Relevant Real Estate Issues

With the onset of the current market crisis and the number of homes that are currently on the market in what can only be described as less then “move-in” condition, the use of the HUD/FHA 203K loan program has gained in popularity.

The 203K loan program (standard 203k or the 203k streamline loan) are programs that allow the borrower/homeowner to include the cost of repairs/upgrades in the homes financing to get the home in livable condition.  This gives the borrower/homeowner the needed funds to complete the renovations.

The appraiser’s role in these types of loans is quite simple.  The appraiser is given a list of items being considered for repair.  This is typically in the form of an estimate by a contractor that lists out all the items being

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I am writing this month’s article on the misconceptions of Real Estate Agents, homeowners and buyers about the Home Valuation Code of Conduct (HVCC).

Some background:  The Code was established to stop the practice of lenders, borrowers and brokers putting pressure on the appraiser to “hit a number” and possibly inflate an appraisal, so that a deal (loan) could close.  Pressure to make a deal work with threats of being “removed from the list” and effectively losing valuable compensation and clients for the appraiser and his family, forced certain appraisers to overlook the ethical boundaries established.  This expansion of approved appraisal parameters may have resulted in using properties that were not comparable, were not in the market area and could

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