Forensic Appraisal Aurora Colorado

by: Philip G Rice, Certified Residential Appraiser, CPA, MBA

Loan Officer Harvest

It's been a long time since I posted anything. The reason is I have been very busy. Or to say it another way, my priorities have changed.

I strongly recommend all of my readers take the time to read this article in the Rain City blog. For extra credit, also read the earlier item. As you read the article (I encourage you to read the comments) -- refer back to the Shawn Tieskotter reality. Do you see the connection?

For those in the industry (real estate agents, and maybe appraisers) this article should ring a bell. For those not in the industry, the article may be too much technical mumbo jumbo.

Here is the money quote:

....there are NEVER excess funds from seller contributions. The loan officer will take it. ... We only know that EVERY time we prepare a HUD-1 settlement statement in which there are unused seller concessions, we ALWAYS receive revised instructions from the broker changing (increasing) their fees.

The one possibility that is not mentioned (even considered?) is the "excess" seller contributions (i.e., rebate) ends up in the back pocket of the buyer and/or the real estate agent.