Property Appraisers Union County, North Carolina

For a local, professional appraiser in Union County, Waxhaw, Indian Trail, Weddington, Monroe, Matthews, North Carolina, visit www.charlotte-appraiser.net or www.valuation-expert.com

Valuation Experts is your local home appraiser. Oftentimes rural areas that suddenly experience population growth spurts will see extraordinary increases in UNION, North Carolina house values. On the other hand, areas that seem to stagnate when it comes to growth don't see home values rise all that much unless the area is a highly-desirable area, such as Weddington, Waxhaw, Marvin, Indian Trail, North Carolina. And even further down the spectrum you see areas that are splendid where NC house values are strong. The best way to find out the accurate truth is to order an real estate home appraisal from Valuation Experts.







How can you determine UNION, North Carolina Property Values? By hiring a local property appraiser who has extensice experiance appraising UNION, North Carolina Properties. Because of this, the appraiser's job holds great importance to anyone who seeks to buy or sell a home in Union County, as they are the ones who through extensive research determine UNION, North Carolina property value.







Home value is very important in UNION, North Carolina as homes values could be deprecaiting. There is nothing more encouraging than knowing the actual property value of your UNION, North Carolina home. Get your Home Value form a home appraiser who knows UNION County, NC well. Home value is determined by critically examining all of the available data related to a particular home. Many UNION, North Carolina Realtors now have the ability to post all of the listings in the Carolina MLS on their own public websites. Most Multiple Listing Services also upload their inventory to national sites. These numbers can be misleading in a declining market.







A property coupled with an home appraisal equates to UNION County, North Carolina home value. This is accomplished by taking recently sold sales, and active and pending listings of the UNION, County NC home and comparing it to an median set of standards, which are dictated by the NC home values in the area. In its simplest form the home is compared to one House and to another house and from there an estimated home value is determined. Although this is a brief summary at best, it does help to illustrate the principles of home evaluation. Get appraisers in UNION, NC www.valuation-expert.com or www.charlotte-appraiser.net.

Home Appraisers Charlotte, Indian Trail, Weddington, Waxhaw, NC

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Home appraisers in CHARLOTTE, North Carolina examine the site of of the property that is being appraised. The purpose of the site analysis of properties that are located in CHARLOTTE is to identify the various site characteristics that affect the marketability of homes prices in CHARLOTTE.

Some of the site analysis that property appraisers in CHARLOTTE identify are:
- appraisers determine the desirability and the utility of sites in CHARLOTTE, NC.
- in real estate appraisal reports, one should find any external or functional problems with a site
that is located in CHARLOTTE, NC
- appraisers also examine supply and demand for sites in CHARLOTTE, NC
- home appraisers in CHARLOTTE, NC should appraise the current situation and have knowledge of the various trends that could affect the valuation of sites in CHARLOTTE, North Carolina.

The principal of change is fundamental to appraising homes in CHARLOTTE, North Carolina, and to properly analyze a site. Value is created and modified in CHARLOTTE, North Carolina by economic, social, and governmental changes that occur outside sites that are located in CHARLOTTE, NC. Property appraisers should evaluate the direction of these trends and determine their effect, if any, on the market values in CHARLOTTE, North Carolina.

Property appraisers in CHARLOTTE, NC observe and report on economic trends. The home appraiser must give consideration to, and include in the value analysis, the economic trends of CHARLOTTE, North Carolina, including:
- price and wage levels, the purchasing power of CHARLOTTE home buyer's
- employment characteristics of CHARLOTTE, North Carolina
- home appraisers must examine the current supply and demand for residential dwellings
- Charlotte tax levels, population changes

The CHARLOTTE home appraiser will consider three approaches to value. The most common approach used to value residential properties in CHARLOTTE, North Carolina is the sales comparison approach. Property appraisers in CHARLOTTE, NC use the sales comparison approach to value as an analysis of comparable sales, contract offerings, and current and expired listings of properties located in CHARLOTTE, NC. Real estate appraisers in CHARLOTTE, North Carolina, analysis of the properties that are most similar to the subject property, and takes into account all factors that have an effect on value, and recognizing that a well-informed or well-advised purchaser will pay no more for a property than the price they would pay for a similar property in CHARLOTTE, NC of equal desirability and without undue delay.

Home Appraiser Charlotte, NC

Home Appraiser Charlotte, Mecklenburg, Union, North Carolina
www.valuation-expert.com or www.charlotte-appraiser.net
Property Appraisals Monroe, Huntersville, Mooresville, Pineville, Waxhaw, Indian Trail, Matthews, Weddington, Marvin, NC
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FHA REACHING OUT TO 675,000 AT-RISK HOMEOWNERS IN SECOND PHASE OF DIRECT MAIL CAMPAIGN
Hundreds of thousands of homeowners urged to consider safer, more affordable FHA-backed mortgages
WASHINGTON - This week, HUD's Federal Housing Administration (FHA) is mailing hundreds of thousands of letters to homeowners at risk of losing their homes through foreclosure and urging them to consider a safer, more affordable alternative to the high-cost mortgages they are currently paying. The first round of 280,000 letters was mailed in February. FHA's public awareness campaign will continue through September, ultimately reaching 850,000 distressed homeowners.

"This letter might be the most important piece of mail many of these families will receive all year," said HUD Secretary Steve Preston. "This information could not only help save their current home, it could help provide them with long term financial security. This outreach campaign will ensure families are aware of the safe mortgage alternative offered by FHA."

Letters are being sent to homeowners who have already faced or are experiencing the first reset of their adjustable rate mortgages. Through the end of the year, FHA can insure home loans valued between $271,050 and $729,750. Normally these loan limits are set between $200,160 and $362,790 but were expanded through President Bush's Economic Stimulus Package. Bipartisan FHA Modernization legislation awaiting final action by the Senate and House of Representatives would permanently increase the loan limits to an acceptable level.

FHA-insured loans are backed by the full faith and credit of the government, which typically allows lenders to offer mortgage products at a lower, more affordable interest rate. More than 90 percent of FHA-backed mortgages are 30-year, fixed rate products. FHA also provides a one-of-a-kind loss mitigation program that helps protect borrowers against foreclosure. Finally, FHASecure, which allows borrowers who are current and delinquent on their loans to refinance with the FHA, is saving tens of thousands of families on average $400 a month compared to their exotic subprime loans.

Below is a copy of the letter being sent to homeowners.

-----

Dear Homeowner,

Do you need help with your mortgage?

Your area is experiencing a disturbing home foreclosure rate that has accelerated in recent months. News reports cite the damaging effects of "sub prime loans" as a major factor in the unsettled market. By focusing on education and safe mortgage alternatives, though, the Federal Housing Administration (FHA) of the United States Department of Housing and Urban Development (HUD) is working diligently to address this unacceptable foreclosure trend.

Over the past few months, FHA has worked with mortgage loan servicers to identify solutions for the crisis facing current homeowners. Your current mortgage does not have to be FHA insured for you to benefit from our help. If you are facing financial difficulties due to a recent or imminent mortgage reset, or other housing-related difficulty, I urge you to contact us at 1 (800) CALL-FHA or to visit www.fha.gov. There you will have the opportunity to learn about foreclosure prevention, legal rights, and credit counseling, among other topics.

Many homeowners may also be able to take advantage of our recently announced FHASecure program. This new program allows eligible homeowners to refinance into a secure, fixed-rate FHA loan even if they are in default.

Additionally, a new partnership between mortgage companies and non-profit housing counselors called HOPE NOW is available to you. Their mission is simple: reach out to homeowners who may be having difficulty paying their mortgages. For more information or to see if your mortgage company is a member of this caring coalition please go to www.hopenow.com.

Again, please contact us at 1 (800) CALL-FHA (800-225-5342) or go to www.fha.gov. As part of the federal government, the Federal Housing Administration wants to help you protect and preserve the American dream - your home.

Sincerely,

Brian D. Montgomery
Assistant Secretary for Housing
Federal Housing Commissioner

###

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov. For more information about FHA products, please visit www.fha.gov.

FHA OFFICALS SEEK TO BAN SELLER ASSISTED DOWN PAYMENTS

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Federal housing officials are trying again to ban seller-assisted down payments on federally insured mortgages, amid concerns about mounting losses tied to these loans.

The Federal Housing Administration has reopened a public-comment period on a proposed rule on such assistance, which the agency says leads to higher-than-normal foreclosure rates.

Under the seller-funding practice, a third party -- typically a charity -- provides the down payment for the buyer and is then reimbursed by the home seller, often a home builder. This can help home sellers close deals with buyers who can't come up with down payments on their own.

FHA Commissioner Brian Montgomery said Monday that the government-backed loans made to borrowers who receive down-payment assistance go into foreclosure at three times the rate of loans in which borrowers pay for their own down payment. Loans with seller-assisted down payments make up about 35% of the FHA's loan portfolio, up from only 5% in 2001.

After a recent evaluation, the FHA estimates it will incur an additional $4.6 billion in unanticipated long-term losses, primarily due to loans involving seller-funded down-payment gifts.

"We are concerned about this business, because the substantial losses affect FHA's bottom line and FHA's ability to serve American citizens who need access to prime-rate home loans," Mr. Montgomery said during a speech at the National Press Club.

FHA-insured mortgages, which require down payments, have become more popular amid the shrinking of the subprime-mortgage market.

Last year, a federal judge in the District of Columbia, issued a preliminary injunction against an earlier ban on seller-assisted down-payment gifts proposed by the Department of Housing and Urban Development. The judge ruled that HUD "failed to provide a rational basis in support" of the ban.

HUD spokesman Brian Sullivan said in an interview that the agency, "lost on a technicality. The court gave us a good road map for how to get it done."

Since the 1970s, HUD has permitted buyers to use gifts from family members, employers or charities for down payments.

"We have tried to work cooperatively with HUD to try and ensure that working families have access to homeownership through this model," says Scott Syphax, chief executive of Nehemiah Corp. of America, one of the nation's largest down-payment-gifting groups. "HUD has shut us down every step of the way."

For example, Mr. Syphax says HUD officials have refused to consider Nehemiah's suggestions that they scrutinize appraisals in an effort to prevent sellers from inflating home prices by including gift costs. Mr. Sullivan declined to comment on that criticism. "We are allowing the public-comment period as the appropriate forum for them to express any reservation they have about our rule," Mr. Sullivan says.

Mr. Syphax says his group would oppose the latest effort to ban the down-payment gifts. "We will use all legal means at our disposal in order to protect this portal to homeownership for the families who are underserved in an ever-worsening credit market." he says.

For an experienced FHA property appraiser in Charlotte, Mecklenburg, Union, NC, visit out website at www.valuation-expert.com or www.charlotte-appraiser.net

New FHA Program

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The Bush administration has unveiled a plan that would expand the FHASecure program to help up to 100,000 more at-risk homeowners by the end of 2008. The program expansion would allow the FHA to insure new mortgages if a lender voluntarily wrote down the mortgage principal to a maximum of either 90 percent or 97 percent of the new value, depending on the borrower's risk profile, according to Federal Housing Administration Commissioner Brian Montgomery.



Montgomery’s comments came at an April 9 House Financial Services Committee hearing, which was held in response to a broader proposal by panel Chairman Barney Frank, D-Mass. Frank’s proposal would have the FHA back from $300 billion to $400 billion in restructured loans for distressed borrowers if lenders were willing to take a substantial loss on the mortgages. Frank estimated that his proposal would reach between 1 million and 2 million borrowers.



The legislation first announced by Frank in March, was divided into two measures: H.R. 5830, the FHA Housing and Homeowner Retention Act, and H.R. 5818, the Neighborhood Stabilization Act of 2008.



H.R. 5818, introduced by Subcommittee on Housing and Community Opportunity Chairwoman Maxine Waters, D-Calif., would provide loans and grants to states and cities to deal with problems associated with large numbers of foreclosures in neighborhoods across the country.

H.R. 5830 would expand the FHA program to help refinance at-risk borrowers into viable mortgages and also requires the Federal Reserve Board to conduct a study on the need for an auction or bulk refinancing mechanism. Specifically, H.R. 5830 would institute a voluntary program that would permit FHA to provide up to $300 billion in new guarantees to help refinance at-risk borrowers into viable mortgages. To be eligible for such monies, existing mortgage holders/investors must accept their losses – taking substantial write-downs sufficient to: (1) establish a 3 percent loan loss reserve for the FHA; (2) pay the origination and closing costs for the new loan up to 2 percent; and (3) bring the loan-to-value ratio on the new FHA-guaranteed loan down to no greater than 90 percent of property’s current appraised value, resulting in a substantial reduction in debt service to the borrower. Accordingly, to qualify mortgage holders would need to accept a substantial write-down, accepting as payment in full no more than 85 percent of the property’s current appraised value.



As for new FHA-insured loans, they would have to be properly underwritten and based on current appraised value of the house and borrower’s documented income (borrowers with higher – but not disqualifying – debt levels would need to make six months of timely payments at the new payment level to qualify for the guarantee).




A committee mark-up session and vote on the two measures was scheduled for April 30 and May 1st. Results were not available at press time, but will be forthcoming in subsequent issues of Appraiser News Online.

New FHA Program

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A bipartisan amendment that would ensure an independent and competently performed appraisal process has been added to pending foreclosure prevention legislation. On April 24, the House Financial Services Committee agreed by voice vote to add the amendment to H.R. 5830, the Federal Housing Administration Housing Stabilization and Homeowner Retention Act. The amendment, backed by the Appraisal Institute, prohibits all parties involved in a real estate transaction from improperly influencing an appraiser and requires all appraisals in connection with this legislation to be performed by qualified appraisers who have demonstrated a high level of valuation competency, according to the Uniform Standards of Professional Appraisal Practice.



H.R. 5830 authorizes the FHA to guarantee billions of dollars worth of refinanced loans if lenders reduce loan amounts to reflect reduced home values. The measure would require banks to make less money on the loans but it would also reduce their credit exposure, while helping families stay in their homes.



The amendment, offered by Reps. Paul Kanjorski, D-Pa., and Judy Biggert, R-Ill., was also sponsored by Reps. Gwen Moore, D-Wisc., and Andre Carson, D-Ind.



“We applaud the leadership of the amendment sponsors for recognizing the importance of accurate appraisals in the pending foreclosure prevention legislation,” said Bill Garber, Appraisal Institute director of government and external relations. “This legislation has real potential to help both homeowners and financial institutions facing distress, and much of the proposal hinges on competent and reliable appraisals. When many local areas find themselves in declining markets, it is absolutely essential that Congress require the use of competent appraisers.”



The bill was expected to be on the House floor for final vote on Wednesday, April 30. Results were not available by press time. Discussions are underway in the Senate on companion legislation to H.R. 5830, where several other questions will likely be addressed at the committee level, including what property standards (FHA or conventional) will be applied to the appraisals and who will actually order the appraisal. Given the uniqueness of the program, whereby lenders are encouraged to write down the balance of loans to current appraised values, some have questioned the viability of allowing lenders to order the appraisal, or whether that function would best be performed by the FHA

Appraisal Standards

Administration Unveils Proposal to Expand FHA Loan Program
The Bush administration has unveiled a plan that would expand the FHASecure program to help up to 100,000 more at-risk homeowners by the end of 2008. The program expansion would allow the FHA to insure new mortgages if a lender voluntarily wrote down the mortgage principal to a maximum of either 90 percent or 97 percent of the new value, depending on the borrower's risk profile, according to Federal Housing Administration Commissioner Brian Montgomery.

Montgomery’s comments came at an April 9 House Financial Services Committee hearing, which was held in response to a broader proposal by panel Chairman Barney Frank, D-Mass. Frank’s proposal would have the FHA back from $300 billion to $400 billion in restructured loans for distressed borrowers if lenders were willing to take a substantial loss on the mortgages. Frank estimated that his proposal would reach between 1 million and 2 million borrowers.

The legislation first announced by Frank in March, was divided into two measures: H.R. 5830, the FHA Housing and Homeowner Retention Act, and H.R. 5818, the Neighborhood Stabilization Act of 2008.

H.R. 5818, introduced by Subcommittee on Housing and Community Opportunity Chairwoman Maxine Waters, D-Calif., would provide loans and grants to states and cities to deal with problems associated with large numbers of foreclosures in neighborhoods across the country. Appraiser Charlotte, Mecklenburg, Union Counties.

H.R. 5830 would expand the FHA program to help refinance at-risk borrowers into viable mortgages and also requires the Federal Reserve Board to conduct a study on the need for an auction or bulk refinancing mechanism. Specifically, H.R. 5830 would institute a voluntary program that would permit FHA to provide up to $300 billion in new guarantees to help refinance at-risk borrowers into viable mortgages. To be eligible for such monies, existing mortgage holders/investors must accept their losses – taking substantial write-downs sufficient to: (1) establish a 3 percent loan loss reserve for the FHA; (2) pay the origination and closing costs for the new loan up to 2 percent; and (3) bring the loan-to-value ratio on the new FHA-guaranteed loan down to no greater than 90 percent of property’s current appraised value, resulting in a substantial reduction in debt service to the borrower. Accordingly, to qualify mortgage holders would need to accept a substantial write-down, accepting as payment in full no more than 85 percent of the property’s current appraised value.

As for new FHA-insured loans, they would have to be properly underwritten and based on current appraised value of the house and borrower’s documented income (borrowers with higher – but not disqualifying – debt levels would need to make six months of timely payments at the new payment level to qualify for the guarantee).

The program will run for 2 years (with flexibility for additional 6 month extensions not to exceed 2 more years). For more information on H.R.

A committee mark-up session and vote on the two measures was scheduled for April 30 and May 1st. Results were not available at press time, but will be forthcoming in subsequent issues of Appraiser News Online.


For an FHA approved appraiser in your area, contact www.valuation-expert.com