate/183096/Lake-Arrowhead-Discovering-the-Life-in-the-Lake.html Lake Arrowhead: Looking for a nice place to live in can be difficult and stressful There are so many things to consider before finally settling in a place where you think can be a home for you and your family for the rest of your lives e Mon, 01 Jun 2009 12:36:56 +0100 http://www.articles3000.com/Real-Estate/183095/Lake-Arrowhead-Georgia-Residential-Community-at-the-Heart-of-Nature.html Lake Arrowhead Georgia is a scenic community in Georgia, consisting of more than 8,000 acres of woodland, grassland, and gentle trolling hills This tranquil residential community is hugged by forested areas, which are excellent grounds for outdoor activities such as hiking, mountain climbing, and trail biking e Mon, 01 Jun 2009 12:29:56 +0100 http://www.articles3000.com/Real-Estate/183094/Lake-Arrowhead-GA-A-Residential-Community-Worth-the-Stay.html Just 2 miles southwest of Waleska, Georgia is where you can get to experience 8,000 acres of lush woodlands of Lake Arrowhead, GA With the nearby Blue Ridge Mountains, you can get the best and pristine view of the lake that stretches out into miles of magnificent shorelines t Mon, 01 Jun 2009 12:22:52 +0100