My prolific writing go the attention of one of the fine writers for MSN Real Estate who sent me an email asking if I would answer a few questions for an article she was writing. I'm always flattered when someone wants to get my opinion so I followed up and we set up an interview. It was a great conversation and I thoroughly enjoyed the writer's professionalism. She took copious notes during the interview and asked for clarification as were spoke. Afterward, she followed up several times with questions to clarify what I had said and confirmed each quote.
The article talks about many things but one topic it discusses that I'mespecially passionate about is appraisals. You can read the article for their evaluation but I'd also like to add that appraisals around silicon Valley are a major issue. I still have problems with appraisers who don't use appropriate comps or banks that see the area as a "declining market" and thus reduced an otherwise accurate appraised value. This can often lead to problems with closing if the buyer is coming in with 20% or less down. Appraisers have made this market harder than it has to be by either not paying attend to market trends or doing poor quality jobs. Worse yet is that banks are still using general market stats to modify the appraisal value.
What the banks tend to do is take the performance of a county and apply it to any town within that county. That just won't fly in Silicon Valley. We have several markets doing extremely well including Los Altos, Mountain View, Palo Alto and others which are steadily moving up in contrast with the county in general. This is just another example of irreponsible lending done by the banks. My adivce to a buyer faced with this issue is to find a local lender who understands or get another appraisal. However, a second appraisal may not always get the job done.
The article on MSN is entitled "5 Nasty Surprises That Can Stop Your Home Purchase Cold". I'm a big fan of the articles on this site and I encourage you to read to your hearts content.
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Bryan Robertson, Broker Associate | T: 650.799.9951 | Email: bryan@serenogroup.com | Website: http://www.BryanRobertsonHomes.com |CA License: 01191946 | Sereno Group - Los Altos branch | 369 S. San Antonio Road | Los Altos, CA 94022
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