the bank must provide a copy of the appraisal by fad10689

VIEWS: 8 PAGES: 2

									                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         the                                  willing      ratios                                              need       You                                                                                                          new         You
                                                                      identify                                                                                                                                                                                                                           while                                                                                                                                                                                                                                                improvements).                                                                                                                                                                                        You
                                                                                  some                                                                                                             adjustments                                                                                                                                                                                                                     The                                                                                                         ("increasing                                                                                                                                                                                                                         equity      $214,000.     Savings                  Seven      C.
                                                                                                                                                                                                                                                                                                                     Sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Appraiser
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   fmancing.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         money.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       job
                                                                                                                                                                                                                                                                                                                                                                                                                                   second
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          have
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   have!ecently
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            REAE




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    are
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               a
                                                                                  positive
                                                                                                                                                                                                                                                                                                                     Comparison
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           (MHE
                                                                                                                                                                                                                                                                                                         and
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       days
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    ($7,000),
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               loan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              to
                                                                      the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    very
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              and                                                                                                                                                                                                                                      in
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          $23,000
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              lend
                                                                                                                                                                                                                                                                                                         you
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Based                                                                                                                                                                                                                                                  Old
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       later                                                                                   of
                                                                      mistakes                                                                                                                                                                                                                                                                                                                                                     page
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         The
                                                                                                                                                                                                   in
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     of $230,000.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               property
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Loan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           and
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  to
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Congratulations!
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    disappointed!
                                                                                  adjustment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               $207,000
                                                                                                                                                                                                                                                                                                         determine
                                                                                                                                                                                                   the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              you
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Town,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  appraise
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    this
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         reason
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       you
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              You
                                                                                                                                                                                                                                                                                                                                                                                                                                   of                                                                                                                                                                                                                                                                                                                                                                                                                                      TOR)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                on
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              explains
                                                                                                                                                                                                                                                                                                                     Approach
                                                                                                                                                                                                   Sales
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   graduated
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          ($13,000
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              the
                                                                                                                                                                                                                                                                                                                                                                                                                                   the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Saving
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       receive
                                                                      in
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               values"
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              note
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Maryland.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              $207,000
                                                                                                                                                                                                                                                                                                                                                                                                                                   appraisal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  The Case of the Botched




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           are
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         is
                                                                      the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               from
                                                                                                                                                                                                   Comparison
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                appraiser's
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  the
                                                                                                                                                                                                                                                                                                         that
                                                                                  negative
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         that
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              that
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              that
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           acceptable
                                                                      appraisal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Instead                                                                       property.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    and
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          in
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       a
                                                                                                                                                                                                                                                                                                                     (located
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   from
                                                                                                                                                                                                                                                                                                         something
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               etc.).
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       letter
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          cash
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              they
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Loan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              contingent
                                                                                                                                                                                                                                                                                                                                                                                                                                   report
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               bank
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Appraisal




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         appraiser's
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   University
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              appraiser
                                                                                  and
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Also,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          and
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    of
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       from
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              cannot
                                                                      report,
                                                                                                                                                                                                   Approach
                                                                                                                                                                                                                                                                                                                     in
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       until
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    requires
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           and
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    just
                                                                                  negative
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               (90%
                                                                                                                                                                                                                                                                                                                                                                                                                                   contains
                                                                                                                                                                                                                                                                                                                     the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          a
                                                                                                                                                                                                                                                                                                         is
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        You have passed Colonial



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               the                                                                                                                                                                                                                                                                                     Colonial
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          $10,000
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           your
                                                                                                                                                                                                                                                                                                         wrong
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       now
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    giving
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                value
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              make
                                                                                                                                                                                                                                                                                                                     middle
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              on
                                                                      fix
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              has
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         value
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               site
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   of
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    you
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              the
                                                                      them,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               the
                                                                                                                                                                                                   (you                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    credit                                                                                                                                                                      you
                                                                                  adjustments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              made
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Texas,
                                                                                                                                                                                                                                                                                                                                                                                                                                   the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               and                                                                                                                                                                                                                                              estimate
                                                                                                                                                                                                                                                                                                         in                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   a
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          gift
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Mortgage               appraisal
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    to
                                                                                                                                                                                                                                                                                                                     of
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               sale
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              loan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         of
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       have
                                                                                                                                                                                                                                                                                                                                                                                                                                   approaches
                                                                                                                                                                                                                                                                                                         each
                                                                                                                                                                                                   have
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    on
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Mortgage's




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    have
                                                                      and                                                                                                                                                                                                                                                                                                                                                                                                                                                                      improvements
                                                                                                                                                                                                                                                                                                                     the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   history
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              positive
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          from
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Arlington
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               price).
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    your
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              of
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Name




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       been
                                                                                                                                                                                                                                                                                                         approach.
                                                                                                                                                                                                                                                                                                                     page).
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         property
                                                                      determine
                                                                                                                                                                                                   no
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                of$214,000
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              $207,000
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    10%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     andthey sendyou a copy of the appraisal(seethe attached
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          your
                                                                                  positive).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  of
                                                                                                                                                                                                   problem
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    dream                                                              stating
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           is
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              comments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 living
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               You
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           good.
                                                                                                                                                                                                                                                                                                                                                                                                                                   to
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    equity.
                                                                                                                                                                                                                                                                                                                     You
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          parents)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   and
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        underwriting




                                                                                                                                                                                                                                                                                                                                                                                                                                   value.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              property.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         was
property should be, you can go back to Colonial and save your loan.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    house,
                                                                                                                                                                                                                                                                                                         The
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               go
                                                                      what                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             that
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               look
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              on
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       in
                                                                                                                                                                                                                                                                                                                     look
                                                                                                                                                                                                   with
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   now
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             appraisal).
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           This
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                that
                                                                                  You
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         only
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       a
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              a
                                                                                                                                                                                                                                                                                                         appraiser                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     they
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       small
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               pretty         on
                                                                                                                                                                                                                                                                                                                                                                                                                                   The                                                                                                                                                                                                                                                                                                                                                                        property
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          to
                                                                      the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Colonial
                                                                                                                                                                                                                                                                                                                     at
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   doing
                                                                                                                                                                                                   the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              you
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                is
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Savings
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        criteria.




                                                                                  figure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          put
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         $214,000.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Colonial
                                                                                                                                                                                                                                                                                                                     his
                                                                      market
                                                                                                                                                                                                   actual
                                                                                                                                                                                                                                                                                                                                                                                                                                   appraiser
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               The first pageof the appraisalis a descriptionof the property(neighborhood,                                                                                                          remember
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                only                                   will
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       apartment
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               good
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              neighborhood
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          down
                                                                                                                                                                                                                                                                                                                     analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   well
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       not
                                                                                                                                                                                                                                                                                                         has
                                                                                  that
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                about         worth
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Mortgage
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           and
                                                                      value
                                                                                                                                                                                                   dollar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               too
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         site, and


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       lend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              hires                                                                                                                                                                                                at
                                                                                                                                                                                                                                                                                                         made
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          so
                                                                                                                                                                                                                 seven mistakes, one major mistake in the Cost Approach and six mistakes regarding the
                                                                                  if
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         The
                                                                                                                                                                                                                                                                                                                                                                                                                                   used
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Loan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   your
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                3%
                                                                                  you
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          you
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               with
                                                                                                                                                                                                                                                                                                                     for
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       but
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    that
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Your income




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       you
                                                                      of
                                                                                                                                                                                                                                                                                                                                                                                                                                                effective age of eight and "no apparent functional or external inadequacies" [obsolescence].
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              John
                                                                                                                                                                                                                                                                                                                                  of the three traditional approaches,the Cost Approach (located at the top of the page) and the
                                                                                                                                                                                                                                                                                                                     a
                                                                                                                                                                                                                                                                                                                                                                                                                                   two
                                                                                  can
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               for
                                                                      the
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           is
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     you have spent the past six months shopping for a house. Finally, you find the perfect house, a




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               an
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     beautiful three-story house located at 849 Bershire Drive. The current owner accepts your offer




                                                                                                amount of the adjustments but you think that the appraiser reversed several of the signs by make
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     the bank must provide a copy of the appraisalif you makea written request.You write the bank
..
--
 .
     Assignment:




                       Step
                                             1:
                                                                  Read
                                                                                        the
                                                                                                 appraisal
                                                                                                                                                   report
                                                                                                                                                                                               carefully.
                                                                                                                                                                                                                                         Try
                                                                                                                                                                                                                                                          to
                                                                                                                                                                                                                                                                      get
                                                                                                                                                                                                                                                                                         a
                                                                                                                                                                                                                                                                                             feel
                                                                                                                                                                                                                                                                                                                           for
                                                                                                                                                                                                                                                                                                                                      the
                                                                                                                                                                                                                                                                                                                                                             market
                                                                                                                                                                                                                                                                                                                                                                                          and
                                                                                                                                                                                                                                                                                                                                                                                                                       the
                   property                                              being appraised.

                                                                                                     in
                       Step2: Identify the one error in the CostApproachandthe six mistakenadjustments
                   the
                                     Sales
                                                                          Comparison
                                                                                                                          Approach
                                                                                                                                                                                   (remember
                                                                                                                                                                                                                                                   you
                                                                                                                                                                                                                                                               have
                                                                                                                                                                                                                                                                                  no
                                                                                                                                                                                                                                                                                                          problem
                                                                                                                                                                                                                                                                                                                                                      with
                                                                                                                                                                                                                                                                                                                                                                      the
                                                                                                                                                                                                                                                                                                                                                                                 dollar
                                                                                                                                                                                                                                                                                                                                                                                                                             amounts
                     of
                               the
                                                   adjustments,
                                                                                                                   just
                                                                                                                                             the
                                                                                                                                                            signs).
                                                                                                                                                                                                            You
                                                                                                                                                                                                                  can
                                                                                                                                                                                                                                               identify
                                                                                                                                                                                                                                                                            the
                                                                                                                                                                                                                                                                                               mistakes
                                                                                                                                                                                                                                                                                                                                             simply
                                                                                                                                                                                                                                                                                                                                                                            by
                                                                                                                                                                                                                                                                                                                                                                                                        highlighting
                   them                           on                     the           report.



                   Step 3: Correct the mistakes and reappraise this property. Fix the mistakes and determine
                   what the values by the Cost and Sales Comparison Approaches should be. Finally,
                   reconcile
                                                                               the
                                                                                        Cost
                                                                                                             and
                                                                                                                                     Sales
                                                                                                                                                                      Comparison
                                                                                                                                                                                                                        Approaches
                                                                                                                                                                                                                                                                                   and
                                                                                                                                                                                                                                                                                                                    tell
                                                                                                                                                                                                                                                                                                                                 me
                                                                                                                                                                                                                                                                                                                                            what
                                                                                                                                                                                                                                                                                                                                                                      you
                                                                                                                                                                                                                                                                                                                                                                                                think
                                                                                                                                                                                                                                                                                                                                                                                                                             the
                   property is really worth. Will you get the loan?




                                                                                                                                                                                                                                     .

								
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