When I was a kid growing up in Southwest Minnesota, everyone had basements. Basements initially served as “root cellars” to store potatoes and carrots all winter (which we actually did) […]
If a 2,000 square foot house sells for $800,000, the price per square foot is $400. So, if a nearby house is 2,200 square feet, it should be worth an […]
This is another reminder that condos are not distinguishable from PUDs (Planned Unit Development units) by appearance alone. Attached side-by-side two-story units that all touch the ground can be...
We can close conforming (Fannie/Freddie) loans in 12 CALENDAR days – easily – IF we get a “Property Inspection Waiver,” aka PIW aka Appraisal Waiver. Savvy agents know this – […]
I lived in the same neighborhood for over 20 years and did hundreds of loans within the area – so I knew every nuance of the area. As a former […]
“I knew a guy who sold his house for $100,000 under the market value because he felt like it…” said nobody. Ever. My point is that no seller is ever […]
Desktop Appraisals Are Coming! An appraiser recently charged us $2,000 for a basic appraisal in suburbia with a slightly larger lot and a moderately short time frame – because we […]
Here are a few things that really scare appraisers. 1. Unusual Properties. Unusual properties include those with acreages, odd structures (e.g. a round house), multiple dwellings on one lot, adverse...
Why We Refused Refinances In 2020 This is a quick aside but a reminder that we stopped accepting refinance applications in 2020. It cost us millions in lost revenue but […]
“Hey Rich, I need a $500,000 appraisal to make this refi work; there’s an extra $300 for you if you can push the value to $500,000…” That was the entire […]
The WSJ had this front page headline recently: Low Appraisals Upend Home Sales. And, I thought – where have you been, WSJ? Then, I thought… I should blog about this […]
AGENTS WERE LIVID WHEN APPRAISAL CAME IN LOW We recently had an appraisal come in $25,000 under contract price – and the agents were irate! They sent us comps that […]
“Your godda***d appraiser only gave $7,500 to my basement after I spent 85,000 f**king dollars finishing it! Go f*** yourself!” So said a borrower to me years ago after he […]
WHAT CONSTITUTES A BEDROOM? I wrote a blog last year called What Constitutes A Bedroom? in response to an agent who was angry because our appraiser refused to deem a […]
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