The loan officer does everything perfectly… only their 3rd party vendor management company LSI ( http://www.lsi-lps.com  ) fails to get the appraisal done timely… 24 days from contract. Then after chasing around the rogue appraiser who claims to have been trying to contact me (LIE) finally after 10 days delivers a poor, incorrect, sloppy, inaccurate appraisal and the valued at 15K less than 5 other homes the same size sold for in the last 4 months.
Hello, Decatur Emory people he noted your homes as declining values. Oh and he touted the area as having an oversupply of inventory.
Of course I confronted the guy he gives all appraisers a really bad name. He is forced by the company LSI to reconsider value which he increases to 222K and corrects some of his mistakes… not all including he relied on tax records for certain comps. So, not only do I compel him in writing to do the right thing I attempt to provide him with accurate info, which he continued to fail to use.
My aggravation is this process is stressful enough when everyone does all they can to make it work. My Buyer did not need to spend nearly $600 to fly from Oregon to Atlanta for no closing. The wife is stressed from a major move and as hard as we are all working together Chase Loan Officer, Client and myself and on the other side Attorney, Realtor, Seller… all is thwarted by the Rogue Appraiser and the 3rd party vendor LSI, who provides horrible customer service. For an appraisal paid for by my Buyer! REALLY?
So, here is my theory… LSI is a middle man who is supposed to be providing integrity to the appraisal process due to so much mortgage fraud. HAHA that is me rolling on the floor laughing at the stupidity of the 3rd party vendor notion.This causes a break down in communications between all parties and they now cant even articulate what the process looks like step by step, to get the Buyers to a closing table. So, rarely today can I provide cookie cutter clean comps no investors, no short sales just 5 sales in 4 months of same size homes, similar finishes etc… Listing and knowing what to offer would be so simple with clear cut data like this. Finally 20 days after the date on the appraisal  the Buyer says get another Lender so we can get an accurate appraisal and get closed!
As Buyers, I know you hate the details of “why” things happen, just “get it done”.
See, I am sharing because this is a repeat problem with LSI in June I almost tore my hair out when it took them eight days to upload an appraisal this was not cookie cutter it was Historic Marrietta so I was holding my breath as we got the appraisal on the LAST day of the contingency.

This is the kind of uncalled for nonsensical stress created by LSI that harms relationships between Lenders and Realtors , who generate the referrals. I feel horrible for all the lost time that can not be recovered by a stellar loan officer and me.

Shame on professionals that muddy their industry’s reputations.   Sorry, LSI, you are too big for your pants, and Chase You should be ashamed too the buck stops with you… no way to allow your Loan Officer to be treated and allowing your customer to pay for the Rogue appraisers work and stress to the borrower. SAD DAY!

I think the results of 2^nd quarter Metro Atlanta Housing Market tells a very important story … if you don’t have the patience to read this entire market update I hope you will read the “red bits”.

“I believe we ‘might’ have finally hit bottom.”  Says Steve Palm of FMLS Smart Numbers. He goes on to say that, our 2nd quarter number of closings for all single family were higher than the previous 3 years.

Closings for all single family in June 2011 was 5,745 compared to 5,347 in 2010.  VERY small increase. This is the best June since 2007, which boasted 7,432 closings. 2006 was our record high of nearly 9000.

Single family detached closings in June 2011 were just shy of 5000. This is nearly a 10% increase in June 2010 to June 2011.

Single family attached is continuing to struggle. There were 818 closings for single family attached in June 2011.( Condos and Townhomes)

Demonstrating a decrease of 4.3% as compared to June 2010 and the 4th year-to-year monthly decline in 2011.

The second half of 2010 was very weak. The increases in the second half of 2011 may result in our first annual year-year gain in closings for all single family since 2005-2006. It is still a very weak market.

 Increased closings are due to very low prices. The average price for the first half of 2011 for all single family is $174,393. The last time there was a lower annual price was 1997 or $166,213.

Although, closings are up the first half of 2011 over the past three years, the overall dollar volume is still down.

So, even if the total closed units are up and sales volume is down, that paints the picture of pricing that every Buyer and Seller will see and feel.

The average sale price for single family detached was $197,900 in June 2011. This is 6.9% below June 2010 and $87,000 below the all time June high of $284,875 in 2007.  June 2007 was also the all-time monthly average high.

The average sale price for single family attached for June 2011 was $125,130. This is 13.6% below June 2010 and the last time a June had a lower price was 1998’s $121,397.

 Our inventory levels are now almost at 2003 levels, so this over shadows the positive.

 The active inventory for all single family was 39,445 at the end of June. The last time a June inventory was lower was 2003, 37,745.

This is a long way from the all-time June high in  2008 at 69,988 or a reduction of 43.6%. I believe inventories for all single family will remain flat or even decline till after 2011.

My personal prediction is that inventories will remain low for a very long time, homes that are painfully priced and in great condition will Fly off the market and there will continue to be fewer equity homeowners that can sell.

Owner Occupant Buyers will compete with investors for the deals. Epiphany for Buyers: 1998 pricing and low interest rates… Keep waiting and the best deals will be gone!

Our ‘1998’ prices means many homeowners won’t put their homes on the market. This also means that most homes purchased since 1998 will fetch a sales price beneath what was originally paid.

The impact of new housing starts is another matter and you will find that in my blog soon.

So, with all that said Please let me know how I can help with your real estate needs or those of a friend or family member. It has never been more important to hire someone that is experienced, knowledgeable and up-to-date.

Debby Crawford

Keller Williams Realty Atlanta Midtown

http://www.CrawfordGroupAtlanta.com

http://www.Search-AtlantaHomes.com

Direct: 404-213-2869

Fax:     404-604-3293

Another attraction to townhomes is the convenience, most have limited amenitites but are located in areas that are rich in culture, shopping, night life, parks, libraries and  lots of interesting community activities! There is clearly more time with no yard work or exterior home maintenance. This has much appeal to professional couples and singles.

To search for homes please visit my site and search for free: http://www.homesforsaleindecaturga.com

The level of education provided in City of Decatur Schools is excellent, for most of my clients those schools were a major factor in their decision to move to Decatur. A portion of the budget increase is to raise salariesand cover rising costs of benefits. Keeping staff and teachers is ctritical to the quality of education schools are able to provide.

The neighborhoods that are least affected by the crash of the housing markets are those that have excellent schools. This is a huge stabilizing factor for our neighborhoods. When the elementary school is sketchy people without children move there and when they find themselves expecting a child or a child gets ready for kindergarten they are faced with tough decisions.

So my point is that a small increase in millage to keep those schools amongst the best seems like a small price!

Please visit my site to search for homes for free: http://HomesForSaleInDecaturGa.com

It is not bad news to sell in one days and it does not mean the Seller left money on the table, it means that the market liked the property at that price!

It is not surprising to me that our education and commitment to excellence are at the core of our success.
…” the study noted that the importance of real estate agents has increased substantially in the past year, with buyers and sellers relying on the negotiating skills of their chosen agent and help in navigating the market.”
So the market has spoken and it is clear that my Buyers and Seller value my knowledge and constant pursuit of excellence.