Thursday September 18 | The Appraisal System

September 17, 2008 at 9:25 am | Posted in Coming Up | 3 Comments

We take a look at the way your home and business is valued today on Charlotte Talks. The way a home or business is appraised is a large factor in how your mortgage will work, the taxes on your home and on how much you can borrow on the property. North Carolina is in the midst of an appraisal scandal and the rules may undergo a complete overhaul. We’ll learn all about the appraisal system from a panel of experts.
Guests
John Bosworth – Certified Appraiser, Commercial, John Bosworth and Associates
Robert Ipock – NC Certified Residential Real Estate Appraiser

Listen to Show

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3 Comments »

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  1. MIKE,

    I’VE BEEN AN APPRAISER FOR 23 YEARS. PRIOR TO THAT I WAS A HOME EQUITY MORTGAGE OFFICER.

    THE FUNDAMENTAL CHANGE WHICH HAS CONTRIBUTED TO THE MORTGAGE CRISIS AND RELATED PRESSURE ON THE APPRAISER IS THAT THE PROCESS IS REVERSED.

    IN THE 80’S THE PROCESS WAS TO APPRAISE THE HOUSE AND THEN CONTOURE TO THE LOAN TO THE VALUE.

    TODAY A MORTGAGE IS DETERMINED, AND THE APPRAISAL IS DONE LAST, TO “HIT THE NUMBER”.

    THIS IS THE CORE ISSUE IN THE PROCESS WHICH IS CONTRIBUTING TO THE MORTGAGE CRISIS WE SEE TODAY.

    THANK YOU

    WIL

  2. I came across your show for the first time today and was intrigued by the topic. I’ve been a REALTOR for over 5 years and started out life in Annapolis MD at the beginning of the housing boom. We saw values increasing 15% a year and never worried about appraisals…even when SWAG pricing. Now after being here in Charlotte 2 years and all that’s transpired in the last year related to mortgages, I’m seeing the same trends now that I saw back then such as banks not requiring appraisals or doing them all online. Granted, the borrowers are far less risky today than even a year ago with the elimination of many lending programs, tighter standards, etc.

    Anyway, good show and I’ll keep listening.

  3. Mike,
    Good show this morning. Dan Cottingham and I did both your radio and TV show a few months after the meltdown began. Hopefully you remember me. First, I took serious offense to the comment this morning that “all brokers can not be trusted” and thanks for clarifying that “all” was too strong a word. In fact, MOST brokers are ethical and provide consumers with much better options that the banks. That is why so many people use brokers. Second, the media has really painted an unfair picture of the broker. As an example, the comment that Wachovia stopped doing business with brokers over such things as appraisals. I don’t know a single broker that makes the decision if an appraisal is acceptable or not. THE LENDER MAKES THAT DECISION (WACHOVIA INCLUDED). They are placing blame on the broker for their lax work! This is highly unfair. The lender makes the guidelines, the lender reviews the appraisal, the lender makes the credit decision…NOT the broker! As evidence of our ethics I recently did a review of all loans sold to my biggest lender over the past 3 years. The findings – No 60 day lates, no 90 days lates, no early payment defaults, no foreclosures. I was on hold but didn’t get on the show to discuss this. I would enjoy the opportunity to revisit the discussion with you some time. Thanks for ALL the great shows you do. No matter the topic you and your team always do a great job!


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