Pointer Appraisal Northeast Ohio Property Economics & Appraisal Blog

In a special report CNNMoney.com reports that a record number of foreclosure filings took place in April inching upward from March, and 32% over April 2008. Ohio ranked 10th in the highest rate of foreclosure filings per household.

Our interviews with local Northeast Ohio Real Estate Agents indicate a growing number of short sales in residential markets as well as what many see as a wave of upcoming REO listing in the next few months. 

The CNNMoney.com article is available online here.

Pointer Appraisal Services is pleased to announce we have received coverage for Errors and Omissions (E&O) Insurance from The Hartford for 1 million dollars. 

Due to the changing market conditions in both residential and Commercial Real Estate marketplaces, we are pleased that The Hartford has made this positive determination. We look forward to this increased coverage bringing peace of mind to our clients in these difficult and turbulent times. 

Existing and Prospective Clients may contact our offices for a copy of our policy certificates.

Pointer Appraisal provides appraisal related services throughout Northeast Ohio by State Certified Appraisers and carries General Liabliity, E&O, and Workman's Compensation Insurance.

In order to better serve our customers we have added a new toll free fax number.  You may utilize the old or the new number for sending faxes to our office.

New Toll Free Fax: 866-509-8728

HUD mortgagee letter dated 3/23/09 sets out changes for FHA appraisal requirements. Including use of dated comparables, verification sources, and requiring use of the 1004mc form for appraisals dated on or after April 1, 2009.

A copy of the mortgagee letter is located at the HUD website at:

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-09ml.doc

Our office is assessing the impact of these items on the appraisal process and will be keeping them in mind when we bid and engage assignments.

Additionally, for FNMA conventional appraisals the 1004mc form is required for appraisals dated on or after April 1, 2009.

Please let us know if you have any questions regarding the changes. As valuation professionals, we look forward to providing clients with analysis and reports which meet the requirements of the secondary market and insurers.

In addition to providing more information to the client, the inclusion of the above forms and data in the scope of work and analysis will provide the client additional insight into the valuation and trends in the marketplace.  We look forward to providing this elevated level of analysis to our clients.

Pointer Appraisal Services, seeks a Real Estate Appraisal Assistant.  This is a paid position which, with acceptable performance, will provide experience hours necessary to attain Certification as a Certified Residential Real Estate Appraiser in Ohio. 

Details and application can be found at:

http://www.pointerappraisal.com/CareersandInternships

Effective March 6, 2009 the new corporate mailing address is:

Pointer Appraisal Services LLC
3867 W MARKET ST
Unit #224
AKRON OH  44333-2449

All telephone numbers will remain the same.

We here at Pointer Appraisal Services extend our wishes to everyone for a Happy and Prosperous New Year. In order for our staff to celebrate, we will be closed after 5:00 PM New Years Eve and will reopen Friday 1.2.09 at 8:00 AM.

Please Celebrate Safely! 

A local Realtor® called our offices this week in regard to the specifics of how appraisals are performed for 203k loans.  

A 203k loan is an FHA loan which provides the borrower funds to make repairs and rehabilitate a property.

The appraisal is usually ordered by the lender and includes a list of the improvements which are to be made and the contractors bid for the repairs.  The appraiser considers the repairs and prepares the report with the hypothetical condition that repairs have been made.  This is known as a "subject to" appraisal. 

We have seen many borrowers who have benefitted from the equity created by this program and gained a property with the amenities they desire.  With the present amount of foreclosed properties on the market, the 203k program seems to be growing in popularity.