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Contributed by mm | September 19, 2006 8:07 PM PST
Since there is a lot of uncertainty in the housing market now, it is even more important to pay attention to the appraisal process -- you don't want to be the last one to hold the bag.
From MarketWatch:
Appraisals are a key part of just about any residential real-estate deal, but the world of appraisals is not without its scandals. Phony appraisals are often a problem in mortgage-fraud cases, where a group of scammers will pose as legitimate real-estate professionals, hiking up a property's price to turn a quick profit.
...
Of course, usually the lender hires the appraiser. But, whether you're a buyer or seller, you can scan the appraisal for these red flags:
- Does the stated home value seem reasonable, given what you know about the neighborhood?
- When the appraiser cites comparable home sales, is he focusing on nearby houses?
- Does the appraisers' description of the house match what you know?
- Will the lender give you a copy of the appraisal?
- Is the appraiser licensed and/or certified?
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Enjoy the latest personal finance news and commentary at PFBlog Network.
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Option ARM Holders May Suffer (September 19, 2006)
If you hold an option ARM now, you will most likely head for some big trouble. MarketWatch has some suggestions:
Should I Rent Or Buy? (September 19, 2006)
RELO presented a comprehensive article on what you need to consider when you face the buy-or-rent decision. The answer should come after you carefully evaluate your lifestyle needs and financial situation.
How Low Will Home Prices Go? (September 19, 2006)
Great post Terri! Playing safe may be the best advice at this reflection point of housing market.
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