7 1/2% per year.....levels out in year 7.......I think this was the first "graduated mortgage".

Yes. You can't install a new pool, spa or any other luxury item, but with a regular 203K (not streamline) you should be able to get up to $1,500 in repairing the pool (leaks, plumbing, surface repair) .. don't know about getting it completely resurfaced, but you could definately get the deck redone

For FHA or VA appraisals the pool can have surface stanis and a cage on it as long as the water circulates, it's clean and you can see the bottom, you're good to go ... but we all know that some of these property preservation companies take forever to turn on utilities and get something going on a pool

EchOes...its my understanding the FHA 203KS allows no structural repairs and FHA 203K does from experience.

That is correct. FHA 203k streamline allows up to only $35,000 in repairs and no structural. That is the one you would push on a house that needs a new kitchen, appliances, etc.

The regular 203k you you push on a house that is down to the studs or bare concrete walls if you feel that you'll have to push it. But when those come on the market they are most likely priced accordingly and an investor will buy them for cash and typically for even lower than the value of the land

The 203k streamline was the one when I was saying that structural repairs are not permitted.

And we could go into a lot more details depending on the work required ... but I really think we're way off topic here

Yes, In FL the 245 would be worrysome. With a depreciating market is almost puts someone in the position of having an ARM.

I could not recommend it to anyone in our market at this time.

Pet Peeve Alert---

The plural of addendum is addenda. There is no such word as "addendums."

Actually there is...Per websters dictionary.

Main Entry: ad·den·dum
Pronunciation: \ə-ˈden-dəm\
Function: noun
Inflected Form(s): plural ad·den·da \-ˈden-də\ also ad·den·dums


J~

Okay, now what, pray tell, is a "dictonary" ?

I got this one the other day and about fell off my chair. My area is still depreciating rapidly.

"The client would like to see an appreciation in value, despite current market conditions".

This was from a reputable,well known mill.

Wouldn't we all ?

Have seen this one from one of our mills?

"Please use only active MLS listings for list comps on this report. Comps that are expired, pending, or under contract are not acceptable".

Expired?........well, that makes sense
Pending or under contract?.........Hello......these are the best ones to use.

The last two I completed were over valued by $45k and $85k. Days on market were over a year (I wonder why?). To cover my fanny, I'm placing a disclaimer in the comment secton. I can see this one coming back to haunt us.

It's what I call it when I have no sleep and don't spell check...

Close enough, J~, Close enough . . . . just like a Valuation.

Yeah CandyMan ... expired are not to be used !! Good for them !! For the mills that they actually picked up on the fact that some agents use expired to manufacture active listings ... LOL ... It took them about 3-4 years to pick up on that trend and those expired are being used by some of their less performing vendors as actual listings ??? Or that some less than average vendors are using short sales that are currently in a contingent or pending status as listings ?? I think that most of us would agree to never use short sales that are contingent or pending. Wouldn't you ???

As far as Contingent or Pending ... I don't know about that one !! 'Cause the best listings that show the current market are the REOs, investor resales, or the fair market listings that just got under contract in the past 15-30 days ... and I always interview the listing agent !! and if I can get the name of who the selling agent is ... watch out ... I'll be calling them and I can bet you 90% out of 100% they will give me a good piece of information that will make me understand that the deal is almost closed and all needs to be done is finals on the financing or the seller's side as far as title work goes ... and if it was financed and passed appraisal in underwriting ... why wouldn't I use it ??? Especially if I got all the other data to support my reasoning why I used that contingent or pending listing ???

LOL ... who died and made contingent non-listings ??? As far as I know a Contingent listing is one that is still contingent on buyer's financing, buyer's inspection, seller's proof of clear title, seller's ability to close, buyer's ability to close, etc. A pending listing is what it is ... pending the sale date where both seller and buyer have performed based on the contract, their title company is ready for them to close and has already provided a pro-rated HUD ... and with all hopes up ... nobody dies prior to closing ... that is what a Pending listing is !! A Pending Listing is just a listing that is pending to close

Unless my MLS is just dissing me and asking me to update the MLS every time a contingency is met ... probably you are also asked by your MLS to do the same thing ... don't know ... it all depends on the Contract, your MLS, your local state Real Estate laws, and let's now forget ... your own devotion to actually have a spotless MLS record and not ever get any letters from the MLS Board for non-performance ... but actually have the MLS secretary on your dial phone for situations like ... Oh well I forgot I had this listed ... Really ? It was listed as Pending for 1000 days ? We closed that one 8 months ago (or whatever the situation is)... LOL

echOs

I think you might have missed my point. Here's a good example of one of my most recent ones...........

I pull up 22 listing comps......18 are either pending or contingent......that leaves 4 to select from of which 3 are between 300 to 400 days on market. The tall days on market is a result of price, condition, or a combination of both. Somebody is going to have to explain to me how these are the best comps to use, unless your motive is to create a false value......thus, my reason for using a disclaimer in the order.

As for an agent using an expired as a comp, I'd do my magic act and turn them into a memory, if I were the mill.