Nationally, the rate of foreclosures started was up 20 basis points compared with that reported in the first quarter of 2008. In the second quarter of this year, the foreclosure starts rate increased from 0.54 percent to 0.67 percent for prime loans from a year ago. Foreclosures on subprime loans rose from 4.06 percent to 4.70 percent and from 0.50 percent to 0.65 percent for VA loans. FHA loans also posted an increase of 16 basis points in foreclosure starts -- from 0.87 percent to 1.03 percent. That increase follows a decline posted in the first quarter rate.
The foreclosure inventory rate also increased nationally for all loans, from 2.47 percent in the first quarter of 2008 to 2.75 percent in the second quarter of 2008. On a year-over-year basis, the foreclosure inventory rate increased 135 basis points (from 1.40 percent in the first quarter of 2008). The foreclosure inventory rate rose for all loans except FHA loans. The foreclosure inventory rate rose 20 basis points for prime loans, 107 basis points for subprime loans, and nine basis points for VA loans. Foreclosure inventory rates for FHA loans actually experienced a 16 basis point drop.
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Marina Vialtsina
Showing posts with label appraised value. Show all posts
Showing posts with label appraised value. Show all posts
Wednesday, October 1, 2008
Tuesday, April 29, 2008
Appraisal Condition
To continue talking about Real Estate Purchase Contract:
As I mentioned before if you are a cash buyer, appraisal is optional tool for you. Otherwise, appraisal is a required continguency by your bank.
Keep in mind, however, that the bank role is to determine if the value of the property is not less than the Purchase Price. In other words, appraiser works for the bank and cares about banks' rights. Let's say if you know the property's value you are buying is way over the purchase price, most likely unfortunately, appraiser will not disclose this to you for this particurlar reason. You have a right for your own information purposes, invite appraiser who would be working for you.
I do not agree with some appraisal's rules. At the same time, though, I would like you to be aware of them.
If the Appraisal Condition applies and the Buyer receives written notice form the Lender that the property got appraised for less than the Purchase Price (a "Notice of Appraised Value"), Buyer may cancel the contract by proving this copy of such written notice no later than 3 days after receipt.
Date plus three days warning notice is exact as in Inspection Section. So, please see explaination in previous dates of this blog.
What is better to do inspection or appraisal first?
I would say inspection:
You can determine if you like the property, and if everything is fine in the property to start talking about it seriously. Usually, the inspection would cost cheaper if you pay on the spot to your inspector.
If Appraisal is completed, the appraisal fee would be included in your closing costs. And, by changing your mind, some mortgage companies will charge you not only appraisal fee, but cancellation fee as well.
As I mentioned before if you are a cash buyer, appraisal is optional tool for you. Otherwise, appraisal is a required continguency by your bank.
Keep in mind, however, that the bank role is to determine if the value of the property is not less than the Purchase Price. In other words, appraiser works for the bank and cares about banks' rights. Let's say if you know the property's value you are buying is way over the purchase price, most likely unfortunately, appraiser will not disclose this to you for this particurlar reason. You have a right for your own information purposes, invite appraiser who would be working for you.
I do not agree with some appraisal's rules. At the same time, though, I would like you to be aware of them.
If the Appraisal Condition applies and the Buyer receives written notice form the Lender that the property got appraised for less than the Purchase Price (a "Notice of Appraised Value"), Buyer may cancel the contract by proving this copy of such written notice no later than 3 days after receipt.
Date plus three days warning notice is exact as in Inspection Section. So, please see explaination in previous dates of this blog.
What is better to do inspection or appraisal first?
I would say inspection:
You can determine if you like the property, and if everything is fine in the property to start talking about it seriously. Usually, the inspection would cost cheaper if you pay on the spot to your inspector.
If Appraisal is completed, the appraisal fee would be included in your closing costs. And, by changing your mind, some mortgage companies will charge you not only appraisal fee, but cancellation fee as well.
Monday, December 3, 2007
My Buyer's Offer
As you already know, I am a Realtor in Utah (Salt Lake City). My father is very interested in purchasing a property in California, and help me to make my salary. He asked me to send a message to you all saying that he will buy your client's property or your property for its appraised value if the seller buys a property, using me as a Realtor, for the same or greater appraised value as his or her property in any part of United States.
As you know, all, in many situations the appraised value is not the value regular buyer is willing to spend in today market. (it is rare today when buyer is willing to pay appraised value) Moreover, some of your clients or you simply want to move within the state or to some other state.
If you are interested, my dad will inspect the property and submit an offer.
Sincerely,
Marina Vialtsina
(Realtor)
801-649-5883
http://www.usarussiarealty.com/
У меня есть клиент и очень хороший знакомый, который попросил вставить это объявление... Он заинтересован инвестировать деньги-купить собственность в Америке. Он хочет купит собственность по оценичной цене (appraised value) если продавец заинтересован купить в свою очередь собственность по той же или выше (appraised)цене, используя мои сервисы как Риэлтора в любой точке Америки... Как вы понимаете, ситуации у людей бывают разные-если ваш дом на продаже, и продажа, к примеру еще не состоялась, а вам нужно переехать в другое место--- Это предложение может быть выходом из ситуации. Или иногда банки могут оценить дом выше, а у вас не находятся покупатели за эту цену по какой-либо причине...Если вы заинтересованы, позвоните, поговорим подробнее, Марина Въяльцина marinav30-собака-yahoo.com 801-649-5883 http://russianslc.com/r.php?http://www.usaRUSSIArealty.com
As you know, all, in many situations the appraised value is not the value regular buyer is willing to spend in today market. (it is rare today when buyer is willing to pay appraised value) Moreover, some of your clients or you simply want to move within the state or to some other state.
If you are interested, my dad will inspect the property and submit an offer.
Sincerely,
Marina Vialtsina
(Realtor)
801-649-5883
http://www.usarussiarealty.com/
У меня есть клиент и очень хороший знакомый, который попросил вставить это объявление... Он заинтересован инвестировать деньги-купить собственность в Америке. Он хочет купит собственность по оценичной цене (appraised value) если продавец заинтересован купить в свою очередь собственность по той же или выше (appraised)цене, используя мои сервисы как Риэлтора в любой точке Америки... Как вы понимаете, ситуации у людей бывают разные-если ваш дом на продаже, и продажа, к примеру еще не состоялась, а вам нужно переехать в другое место--- Это предложение может быть выходом из ситуации. Или иногда банки могут оценить дом выше, а у вас не находятся покупатели за эту цену по какой-либо причине...Если вы заинтересованы, позвоните, поговорим подробнее, Марина Въяльцина marinav30-собака-yahoo.com 801-649-5883 http://russianslc.com/r.php?http://www.usaRUSSIArealty.com
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