Marty Boardman

If the government was serious about a real estate recovery they would abolish the FHA 90-day seasoning rule. Why can a bank buy a home back at the courthouse steps and "flip" it to an FHA buyer immediately but an investor has to wait 91 days? My client/partner and I flip about 20 properties a month, homes that are in move-in ready condition with new carpet, paint and appliances. FHA buyers love our homes but can't touch them. Instead they are stuck purchasing REO properties that need thousands in repairs and are getting multiple offers. Marty Boardman Rising Sun Real Estate Group, LLC Chandler, AZ

The real kiss of death for any real estate transaction is the ‘desk’ or ‘field’ review appraisal. Last month I had a deal killed because the desk review came in $32,000 below the full appraisal. To make matters worse, the desk review was done by an unlicensed appraiser from 360 miles away. The lender used this desk review to trump the original appraisal and the deal went up in smoke. Someone pointed out to me that the lenders are using these reviews like a home buyer uses the 10 day inspection period. If there is anything in the file the underwriter doesn’t like they use the desk review to weasel out of the loan. While I believe in the golden rule (whoever has the gold makes the rules), it is unfair to everyone involved in the transaction to go 25-35 days into escrow and then have the lender back out. There should be financial consequences for lender in this case. Marty Boardman Rising Sun Real Estate Group, LLC http://www.freerealestateeducation.com

I asked a VA appraiser recently if he knew how property values go up. He had no idea. Everyone knows how property values go down. But how do they go up if all that is ever used is historical data (comps)? Real estate values would always remain the same right? The HVCC is killing the real estate market recovery but entire appraisal process must be changed. Marty Boardman Rising Sun Real Estate Group, LLC www.freerealestateeduction.com (602) 319-5391