Hope you charged enough fee. Look up FRV fair rental value in the federal definition, describe rents and concessions, ( is their any discount for payment before the first, does the contract allow the landlord to sue & lien the tenant for the contract amount or the discounted amount, etcetera? Who pays what? Lots of stuff is more important than the polaroid, also an anal don

It makes one wonder if people that make those claims ever check their own math. OR they are taking credit for a LOT of other appraiser’s work. My first thought is how many unlicensed appraisers are they sending out that they will sign on as having inspected?

I used to rewrite, edit or suggest edits to 6 to 10 a day; and long ago as many as 30 a day. That is NOT remotely the same as ‘doing’ that many a day.

The congress still has to float new bonds, when calvet loans out, creating that shortage. The new issue dictates the rate, and I understood that those bonds are tax advantageous

https://www.loanaction.com/calvet-home-loan/

IF this is true re loan limits ($908,000 with 0-3% DP!) then it’s a whole new ball game. Though the rate is higher than you noted. Look at max loan limit though! That puts them in the running for almost any upper-middle-income neighborhood or lower.

Have to wonder about loan availability though. That may still be a hindrance. Don, this is pretty good stuff!

And California is still making CalVet loans, never in the exclusive neighborhoods. I heard recently they are making a 20 year 2.7% loan no points? Land contract!

No problem, market value is $20,000 lower as compared to 2 months ago, and say goodbye to that 20% LTV ratio. Let the fireworks begin.

Seek the truth, or apparently complete 2,000 assignments a year (250 working days a year or 8 per day).

CalVet were land contracts of sale. Money was rarely available, and the ceiling loan amount rarely worked in urban counties like LA or Orange. As an agent I found ONE property that fell into their guideines in three years. One. (Los Angeles region-Torrance, Hawthorne, Gardena, Inglewood, Wilmington, Lomita).

Vets were only ‘well served’ if they wanted to live where no one else did.

“No premium indicated from available market data for proximity to nearby neighborhood entertainment center?”…couldn’t resist.

Bags, I released copies of the original FNMA CU patent applications years ago after I first analyzed & reported on them.

The interior was also constructed with the natural beauty of the local market as it’s foundation corner stone. Blah blah blah.

It has modernized windows on the upstairs corner unit and fresh paint on the commercial front?, what were the concessions monetary or physical.

Ain’t everyone getting toooo prissy for our own good, how can any one aspire with all the accusatory talk.

If this was across the street from one of the comps, would you still use it? How would you even know if it was not important for you to even drive the comps and take a photo? Are you still using outdated google maps?

Up until the late 1960’s most many loans were sold with RECOURSE, that is the original lender had to take the loan back or substitute the bad for the good in a package. This worked well for many years. However so did our present method especially for the flaky borrower. I recall CalVet a unique state lender who had an annual bond sale, then lend to Cal Vets until the bonds ran out. They bragged a 1% loss or less, how ever they didn’t finance with a T.D. they resold the house on a 20 year contract to the vet, and there was no secondary financing.

cal vet required State Representatives vote for bond renewal when the funds ran out. That was the lowest priced home financing available, the bonds were tax advantageous for the investors, the California Veterans were well served, and the legislators had served their obligations well.

What would you do with this if you do not want to drive the comp and take a photo. Is it important to let the client know what is next to the property? If you did not have a photo like this in your report and a comment, I would report you to the State.

You can’t regulate honesty but one could allow the free market to self correct the issues. Some argue to stop the government guarantee which incentivizes poor performance. A multiple step process back to free markets. How much would it take for an independent entity to insure these loans if they were not insured and backed by the government? Would that price be the same regardless of quality or work type? Streamlining the process came with a price. Honk if I’m paying your mortgage, Again. On the brighter side, all homes will now be more likely to appreciate at a rapid pace, as qe funds continue to flood into the housing market. I keep a little oragami boat paper dollar in a cup by my desk so I will be instantly alerted when the dollar no longer floats.