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Friday, May 16, 2008

Daily Observations - Residential Appraisals

Before you recommend any client get an appraiser find out if the deal will really get done.

We don't talk about residential loans at all, but yesterday I happened to have lunch with a friend of the family who has been a residential appraiser for many years.

He said to me the saddest thing he is doing day in and day out for the last couple of months is appraising residential homes and he knows that their loan will not close. People are grasping at any possibility and they are paying for that glimmer of hope.

Sad but true the lenders and I am talking residential now are giving false hope to the clients. Loans are now the only way out of bad residential scenarios, and most of them are not closing.

So before a residential mortgage broker recommends a client to pay for an appraiser please find out if their loan has a REAL possibility to close.

There will not be any links tonight for continued stories as we only talked about residential and as you are aware we are not residential lenders.

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