OK, so we’ve got a bill before congress to provide an 18-month moratorium on appraisals for the HVCC fiasco which is also known as Hell’s Vehicle to Craziness and Confusion! But H.R. 3044 can’t get passed soon enough!
Current Tampa mortgage rates are great and you can get a home mortgage if your numbers add up and you’re working with a mortgage broker who knows what they’re doing. But there’s still that weak link with the clipboard out at your new home not knowing what the heck he or she is doing!
Case in point: I almost had a deal fall apart because an inexperienced appraiser did the adjustments against the comps backwards! Instead of adding value to the subject property for the additional square footage, he subtracted! It was not only sloppy work; one of the comps was eight miles away from the subject property! Eight miles away!! This is one of the failings of this HVCC debacle…not knowing the neighborhood or worse, an appraiser who does poor work.
But this also set off a bad chain of events:
• The underwriter wanted a new appraiser from another company
• The underwriter did not even want the same appraiser or his supervisor to re-do the appraisal
• The first lender would not let us order another appraisal due to HVCC so we had to go to another lender and get a new appraisal at a cost to borrower
• The second lender had some other beef with the buyer’s self employment income
• So we argued all the way to the top (to the final decision maker of the lender who reviews these situations when it cannot get resolved elsewhere) and got them to see how bad the appraisal was and decided to take it with the buyer putting 5% more money down
• This took us 3 weeks past the original closing date
• And the whole thing almost blew up in the client’s face
I’m down with a moratorium, but this ain’t no way to run an airline!