A Beautiful Day in the Office

Tuesday, September 16, 2008

BIG NEWS: A Listing Promotion ---
Any Listings on Category 1 Residential Listings put in MLS from today to Sept. 30, 2008 will receive a $20 bill on the spot when the listing is turned in to the office. We need to get our residential listing inventory up ------

Top 5 Things A Real Estate Agent Can Do To Help Prepare A Listing For An FHA Appraisal

In recent months FHA financing has been on the increase. With the decline of the sub prime lending market, and related creative financing programs, many lenders have been offering FHA loans to many homeowners for refinancing and home purchases. Current FHA requirements are not as stringent as they once were. If you are interested in the exact requirements you can log on to the HUD website here. The purpose of this article is to provide some helpful tips to realtors when their listings sell with FHA financing. By making sure that the home is ready for the appraisal inspection the entire loan process can run smoother and no additional trips will be necessary to verify HUD requirements are met. I have included here five items that should be addressed.
1. Electricity must be on for the appraiser to verify operation of the HVAC system, appliances, and the electrical system.
2. Plumbing must be operational so the appraiser can look for leaks, flush toilets, and check water pressure.
3. Attic access must be provided to check for insulation, attic ventilation, and any damage.
4. Access must be provided to the crawlspace (when present) to check for standing water, possible damage, and ventilation.
5. Windows must be able to be opened. This is important for safety reasons as access to the outside is necessary. In addition, if security bars are present, they must have a quick release mechanism or if that is not present they must be removed.

This is by no means a complete and comprehensive lists but it includes items which I have ran into lately that have created delays in the closing process. If you have any questions regarding appraisal requirements for FHA financing please do not hesitate to call me at 205-620-6888.
Tom Horn
Birmingham, AL
Thomas Horn, Real Estate Appraiser

Reminder: Shareholder Meeting at Johnnie Dodds Thursday, Sept. 18, 2008 at 11:00 am
Shareholder Meeing at Isle of Palms Friday morning at 10:00 am. Anyone who would like to come is welcome at both meetings.

Listings today:
Johnnie Dodds: Sandy Nettles - 1

Sales:
Johnnie Dodds: Ken Kurtz - LS , but got the attorney - YEAH!!!!!!!!!!!!!!!!!!!
Thea Riley -- BC --- got our attorney - Yeah!!!!!!, but missed the mtg.


In the offices today:
Santee: Neil Pepple, Ricki Williams, Susan Stroman, Jill James
Sumter: Kim Peasley-Parker, Sylvia McCabe, and Wade Payne
Johnnie Dodds: Currie McCullough, Susan Bryant, Tyler Bergin, JoAnn Hicks, Bobby Crouch, Ernie DeCarli, Ken Kurtz, Thomas Horvath, Joe Eddleman, Amee Baker, June Kemmerlin, Eric Elkin

Until later -----
Liz Loadholt