Why Appraised Values Have To “Season” After A Purchase

“I just bought the property for $800,000 but it is worth $1,000,000 now, and I would like to refi using the higher appraised value…” We get emails like the above all the time, and sometimes we can garner the higher appraised value. But often we can’t. This is why. APPRAISERS CORRELATE TO PURCHASE PRICE This […]Read More

Bankruptcies Up; How Long Do They Have to Season for Mortgage Financing?

In another indication that we are at the tail end of a business growth cycle, Bankruptcy (BK) filings are increasing even though the economy remains relatively strong. BK filings were up 3% year over year in July, with 64,000 filings nationwide. And, almost 800,000 people are expected to file for BK protection by year-end, as […]Read More

Short Sale Seasoning Revisited; Extenuating Circumstances Exceptions

We get so many questions about short sale seasoning that we thought we’d revisit the issue. FHA financing requires 3 years of seasoning. Conventional financing always requires 4 years now (used to be 2 in some cases). Jumbo lenders require 4 or 5 years, depending on the lender. Our 2nd Mortgage/HELOC lender requires 5 years. […]Read More