Real Estate News About Woodbridge Virginia and Surrounding Communities

FRESH NEW COMPELLING VIDEO REVEALS THE TRUTH ABOUT GOVERNMENT WRECKING HOME SALES 

Woodbridge Virginia Real Estate News

Recent Stupid-Low Appraisals Killing Home Sales Like A Speeding Bullet

Stupid-Low Appraisals Broght To You By Federal Bureaucrats With No Real Estate Sales Experience

White House Orders Appraisers To Give 40% Of Their Paychecks To Fannie and Freddie.

It was a lovely day in early May, 2009.  Sunshine, warm air, birds singing in the trees.

Then, without warning, the day became one of the blackest, darkest days this humble author has yet to see.

Five bank appraisals for five home purchases, yielded values so far below the market values as to make us feel as if we were just experiencing a bad dream.  We would awake, and the nightmare would be over.

IF YOU OWN A HOME IN VIRGINIA, OR WISH TO BUY OR SELL A HOME, WATCH VIDEO BELOW

A home sold for $385,000 to my buyer, appraised at $300,000, $85,000 below market values.  Market values are defined as homes of similar size, with similar features, sold in the past 90 days.  Recent sales for similar homes in the neighborhood ran $380,00-$420,000.

Another home sold at market value, BANG!  Appraised $120,000 below price and value.

Three more appraised stupid-low: $45,000 low; $60,000 low; $10,000 low.

The contracts in Virginia say that one of three things must happen when a house appraises low to allow buyers and sellers to proceed to settlement.

1. Seller may lower the price to the appraised value, and all shall proceed to settlement.
2. Buyer may use the home loan allowed by the appraisal, and make up the difference in cash.
3. Buyer and seller may choose to split the difference.

If options 1,2, or 3 above do not happen, the buy/sell contract shall be void, the buyer's deposit refunded, and parties shall execute a mutual realease in writing.

Well, two of the five contracts are moving forward to settlement because the buyers and lenders vigorously protested the appraisals to their folks in Congress, and the folks in Congress jumped all over Fannie Mae and Freddie Mac with both feet.

Shift gears.  Imagine your boss calling you in for a "chat".  Your boss says, "The federal government says I have to cut your paycheck by 40%.  White House says we must lower your pay by 40%.  So you get the opportunity live on 60% of your pay.  Have a nice day.

NEW REGULATIONS WERE DUMPED ON FANNIE MAE AND FREDDIE MAC IN THE DARK OF NIGHT

REGULATIONS CREATED GUIDELINES FOR APPRAISERS THAT FORCE APPRAISALS STUPID LOW

WHITE HOUSE CONFISCATES 40% OF APPRAISERS INCOME

EXPERIENCED APPRAISERS QUITTING THE BUSINESS BECAUSE THEY CANNOT MAKE A LIVING AS WHITE HOUSE STEALS 40% OF THEIR PAY

Yep, with a midnight memo, Obama et al required all appraisers to give 40% of their income to Fannie and Freddie.  Plus, the appraisers still pay income taxes.

Like a thief in the night, your federal government is here to "help you".

A GOOD, full-time appraiser might make $65,000-$85,000.  A middle-class income.  They aren't getting rich off of ill-gotten booty.

Do the math.  Reduce the numbers above by 40%, and you'll see that an appraiser with a family to support has been dumped below the "Poverty Line" as defined by the same federal government that is now confiscating 40% of their pay.

Enough yapping.  Watch this COMPELLING VIDEO to see how Obama's vigorous actions to generate draconian new regulations will screw you.

 

 

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Erick Blackwelder or Peggy James of Erick and Company - Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-590-2252  list your property for sale or to  purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Cannon Bluff, Meadowbrook Woods, Blooms Crossing, Manassas Park, Beaver Creek, Hunter's Ridge, Brittany,  Manassas, Montclair, Dumfries, Occoquan, Dale City, Nokesville, or anywhere in Prince William County.