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By Phone: 707-251-0225

By Fax: 707-251-0224

By Mail: Skip Keyser Realty, Inc., 1434 Third Street, Suite E, Napa CA 94559

In Person: We're located on the north-east corner of Third Street and School Street, at 1434 Third Street, Suite E, Napa CA 94559

How to Find Us: From Highway 29 take the First Street off-ramp east bound. This will put you on Second Street. Continue east on Second Street about 5/8 mile until you get to School Street. Turn right on School Street and you should see our office at the end of the block.

From Soscol Avenue, take Third Street west bound. We're located about 3/8 mile west of the Soscol Avenue and Third Street intersection.

Our office hours are 9:00 am to Noon and 1:00 pm to 4:00 pm, Monday through Friday, holidays excepted.

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Full Service Property Management Co. serving Napa & Solano Counties


Blog

Welcome to the Skip Keyser Realty Inc. blog.  We will post local current events and our experiences in the real estate and property management field that affects Napa Valley and the surrounding areas.  We will post your comments provided they are appropriate to the topic at hand.

HOME APPRAISALS: Are you getting your money's worth?
April 22, 2011 2:50PM
by: Ed Ramirez
Category(s): (none)
  Lenders are required to pay fair fees to appraisers, but many say they are still offered $200 to $250... (more)
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Los Angeles Times

Are you getting your money’s worth with appraisal?


Despite Federal Reserve regulations that took effect April 1 requiring lenders to pay appraisers fair fees, many appraisers say they are still offered $200 to $250 by lenders for work billed to consumers at $450 or more.

MAKING SENSE OF THE STORY

  • Last year’s Dodd-Frank financial reform law mandated that appraisers receive fees that are “customary and reasonable” for their local market areas, yet the Appraisal Institute says that is not happening.

  • While a portion of the difference between what consumers are billed and appraisers are paid goes to the management companies that connect lenders with local appraisers and take a percentage for their services, often times lenders make a profit from the appraisal as well.

  • Home buyers should care about this for several reasons. For starters, accurate appraisals are a concern for consumers, as appraisals can be deal-breakers if the appraisal comes in too low. When performed competently, appraisals can be accurate measures of the equity in a home when the homeowner refinances or seeks a second mortgage.

  • Most experienced independent appraisers refuse to work for $200 to $250 because they can’t pay their overhead at that rate, leading less-experienced appraisers, who sometimes travel long distances and are unfamiliar with the area, to conduct the appraisal, which can lead to inaccurate, appraisals.

  • The Appraisal Institute is seeking to persuade the Federal Reserve to tighten its regulations, which created a loophole for lenders and management companies that wanted to keep paying low fees to appraisers. In the meantime, consumers should demand transparency, asking how the appraisal fee was distributed and why.


Read the full story

http://lat.ms/hIGZUL 



 


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