Bobbi, I'm right there with you on the cynicism scale and I couldn't believe it when I read about that recently. It's amazing how forgetful and short-sighted people can be when it comes to making money. As I recall, a big part of the 'mortgage meltdown' just over a decade ago (to over-simplify; I won't get into credit default swaps) was people taking out loans they couldn't afford on properties that weren't really worth what they paid.
That limit probably allows for the vast majority of homes across the country to avoid an appraisal. How does it make sense to open the door to another rash of 'underwater' homes?! The only silver lining I can think of is that, if I were a buyer, I think I'd want an appraisal anyway, to make sure I wasn't overpaying. But we know that many people will be short-sighted and end up overpaying by perhaps thousands in order to save a few hundred on an appraisal. But it will help lenders close more loans and keep those commissions coming... |
Messages in this Thread |
| I've been thinking about the state of our business a lot - MW/VA on 10/16/19 10:47am |
| Re: I've been thinking about the state of our business a lot - SteveS/CA on 10/16/19 11:13am |
| Re: Efficiency definitely in eye of the beholder. - NVLSlady/VA on 10/16/19 12:22pm |
| I agree. - JanetK_CA on 10/16/19 1:44pm |
| Re: I - Luckydog on 10/16/19 11:24am |
| I don't know, LD - Linda_H/FL on 10/16/19 11:37am |
| Re: I don - Luckydog on 10/16/19 12:10pm |
| I agree Linda. I'm aware that appraisers, abstractors, etc. - MW/VA on 10/16/19 12:43pm |
| Re: I agree Linda. I - Nicholas Kontgas on 10/16/19 12:47pm |
| Re: I agree Linda. I - Luckydog on 10/16/19 1:26pm |
| Being an appraiser or abstractor is a whole other ball - MW/VA on 10/16/19 3:37pm |
| Residential appraisers like us going way of dinosaurs - BobbiCT on 10/17/19 6:33am |
| Re: Residential appraisers like us going way of dinosaurs - Luckydog on 10/17/19 11:51am |
| Re: Residential appraisers like us going way of dinosaurs - JanetK_CA on 10/17/19 4:42pm |
| Re: I - SteveS/CA on 10/16/19 1:12pm |
| Yes, it's being forced on us. Our local grocery stores now - MW/VA on 10/16/19 3:39pm |
| Re: Yes, it - NVLSlady/VA on 10/16/19 4:16pm |
| Re: Yes, it - Nicholas Kontgas on 10/16/19 4:35pm |
| I prefer to wait in line & help keep a person employed. ;>) n/m - JanetK_CA on 10/16/19 7:54pm |
| Re: Yes, it -- Disagree MW/VA - Yoli/CA on 10/17/19 11:44am |
| Re: Yes, it -- Disagree MW/VA - Luckydog on 10/17/19 1:47pm |
| Markets & notaries - VT_Syrup on 10/17/19 3:14pm |
| Re: Markets & notaries - and networking... - JanetK_CA on 10/17/19 4:17pm |
| Clearly, SD all but flattened our business - Cheryl Elliott on 10/18/19 7:55am |
| Re: Clearly, SD all but flattened our business - Nicholas Kontgas on 10/18/19 9:59pm |
| We're open to suggestions! n/m - Cheryl Elliott on 10/19/19 8:55am |
| Re: Clearly, SD all but flattened our business - Luckydog on 10/19/19 10:00am |
| Network with your competition & agree to all decline - Lee/AR on 10/19/19 10:31am |
| Re: Low-fee signing agents - John/CT on 10/19/19 9:04pm |
| Re: Low-fee signing agents - Cheryl Elliott on 10/20/19 8:40am |
| Re: Low-fee signing agents - Luckydog on 10/20/19 9:33am |
| That's like herding cats, lol n/m - Luckydog on 10/20/19 9:28am |
| I'm in complete agreement Cheryl! n/m - MW/VA on 10/19/19 1:37pm |
| After a hectic week and no shortage of well-paying - Cheryl Elliott on 10/20/19 11:12am |