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Steph - NH: (February 22, 2010 5:36am)

Wait a minute...I thought that the tax credit was going to be extended to July '10

Steph - NH: (February 22, 2010 5:36am)

Wait a minute...I thought that the tax credit was going to be extended to July '10

D: (February 21, 2010 10:50pm)

La Jolla Bank just failed as well with onewest taking over.

5pence: (February 21, 2010 11:31am)

Impyer: Thanks for that link. WAMU had my home loan. It appears to be more "pirate" tactics by the financial terrorists. That is what they are and no better than Al-Queda - worse, much worse actually.

impyer: (February 21, 2010 12:09am)

Why did FDIC closed washington mutual? WaMu had capital - more than for a “well-capitalized” bank. -----------> http://bit.ly/95u6Xt

Broker B in Florida: (February 20, 2010 5:05pm)

Hi MIKE, Here is the law for protecting tenants in foreclosure: http://www.occ.treas.gov/ftp/bulletin/2009-28.html http://www.nlihc.org/doc/701-704-Public-Law-111-22.pdf

joecolorado: (February 20, 2010 12:49pm)

Clark-that Allen West sound bite is brilliant,I sat and watched as much as I can of him, he is dynamic,thank you for mentioning this on this blog,I appreciate it.

Mike: (February 20, 2010 10:17am)

Who can tell me what law (i.e. the law number, etc. so I can look it up) provides the right of the tenant to stay in a property that has been foreclosed on until their lease its up?

CLARK KENT: (February 19, 2010 8:54pm)

HEY ALL YOU PEOPLE CHECK OUT ALLEN WEST ON YOU TUBE

5pence: (February 19, 2010 6:11pm)

Andrew Jackson-1837 farewell address: These ebbs & flows in the currency & these indiscreet extensions of credit naturally engender a spirit of speculation injurious to the habits & character of the people. We have already seen its effects in the wild spirit of speculation in the public lands & various kinds of stock which within the last yr or 2 seized upon such a multitude of our citizens & threatened to pervade all classes of society & to withdraw their attention from the sober pursuits of honest industry. It is not by encouraging this spirit that we shall best preserve public virtue & promote the true interests of our country; but if your currency continues as exclusively paper as it now is, it will foster this eager desire to amass wealth without labor; it will multiply the number of dependents on bank accommodations & bank favors; the temptation to obtain money at any sacrifice will become stronger & stronger, & inevitably lead to corruption, which will find its way into your public councils and destroy at no distant day the purity of your Government."

ParalegalG: (February 19, 2010 4:58pm)

3 weeks and 3 foreclosures by Indy Mac / One West Bank including the foreclosure of one of our beloved USMC active duty military personnel despite a request for protection under the Soldier and Sailor's Civil Relief Act of 1940 and the Service members Civil Relief Act of 2003. IM/OWB should be put in front of our troops in the Middle East and/or in front of a firing squad.

Tom: (February 19, 2010 3:04pm)

I work for a FDIC bank you can lend in all 50 states we do SRP not YSP you don't have to disclose YSP. Come on board with us email me at [email protected]

Mortgagesuperstar: (February 19, 2010 2:23pm)

Yield Spread is just about gone in GA. I made the decision to change my operations from a Broker to a Lender and we'll have our license in 30-45 days. If you're interested, email me at [email protected].

Pocatello RE/MAX Jenn: (February 19, 2010 1:10pm)

Facebook (and all others) clarificaton please... Must disclose Brokerage on ALL posts? Or just the ones relative to my Real Estate business? C'mon, my FarmTown buddies don't care if I'm with the best office ever....

BoKnowsClosings: (February 19, 2010 12:14pm)

JSmith/ATLBroker--where did you find the info re:GA YSP? email me-[email protected]

Ca Consumer: (February 19, 2010 12:02pm)

Mortgage credit analysts have noticed fewer redefaults on IndyMac loan modifications after the FDIC directed the servicer to make deeper reductions in borrowers' monthly payments. In the first quarter of 2009, the Federal Deposit Insurance Corp. was using a 38% mortgage debt-to-income ratio as its target for lowering monthly payments made to IndyMac Bank. But then the agency lowered the DTI to 31%, aligning its effort with the Treasury Department's redesigned Home Affordability Modification Program. Prior to the change, IndyMac's loan modifications had a 48.5% redefault rate after 12 months, according to figures compiled by Bank of America Merrill Lynch Global Research. But after the FDIC dropped the DTI ratio to 31% the redefault rate fell by up to 10 points over the next nine months. "Assuming that trend continues, these modifications would have 12-month recidivism rates in the range of 30%-40%," said B of A mortgage strategist Max Nissman. In the summer of 2008 Pasadena, Calif.-based IndyMac, once a top player in alt-A lending, failed at a cost of $9 billion to the government. Eventually, it was sold to pr

5pence: (February 19, 2010 12:01pm)

Ransom that should have been going to the continued well-being of Americans in free college and health care for all. Now not only don't we have that, it's looking like we'll never be able to afford it. Government services will be going bankrupt. States already are. Thanks to who? Really, Realtist 1, people are so used to expecting the Gov to help them out they can't see how they're being taken. All empires of the past have fallen when the tax rate to the people exceeded 40%. We're already there when you consider the secret tax we're paying with the Fed smoking those printing presses. When the Fed was instituted in 1913 the dollar was worth a dollar. Now it's worth less than 4 cents. Where did that other 96 cents go? Into the bankers pockets by dollar devaluation. It's coming despite Fed efforts to hold down the price of precious metals to make it appear the dollar is still really worth something. Fiat money. Gawd thinking about this really gets me riled up lol. I have work to do. L8R

Common Sense: (February 19, 2010 11:53am)

Renters and Lenders. Most investors require that their lien is superior to any leasehold estate. Maybe California laws supercede this.

Common Sense: (February 19, 2010 11:49am)

Wakeup, you think Michigan has more illegals than Texas? What are they, Canadians? You're delusional! Why am I discussing anything with you? And by the way, we are experiencing a tremendous influx of Americans looking for work as well as evil corporations looking for employees willing to work for a competitive wage, not a business strangling wage set by union thugs.

5pence: (February 19, 2010 11:47am)

OK, not necessarily traitors but certainly terrorists that still continue to hold us hostage with an unlimited amount of ransom still due to be paid.

Realist 1: (February 19, 2010 11:46am)

5pence: I think that more and more people are becoming aware of this biggest heist in history, (little by little), but the corporate sponsored complicit mainstream media just glazes over it. I am afraid that sooner or later if they keep stealing from the public (legally) whether it be in the form of taxpayer bailouts that the majority of taxpayers oppose or 30% credit card interest rates (legalized usury) that some sort of rebellion will take place as people lose most or all of their wealth to these people who caused the crisis to begin with.

5pence: (February 19, 2010 11:41am)

As much as I'm against Gitmo and all it stands for, I'm for waterboarding the banksters to find out all the facts of what went on and who profited at our expense. They did more damage than any terrorists have been able to do, maybe not in actually "reported" lives lost at any particular time, but, look at that texas plane crash. The real damage in fortunes and a slow death for many due to despair that continues may be unseen and unreported and appear unrelated due to the timing of these incidents, but there is an on-going loss of lives directly related to the boom and bust with affects just as real as any terrorist bombing. These banksters need to be held accountable and treated as traitors to not only the US but mankind. What they did they did with their eyes wide open. No morals, no hazard. Screw that

ILL Appraiser: (February 19, 2010 11:41am)

So, I just got off the phone with a rep from ICAP, the Illinois Coalition of Appraisal Professionals, and here is a place to put your money where your mouth is. They have all sorts of things happening including helping other states start organizations to help appraisers. I am confident they are on the right track and for $50 you can help in the fight.

Broker B in Florida: (February 19, 2010 11:35am)

Love you guys. Here is info on Tenant Protection on foreclosed property. http://www.occ.treas.gov/ftp/bulletin/2010-2a.pdf

5pence: (February 19, 2010 11:27am)

Thanks Realist 1 : Really, they're nothing more than financial terrorists. They are the terrorists that war should be declared on.

Joecolorado: (February 19, 2010 11:26am)

Leslie-Im happy happy happy.

Anonymous: (February 19, 2010 11:16am)

When a lien holder receives title to the property through a foreclosure action, all junior liens are legally erased, including lease agreements. There is a new federal bill being developed that will allow tenants with a valid lease to delay eviction for 90 days beyond the foreclosure date, and the tenant must be in full compliance with the lease, including payments, and the payments must be "reasonable" for servicing a mortgage of the approximate value of the property.

Realist 1: (February 19, 2010 11:05am)

5Pence, I wholeheartedly agree with you. The whole thing is a ponzi scheme and the crazy thing is that somehow it has been legalized, so we have "legalized crime". Those two words should be mutually exclusive but aren't thanks to a whole bunch of corrupt politicians who, by the way have somehow become above the law. These people are legally stealing from the taxpayers and getting away with it. How did this happen?

MD MORTGAGE BROKER: (February 19, 2010 10:58am)

buyer not buy

MD MORTGAGE BROKER: (February 19, 2010 10:57am)

you are wrong about the tax credit the rule is the buy must be under contract by 4/30/10 and must close by 6/30/10 in order to receive the tax credit.

Leslie in Denver: (February 19, 2010 10:53am)

According to a recent poll, the happiest place on earth is The Kingdom of Boulder, Colorado.

sick of Govt. : (February 19, 2010 10:35am)

Sooooo, I could lease my house to my wife (who's not on the loan) for say, $10.00 a month for 5 years, let the house get foreclosed on, and the bank would have to honor the lease? Thanks for the tip!

5pence: (February 19, 2010 10:31am)

Just thinking about it, the way investment banksters have bankrupted the world it's a wonder the world hasn't declared war on us. Banksters really did one hellofa job. America's largest export, thanks to them, is worldwide indebtedness to the banks and bankruptcies of countries around the world. Why do the banks think they're above the law? Because they're being entitled with our money to think that way. Wow, they ripped off the whole world. Charles Ponzi would be proud. What they've done might take a long time to hit common people around the world, but, there's no doubt in my mind that's it's going to lower the standard of living for all. A world in debt to thieving banksters can't be good. Have you guys checked out our national debt clock? Those trillions of dollars could have paid for free college and free health care for all & much, much more. It's amazing to me they aren't the ones being reduced to the lowest common denominator, but instead being spoon fed to get bigger & fatter.

CornerstoneKathy: (February 19, 2010 10:28am)

Mortgage Angel ..I agree..I hope this guy has more personality in person..I withdraw my vote and double vote for Frank as a sexy realtor..I didnt know they still did Glamour Shots at the mall.

MortgageAngel: (February 19, 2010 10:09am)

HopeThisHelps: Nothing gets by you! Big help!

jrcappraiser: (February 19, 2010 10:08am)

The banks will always need appraisers but what they are getting is new or retired appraisers. Most of us that have been around for awhile will not do sfr appraisals for $200-$300. I was getting these fees 20 years ago and did not have to do the 1004mc form. Cuomo has ruined the lender business which is an important part of lending. We are the whipping boys for the government when they should take responsibilty for FAnnie Mae and Freddie Mac which loosened there guidelines to liers loans and loans to anyone. Get back to the banks maintaining there approved appraisers and doing quality control. Force the rules we already have and make the state licensing boards remove bad appraisers. It almost does not make anyone want to maintain there designations or do quality CE.

HopeThisHelps: (February 19, 2010 10:08am)

FYI, I apologize for the poor grammar below, I made changes and missed deleting some words!

MortgageAngel: (February 19, 2010 10:07am)

Oh my gosh give the guy his trophy already :D TGIF

HopeThisHelps: (February 19, 2010 10:06am)

FYI, buyers have more than 70 days left to claim the homebuyer tax credit ends which ends April 30, 2010; but a borrower can still receive the tax credit as long as they have entered into a binding co(escrow open) BEFORE May 1, which MUST CLOSE on, or before, June 30, 2010. Per IRS: The Worker, Homeownership, and Business Assistance Act of 2009 says: 1. The time period for purchasing a home has been extended by 5 months—until April 30, 2010. You can also claim a credit for a home purchased after April 30, 2010, and before July 1, 2010, if you entered into a binding contract before May 1, 2010, to purchase the property before July 1, 2010. 2. Members of the uniformed services or Foreign Service and employees of the intelligence community who meet certain requirements...have an extra year to purchase a main home.

MortgageBlues: (February 19, 2010 10:03am)

RE Texas suicide pilot- Who cares about his possible reasons for setting his house on fire and flying a plane full of fuel into an IRS building? Isn't it obvious the guy was simply a nut? Normal people may feel angry or fed up with the system sometimes but only an insane person would actually plot and carry out an attempt to kill people!

5pence: (February 19, 2010 9:59am)

If you think about it the HVCC was drawn up before the melt-down. Did Cuomo know it was coming? It seems like everything has been set up for the banks to steal from us, even without HVCC. With HVCC that is the icing on the cake for the banks and the perfect way to rip off the consumer and get rid of professions that are in the way of banks profits. It's just all too coincidental for me to believe it wasn't all planned beforehand. The FHFA head at first said to Cuomo, you're crazy, you can't force us into your HVCC and then all of a sudden his protest stopped and the GSE's played along and the FHFA head then became an advocate. He was let in on the plan and what was coming? That's why I say to ruin Cuomo's political ambitions if we can. I really don't like the way this has been set up - seems too scripted with the taxpayer the villain and the banks the heros.

ATLBroker: (February 19, 2010 9:58am)

I am a Broker located in Atlanta, Ga. My Branch manager has stated that the ysp will not go away and you are guys are putting out old information. I did my research and found that your information is true. Please clarify the end of YSP for the non believers who what to go down with the ship. J.Smith

DallasLoanGuy: (February 19, 2010 9:47am)

60 days? Maybe at a bank but not at a Mortgage Banker. 30 days is plenty

Broke in Ohio: (February 19, 2010 9:33am)

Can someone clarify the tax credit deadline? To my understanding, the borrower needs to be under contract by the end of April and close no later than the end of June.

real appraiser: (February 19, 2010 9:29am)

Texas: gotta disagree, his rant was little about taxes and how the govt serves itself and the rich off the backs of others, including his comments on GM and bailouts. Yah, he talks of taxes and probably screwed up and his actions were violent which were wrong, but his points were right on target with how most americans feel. What he did was wrong, but to say the govt is not hurting the middle class and helping the corps/banks that are to blame for the economy. Hell as an appraiser how could i disagree, can you say CUOMO? THE BANKS ARE GETTING RICHER OFF US because of the govt and no one cares

Colorado Broker: (February 19, 2010 9:28am)

Regarding the pilot in Austin. I to Do Not Condone his actions, but after what we have all been going though with this Big Brother Government and the socialist democrats I can understand his thoughts and feelings. There are much better ways to get our points across and that is to be sure to vote this November and get the idiots out of office. Maybe then we can start to make a change for the better. pelosi, reed, dodd, franks, emanuelle, obama and many more need to go. No mistake in the lack of capital letters on their names, they don't deserve it. Lower case to match their lower performances.

BoKnows: (February 19, 2010 9:26am)

I can agree with you, Texas, but I still feel that he touches on some valid points in that our government is no longer for OR of the people. Time for term limits and get ALL of them out of there...

Texas: (February 19, 2010 9:21am)

@BOknowsClosing - I live in Austin where it happened. I read his diatribe and can absolutely disagree with him. He was angry about his own tax issues and he chose to place blame on others rather than taking responsibility for his own problems.

real appraiser: (February 19, 2010 9:20am)

BoKnowsClosings: Read the discussion on the same article, you would be amazed at how many people agree with you, the frustration shown is unbelievable. I wish more people would see that more people are fed up and it seems now is a good time to get on the same page and change things that are broken. this guy had alot a valid points and like you I DO NOT AGREE with his actions, but can not argue against his points. pretty amazing stuff

Yaksta: (February 19, 2010 9:19am)

IT is hard to believe,and I know this will fire up some people, but we are guaranteeing a 10 day close on FHA and Conventional. If we don't provide docs in 10 days, we will refund the lender fees at $100 per day.

Texas: (February 19, 2010 9:16am)

I leased a condo that got foreclosed on by Chase. I had 30 days to get out. Went to the local tenant council and was told that Chase had a right to kick me out as long as they gave me a 30 day notice.

Neal D: (February 19, 2010 9:15am)

I thought the buyer had to be under contract by April 30, 2010...at least in TN.

BoKnowsClosings: (February 19, 2010 9:11am)

Wow. Just read the rant of the TX pilot. NOTE: I DO NOT CONDONE the pilot's actions. With that being said, if you are honest with yourself and read his comments, I would be surprised if you can disagree with his thoughts overall...

Buffy: (February 19, 2010 9:10am)

Amen!

SimpleSolution: (February 19, 2010 8:52am)

5pence-I know I use Wintotal myself. I love the software. Don't like the annual fee but it is an awesome program. I haven't subscribed to Mercury because quite a few colleges of mine have told me the complete opposite and I am in the same boat as you in that I can't afford it. I guess it depends on if the banks order the appraisal or an AMC. From what I heard the orders aren't comming directly from the banks. Who knows and like you I can't afford to take the risk to find out..LOL....

real appraiser: (February 19, 2010 8:51am)

If you think the opinions stated daily about the government are not everywhere, just read the majority of the comments posted on the article of the austin guy who crashed his plane into the IRS. The sentiment is out there about how the govt is the cause. His issues were not so much the IRS but the whole system. I would suggest you no only read his text, but the discussion and the end of the article by every day americans is really eye opening, you would think most would call him a lunatic like the press has, most people do not agree with his actions but are sympathetic to his anger. Every appraiser here would likely empathize with his thoughts, not his final actions. His words ring true and no I am not trying to make him out to be anything, I am just amazed at the general aggreement by those that read his text. read if you wish at http://www.msnbc.msn.com/id/35461747/ns/us_news-life/ and http://world-news.newsvine.com/_news/2010/02/18/3915253-the-inquisition-is-still-alive-and-well-today#comments

Mook Hunter: (February 19, 2010 8:45am)

One west Strikes again. Send Soros back to Greece!!!!

5pence: (February 19, 2010 8:42am)

Simple solution - no, it was set up so your lenders wouldn't have to go through an AMC to send orders to you and could pay you full fee minus a small amount-around what you pay appraisal port, AND they don't slice and dice your data. Some swear by it. I don't have enough funds to join and no one in my area that I know of is making good use of it - or they're just not letting me know - lol. It's a great alternative for your favorite lenders to order through, pay you full fee and remain HVCC compliant. I totally appreciate what Dave did in compiling that list of fees across the country on every county. It blasts all the bulldoodoo propaganda the amc's and tavma are saying, and it's all verifiable! It's great! He only dealt with the fees and nothing with the reports. IMO, you're in good hands with ALA MODE as they've always been an appraiser advocate. BTW, their software is so good I didn't have to pay their $300 annual renewal fee lol. I use Delorme for maps.

FHA King: (February 19, 2010 8:38am)

60 day closes? We are closing everything in 30 or less. Of course we moved under a Banker window after being a broker for 18 years...and we underwrite in our office.We are fortunate as we still run like a broker-with the "shield" of a banker.

5pence: (February 19, 2010 8:34am)

It's amazing the lengths this Government will go to make it appear all is well and getting better. The Fed's recent move is just more varnish on the veneer of recovery. Beneath the surface of this thin veneer things are getting worse every day. Maybe they want to get that veneer so shiny it blinds the eyes of investors around the world about what they're really up to. I think so. The Fed won't be raising any interest rates that matter. They need a weak dollar to support exports and jobs and to have a manageable debt. The Fed/the big banks are one in the same and they're doing everything they can to reward themselves and to make it appear things are getting better. Holding down precious metal values is just one. I'm wondering if they're also trying to hold down the appearance of inflation by working with manufacturers. That toilet paper thing of it now being 4 inches wide (will it be only 1 inch wide in 10 years?), potato chips still in big bags with less chips at the same cost hmmmmm

bongosdad: (February 19, 2010 8:28am)

THERE ARE not there is

SimpleSolution: (February 19, 2010 8:27am)

The problem with Wintotal/Alamode/Mercury is that you pay their fee plus you still only get paid what the AMC is willing to pay for the appraisal order. Wintotal is just like an AMC on top of an AMC.

ysp in GA?: (February 19, 2010 8:21am)

Frank and Brian. Can you show us where you got the info that ysp is banned in GA?

HAPPY DAYS: (February 19, 2010 8:19am)

FRANK BRIAN, Remember, the tax credit is over if you do not have a signed contract by the end of April. You can close upto June.

BrokerSteveO: (February 19, 2010 8:12am)

Hi Guys, quick link to a summary Chart of the Tax Credit with deadlines: http://docs.Steven-Anthony.com/TaxCreditExt.pdf In Contract by: April 30th Close Escrow by: June 30th

RealtorPro: (February 19, 2010 8:09am)

Hey Peeps, Buyers have until April 30th to go into contract and June 30th to close on the transaction to qualify for the tax credit.

BoKnowsClosings: (February 19, 2010 8:08am)

Update--looked a bit closer and the bill seems to say that it didn't go anywhere LAST YEAR? 04/03/09 - House Withdrawn, Recommitted Anyone have more info?

SC Mortgage Guy: (February 19, 2010 8:04am)

Guys with regards to your Wal-mart observation, perhaps the reason Wal-mart's sale have declined is because consumers are trading in Wal-mart for the Dollar stores. I pasted by one recently with a lot of former high-end customers in it. Just a thought.

BoKnowsClosings: (February 19, 2010 8:03am)

FYI-exact lingo in the GA bill to ban YSP if anyone is curious: "(7) Yield spread premiums are prohibited in the origination and closing of home loans to the extent that any such premium exceeds the amount of direct payments by the mortgage broker to third parties, unaffiliated with the mortgage broker, of closing costs on behalf of the borrower." Also found at http://www.legis.ga.gov/legis/2009_10/pdf/sb57.pdf Thoughts?

joecolorado: (February 19, 2010 8:01am)

Fl-Alamode ARE an AMC I agree....They wanted my card number before I got the details of the request,whether I received the job or not.My ex didnt have my card # or password so I dont see why I would give that detail to anyone let alone a stranger.They have a great system for filling out the forms,but there are other companies out there that do just as good a job, so I will be looking into those different co.s for their forms.They still want their fee.scandalous.They didnt get it as I pay for the Mercury system AND if I want work through them I have to pay an additional fee for the actual job!They are no better than any other amc.But just say no is becoming more and more easy.

yourmortgagepro: (February 19, 2010 7:49am)

What lenders are you using that take a minimum of 60 days? It's more like 30; 45 worst-case. No need to exaggerate.

whoknowsmichigan: (February 19, 2010 7:44am)

Files are typically taking 30 days or less.....not the 60 day range you are indicating.....or 4-6 months as you indicated.

wakeup: (February 19, 2010 7:34am)

to Common Sense-If you think that because you have a 401k and stocks where you work, that you are the corporation - then you are smokin grass down in Texas. Ever hear on Enron? Do you think that was the only incident? 401k's and pensions are being wiped out all over the country. How can you possibly compare Michigan and California to Texas? Both of those states are over run with illegal immigrants which is causing their demise not unlike the majority of this country. I will retract any negative comments about Texas as a state and as a people but trust me when I say that more of us need to be educated on what Unions are trying to do for the people. It is true that they are not as strong and effective as 'the old days' but they would be if they were given more support

GaryP: (February 19, 2010 7:30am)

Bear, don't confuse your local economy with that statewide. Yes, FW has been helped by the gas discovery there. How many jobs do you think that created in San Antonio or McAllen? To say that Texas is doing well just because of gas drilling in FW is more than a little myopic. One more thing? How do cash outs create a bubble, regardless of LTV, as you theorized? Cash out values canot be used as comps, only sale transaction can. The reason that we never had a huge RE bubble in TX is simply because the kind of get rich quick mentality never took hold here. As in most things, Texas is usually slow to catch on to other national trends. maybe it just never got here before the crash. However, I do recall a huge influx of "California investors" coming to San Antonio about the time that the bubble started to burst there. Right about the time the Toyota plant opened here, San Antonio became the next RE gold rush. That thankfully didn't last very long though.

Jualla!: (February 19, 2010 7:27am)

Buying real estate is buying a bundle of rights, period. It would be interesting to see what would happen if a pre defaulted homeowner were to lease their home to someone and then have it sublet back to them so they could squat. That would put a hitch in someone's gittyup!

FL Appraiser: (February 19, 2010 7:20am)

In yesterdays discussion ala mode & Mercury Network was brought up. I have used it once and am not satisfied with what they do. ANYONE concerned that "their" report of the "median" appraisal fee has been gleaned from the reports going through their "portal"? I am! They are to function as a PORTAL only. NOT to gleam data from the reports going through it. What is in that report is confidential between the appraiser and the client and ala mode has NO BUSINESS gleaning anything from that report OR any business monitoring IN ANY WAY a fee that is agreed to by any appraiser. Once you understand that Mercury Network charges the appraiser "their" transaction fee of $13.75 on the front end EACH & EVERY TIME you go back to that property for a final, etc, you then realize why they started the Mercury Network...to join the crowd in riping off the appraisers. They are no different than the AMC's, just want to make more money at the expense of the appraisers. A "Guild" is the correct way to go.

Mrsanfran: (February 19, 2010 7:18am)

Its called supply and demand. There is no demand to move to Texas. As one poster said, the taxes and insurance are high as well. The fact that it is difficult to refi is a another negative from an investment point of view. I agree, in light of what has happened that it probably helped Texas.

Bear in TX: (February 19, 2010 7:14am)

Common Sense, If Texas didn't get the influx of all the natural gas money, it would be just as screwed as those other states. They are already projection a $10 Billion deficit when the next budget is due. One of the costs of all the minimally regulated drilling is that water quality has dropped and air quality got worse. By water quality, I'm talking ranchers who've had cattle die in 5 minutes because they drank waste water that was illegally dumped on their land. Water that can be lit on fire if you dropped a match in it... There are schools that sit empty right now, brand new ones, that will stay empty because the cities can't afford to staff them. In DFW 5 of the top 10 employers are city/county so when the budget cuts force major cutbacks, you'll hear about the recession getting worse here.

real appraiser: (February 19, 2010 7:11am)

tmfgrp http://www.msnbc.msn.com/id/35461747/ns/us_news-life/

tmfgrp: (February 19, 2010 7:08am)

realappraiser, where do we get text. I looked last evening and they had taken it down

Common Sense: (February 19, 2010 7:08am)

Wakeup, Mr. Wakeup! Corporations are us. If you have a pension plan,401(k), mutual fund, or stocks, you own corporations. They are not some evil alien entity. And if you campare right-to work states with unionized states you will see that the state economies and therefore the population in general is better off. Desolate? Michigan is desolate, California is desolate. Both are on the verge of bankruptcy and begging for federal handouts and both are heavily unionized in the public and private sectors. Texas is merely not thriving as quite as much as we were. Do you see anyone moving to California or Michigan?

Rich: (February 19, 2010 7:00am)

Just watched yesterday's show and wanted to comment about NMLS. The link on this site on the upper right side for sample test questions is waaaaayyyyyyy harder than the actual test. I just took the test this week and passed so I have some backround in this subject.

real appraiser: (February 19, 2010 6:59am)

Bear in TX: Change has got to start somewhere and then it must be kept small, your in texas, less change in government has been better for the state, more change by the government has mostly been adverse. There must be some oversite by the people, once the government grows so big it no longer follows the direction of the people and self serves its own agendas and cronies, like what has happened in the past 20 years by both parties, it has to be reduced and controlled. Who here would say that the govt listens and reacts to the people, No they are too big and serve themselves off our backs, the workers. Everything that is said here daily was said by the guy who crashed his plane into the IRS building, he does not sound any crazier than most posts here. He was wrong in thinking a "body count" was necessary, but those pushed too far or near the edge may fall. everyone need to read his letter at: http://www.msnbc.msn.com/id/35461747/ns/us_news-life/ again I don not condone his actions

wakeup: (February 19, 2010 6:53am)

to Commone Sense-wake up and change your name-a right to work state is not a benefit to the worker, so many people think negatively about Unions. Don't you understand that a corporation is going to make there almighty dollar no matter what they need to spend on labor? It's the people that need to earn more so that they can survive in society and spend more to boost the economy. If the labor rates are low, the corporations make that much more money and gain that much more power... Oh gee... that's the problems we have now. Did you ever notice how desolate right to work states are?

Bear in TX: (February 19, 2010 6:44am)

Real Appraiser, I'm a political scientist at heart and I understand what your saying. I think the "Tea Party" will progress in much the same way the pigs did in "Animal Farm". Once they get a taste of power, they will get drunk on it and fail like everyone else. Look at the Republicans. After they took the house in 94, it took less than 10 years to get all corrupt and start robbing people. I went to High School with someone who's still facing charges in the Abramoff scandal. When I knew him in high school, he was the classic altar boy. Now he got rich cheating Indians...oh well... All I can say is this... "Don't find fault, find a rememdy"

real appraiser: (February 19, 2010 6:38am)

I thought this guys was a nut, then I read the message he left. He has valid points, but killing people is not an answer, I REALLY DO SUGGEST EVERYBODY READ IT DEM OR REP. Lastly, the tea party is very divided, but most of the peolpe interested in it want real change not offered by either party. I would call myself part of that, but the conservatives are trying to claim it for the republicans and some "so called" tea party groups are radicals that are trying to hook on for attention. I hope a true tea party is created based on the premise that the corruption must go, smaller govt, with less fat, a govt for the people not for the rich/elite. I do suggest you read the letter. I do not condone what he did, but the govt is INTRUDING in our lives more and more, feeding their friends and starving the middle class and true workers of this country, go to this site to read his letter. http://www.msnbc.msn.com/id/35461747/ns/us_news-life/

Frank: (February 19, 2010 6:34am)

You guys are right.. we should have said under contract by within 70 days... thanks!

Bear in TX: (February 19, 2010 6:29am)

Common Sense, The lack of state income tax is a large reason why people are moving here from other parts of the country. What protected the real estate markets down here was the huge influx of Barnett Shale gas money. Most homeowners got bonus checks that helped them pay off a lot of bills. Also, the fact that you can only do an equity loan to 80% LTV acted as a damper on home appreciation. Since it was difficult to take equity out of your home, you can only do 1 loan in a year, you didn't get the refi frenzy that helped juice values in other parts of the country. Property taxes, home insurance and title costs are among the highest in the country though.

JeremyD: (February 19, 2010 6:28am)

Dang, guys, I'm still closing the easy deals in a couple weeks, certinaly less than 30 days. The hard ones might take 45, but nothing more. I think you need to start working with a new lender! http://www.jeremydrobeck.com

GED: (February 19, 2010 6:25am)

Justsayin, Opposing one's Pelosi's views isn't the problem. It's when you make statements like poisoning, hanging or wanting to sodomize the speaker with random objects that affects the credibility of those making the points against her. When Bush was president, you couldn't read anti' administration ideas without being called a traitor. Now the view flips because your not in power?

Common Sense: (February 19, 2010 6:25am)

Let's see, why in the world would Texas be doing so much better than most of the country economically? Could it be that we have no state income tax? Maybe it's the lack of Real Estate transfer taxes? Oh yeah, and we're a right to work state, so there are no unions holding us hostage. the best part about Texas? Even though we are the third largest state economically and population wise, our state representatives only get together for 120 days every 2nd year. Of course a lot of us would like to see them change that to 2 days every 120th year.

GaryP: (February 19, 2010 6:23am)

drewmajo: The lender that I was referring to was Premier Nationwide in Flower Mound.

Ben M: (February 19, 2010 6:22am)

Love the show but this one is not going to make the highlight reel for accurate information. 60 days to close? Rates going down?? Got to be under contract by next week???

GaryP: (February 19, 2010 6:21am)

tmfgrp: You might be interested in the group whose meeting I attended last night. While I think their goals are good, I also think that their strategy was rather unrealistic. It seems to be based on 2 major facets, a 100% clean sweep of Congress, and requiring candidtates to basically sign a contract on how they will vote on various topics. In some ways it reminded me of the idealism of the left, and not a a more pragmatic right wing view. That just might be my skeptical personality speaking. Here is their website: http://goooh.com/Home.aspx

Just Sayin': (February 19, 2010 6:19am)

...transactions by dictating our homes must meet specified "green" improvements. What the...? If that is not something that makes your blood boil, nothing will. What about those homes built years ago? The amount of money we will all have to spend to make our homes efficient according to the EPA guidelines will make home sales slower than they are now. Not a good sign for our industry whose inventory currently sits greater than 12 months.

Just Sayin': (February 19, 2010 6:17am)

@GaryP & tmfgrp...Pelosi states anyone who objects or speaks out against her agenda as a hate mongering, radical who is trying to incite hateful rhetoric. To see her compare the tea party goers to those who spake against homosexuality in San Francisco in the 60s is asinine. She has stated many times that anyone who opposes her or her liberal agenda should be muzzled. I think what we are seeing is, as you stated tmfgrp, is a people getting fed up with all the untruth and spin coming out of Washington. I think most have become disenfranchised over the past several years and are demanding change. What was promised in 2008 & 2009 has yet to come true. All we have seen is an ever-growing government and bureaucracy. Not truly what the founding fathers intended. For example, if the Cap and Trade legislation passes (which I think it is losing steam, pun intended), the EPA will become one of the largest bureaucracies in existence. So much so, the EPA will have a say in our real estate...

GED: (February 19, 2010 6:17am)

Gary, Their time to close issues could be the result of being in just the broker channel with a big bank. I work for a mortgage banker and my u/w turn time is under 48 hours.

GED: (February 19, 2010 6:15am)

Guys, you only need to be under contract by April 30th, not close by then to receive the credit

tmfgrp: (February 19, 2010 6:04am)

GaryP: I hear you, but I'm not saying teabaggers are radicals. I think we are the smartest people on the planet and we superceed Queen Nancy, King Barney's and Emperor Obama's intelligence. I am simply saying people are fed up with the crap we are getting fed from the elite and the politicians. I have 3 kids and I want them to be able to have at least what I've had in this great country. People like Queen Nancy, King Barney and Emperor Obama are hell bent on seeing that doesn't happen. I'm hell bent on making sure it does!!!!!!!!!!! I'm sure I'll get a visit from the Fed's after this post.

drewmajo: (February 19, 2010 6:04am)

60 days? Im curious what lenders are taking 60 days? The money center banks? Try true mortgage lenders - i saw an earlier post about Texas and the snow. Was the lender Nationstar out of Lewisville, TX? They are very quick and right there with tier 1 pricing.

Vonsky: (February 19, 2010 5:54am)

Vonsky: Any Massachusetts Appraisers who viist the site. Please e-mail me to find out more about the Maasachusetts Chapter of the Appraiser's Guild Time to unite. [email protected]

Just Sayin': (February 19, 2010 5:42am)

Metallica stated it best..."Then it comes to be that the soothing light at the end of your tunnel is just a freight train coming your way" Woot Woot! Inflation, rising Fed funding rate, increase in foreclosures, and higher unemployment spell an extended recovery time. Became part of the 11% unemployed in January and have noticed plenty of jobs exist in my area, but the job description is so finite, it disqualifies many of the people who do not have jobs. Unless incentives are given to businesses, the jobless rate will continue to be high and employers will continue to overwork its existing employees. Contact your Congressional reps and tell them to extend the tax cuts that are soon to expire. Higher taxes in a recession do nothing for recovery.

GaryP: (February 19, 2010 5:32am)

60days to close a loan? Man, you guys need to find some new lenders? I just closed a loan in 8 business days from the date of submission to CTC. That includes the day and half I lost because of snow in Dallas. I might add that the loan was suspended because of a tax issue and my time in UW would have been even less if that hadn't popped up right before my UW got sent home because of the snow.

TD Hawk: (February 19, 2010 5:29am)

The "distant light" is an on-coming train. I'm not rooting for a double-dip but I just don't see it any other way. We've got under-reported joblessness that's even higher considering those who have given up or forced part-time. Shadow inventory of 2 million units, flagging sales at Wal-Mart, no income gains yet big time dept for the middle class the past decade. And our government plans to "help". Yikes!

ChrisOnline: (February 19, 2010 5:28am)

I think Brian's comment about the tax credit deadline is a bit misleading. He says basically "you need a contract in place by next week". Not so! Settlement can be by 6/30/10, as long as the RATIFIED CONTRACT is in place by 4/30/10. Of course, this means that short sales are increasingly becoming a non-option for buyers hoping for a tax credit as they usually take so long, but there are still about 10 weeks for seeking out a foreclosure or non-distressed purchase.

scared in ga: (February 19, 2010 5:27am)

can anyone verify what frank and brian said yesterday indicating that ysp is now illegal in GA? I can't find anything indicating the bill passed eliminating ysp.

GW: (February 19, 2010 5:25am)

Hey guys, a little error in this mornings broadcast. The tax credit expiration of April 30th is only the date that you have to be under contract, not the closing date. As long as you are under contract, you have until June 30th to close the loan and active duty military have an additional year.

OhioRealtor: (February 19, 2010 5:19am)

As Jillsells states below, the tax credit closing deadline is June 30th not April 30th. There is a lot of confusion in the market right now about what the April 30th deadline really is. Please make sure that everyone understands that their clients only need to be under contract by April 30th and close by June 30th to get their tax credit.

GaryP: (February 19, 2010 5:12am)

tmfgrp: I wouldn't read too much into the actions of the guy in the plane in Austin. There have always been crazy folks out there, even in Texas, maybe especially in Texas. Don't fall victim to Nancy's Pelosi's theory that tea baggers, and others like them, are all a bunch of right wing radicals that are ready to riot in the streets. That's just her attempt at fear mongering. I went to a tea bagger type gathering last night at the insistence of one of my realtors. My impression was that the only thing would get these folks to riot was if the local stores ran out of geritol. I would hardly consider these folks as being "radicals," at least per Nancy's slanted assertions. Pissed of? Yes! Radicals? No!

GaryP: (February 19, 2010 5:03am)

The fact that Texas has "potential" is directly related to the fact that we here in Texas were never part of the RE "bubble." We never had the run away appreciation and a lot of investment driven flipping that was common in other part of the country. It's not that we're that far "up", it's just that we never hit the lows that much of the rest of the country are currently experiencing. I think there is a lesson in there somewhere. Of course, it doesn't hurt that our economy is doing relatively well and unemployment, while still higher, is still better than most of the country. I think I saw a recent figure that unemplyment in Texas was around 6.5%. And yea, we have a balanced state budget here and even had a small surplus this year. Maybe another lesson learned? Of course, the brand new Totota plant in my area hasn't turned out to be all that it was cracked up to be, but that's another subject for another time.

Joey Tavares: (February 19, 2010 5:00am)

I agree. It's time for the rich to stop living on the backs of humanity. Please leave our kids alone. AHEM. As for the double-dip in the economy, we all know whose dirty fingers are heading back to the bowl...

tmfgrp: (February 19, 2010 4:39am)

Hey guys.... The incident in Texas yesterday shows eaxactly what I was talking about last week. People are fed up with the way the 535 smucks in DC & the "Elite" are ruining our country. You are going to see crazy things like this happening more often if things don't change soon. Please check out: goooh.com Lets kick them all out.

jillsells: (February 19, 2010 2:49am)

brian--didn't you say your were getting your hair cut??

jillsells: (February 19, 2010 2:47am)

guys--the tax credit has the 60 days built in--under contract by april 30, close by june 30.