This comes from my good friend Nicci Brown... a loan officer with Edina Realty Mortgage The purpose of a repair is to correct deficiencies which may affect the health of the occupants and the continued marketability of the property. Knowing the most common issues upfront can prevent costly and stressful delays later. If the home was built prior to 1978, chipping, peeling paint must be scraped and painted. This includes interior, exterior, garages, sheds, fences, etc. Roofs should have 2-3 years of useful … [Read more...]
Declining Market Appraisals – The End of 100% Financing
January 2, 2008 by 1 Comment
More and more, I am hearing about appraisals that are coming back with notations from the appraiser that the property is in a "declining market." Unfortunately there is no set-in-stone definition for what is or is not a declining market. What's come up in my experience is either the pricing of comparables has fallen considerably or the days on market is more than 6 months. In these situations, the amount that the buyer would be able to borrow to purchase the property is reduced by 5% from the maximum allowed … [Read more...]
