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Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
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With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
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One in Three Builders Lose Sale Due to Faulty Appraisal
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
One in Three Builders Lose Sale Due to Faulty Appraisal
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
One in Three Builders Lose Sale Due to Faulty Appraisal

December 9, 2011 (Chris Moore)

One out of three home builders reported losing the sale of a brand new home in the last six months because the appraisal was less than the selling price of the home according to the National Association of Home Builders (NAHB).

According to the nationwide study conducted by NAHB, appraisals of brand new homes are being compared to distressed properties in the effected areas, many sitting vacant and in disrepair, resulting in an appraisal that in many cases is less than the cost of construction on the new home.

Sixty percent of the builders who responded to the survey reported they had experienced appraisals that were below their contract sales price. Of the builders who had encountered a faulty appraisal, 53 percent said the amount that the new home was appraised for was actually less than the cost of construction

“The inappropriate use of distressed and foreclosed sales as comparables in determining new home values is needlessly driving down home prices, killing home sales, causing more workers to lose their jobs and delaying a housing and economic recovery,” said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev.

NAHB, along with its partners in the appraisal industry, housing finance industry, and the real estate and housing sectors has held four appraisal summits with bank regulators in Washington to find solutions and develop realistic valuations based on sales that are truly comparable.

“Major reforms in appraisal practices and oversight are needed to ensure that appraisals accurately reflect true market values and don’t contribute to price volatility or harm aspiring home owners and move-up buyers,” said Nielsen. “We will continue to work with all stakeholders in this debate to find solutions.”

NAHB believes the faulty appraisal practices threatens to prolong the current housing downturn as falling appraised values for land and subdivions has resulted in financial institutions refusing to lend to developers and builders or to demand additional equity or call performing loans.

“This is not only unfair and unreasonable, but it perpetuates the cycle of declining home values, drives more home owners underwater, harms local economic activity and acts as an obstacle to the recovery of the housing market,” Nielsen added.

Tags: NAHB, appraisals, home builders, new homes, faulty appraisals, distressed properties, contract sales price, lenders

Source:
NAHB

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
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A NEW CAR?


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BUYING OR SELLING A HOME IS A BIG DECISION
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Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

December 9, 2011 (Chris Moore)

One out of three home builders reported losing the sale of a brand new home in the last six months because the appraisal was less than the selling price of the home according to the National Association of Home Builders (NAHB).

According to the nationwide study conducted by NAHB, appraisals of brand new homes are being compared to distressed properties in the effected areas, many sitting vacant and in disrepair, resulting in an appraisal that in many cases is less than the cost of construction on the new home.

Sixty percent of the builders who responded to the survey reported they had experienced appraisals that were below their contract sales price. Of the builders who had encountered a faulty appraisal, 53 percent said the amount that the new home was appraised for was actually less than the cost of construction

“The inappropriate use of distressed and foreclosed sales as comparables in determining new home values is needlessly driving down home prices, killing home sales, causing more workers to lose their jobs and delaying a housing and economic recovery,” said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev.

NAHB, along with its partners in the appraisal industry, housing finance industry, and the real estate and housing sectors has held four appraisal summits with bank regulators in Washington to find solutions and develop realistic valuations based on sales that are truly comparable.

“Major reforms in appraisal practices and oversight are needed to ensure that appraisals accurately reflect true market values and don’t contribute to price volatility or harm aspiring home owners and move-up buyers,” said Nielsen. “We will continue to work with all stakeholders in this debate to find solutions.”

NAHB believes the faulty appraisal practices threatens to prolong the current housing downturn as falling appraised values for land and subdivions has resulted in financial institutions refusing to lend to developers and builders or to demand additional equity or call performing loans.

“This is not only unfair and unreasonable, but it perpetuates the cycle of declining home values, drives more home owners underwater, harms local economic activity and acts as an obstacle to the recovery of the housing market,” Nielsen added.

Tags: NAHB, appraisals, home builders, new homes, faulty appraisals, distressed properties, contract sales price, lenders

Source:
NAHB

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

December 9, 2011 (Chris Moore)

One out of three home builders reported losing the sale of a brand new home in the last six months because the appraisal was less than the selling price of the home according to the National Association of Home Builders (NAHB).

According to the nationwide study conducted by NAHB, appraisals of brand new homes are being compared to distressed properties in the effected areas, many sitting vacant and in disrepair, resulting in an appraisal that in many cases is less than the cost of construction on the new home.

Sixty percent of the builders who responded to the survey reported they had experienced appraisals that were below their contract sales price. Of the builders who had encountered a faulty appraisal, 53 percent said the amount that the new home was appraised for was actually less than the cost of construction

“The inappropriate use of distressed and foreclosed sales as comparables in determining new home values is needlessly driving down home prices, killing home sales, causing more workers to lose their jobs and delaying a housing and economic recovery,” said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev.

NAHB, along with its partners in the appraisal industry, housing finance industry, and the real estate and housing sectors has held four appraisal summits with bank regulators in Washington to find solutions and develop realistic valuations based on sales that are truly comparable.

“Major reforms in appraisal practices and oversight are needed to ensure that appraisals accurately reflect true market values and don’t contribute to price volatility or harm aspiring home owners and move-up buyers,” said Nielsen. “We will continue to work with all stakeholders in this debate to find solutions.”

NAHB believes the faulty appraisal practices threatens to prolong the current housing downturn as falling appraised values for land and subdivions has resulted in financial institutions refusing to lend to developers and builders or to demand additional equity or call performing loans.

“This is not only unfair and unreasonable, but it perpetuates the cycle of declining home values, drives more home owners underwater, harms local economic activity and acts as an obstacle to the recovery of the housing market,” Nielsen added.

Tags: NAHB, appraisals, home builders, new homes, faulty appraisals, distressed properties, contract sales price, lenders

Source:
NAHB

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS