Termite and Moisture Damage Not Reported

I have done so many appraisals where I saw obvious damage that was not reported by the other inspectors. The first couple of times I thought it was just carelessness. I came to realize it was the same agents who had found what I call pocket contractors or repeat business. Most buyers are not aware of this problem but believe me it is a big one.

I remember one very nice fairly new house and I saw what appeared to be moisture damage as soon as I pulled up to the curb. It was on the first and second floor window frames. Also there was a paladium window that leaked on the second floor of the foyer. When I got done with the appraisal, I made the report "subject to" the specific itemized repairs and termite and moisture inspection. The loan processor immediately called me and said they had a clear letter from the termite and moisture inspection and nothing was mentioned in the home inspection with regards to those problems. I didn't change anything. A few days later the mortgage company called and said the repairs had been completed and to do a final inspection. I returned to the house. The first thing I noticed was the second floor fascia and sills looked exactly the same. Everything had been done on the first floor. We got the huge heavy ladder out which infuriated me, as I don't like heights and that someone would try to fool me by doing the obvious, clearly visible repairs.

I climbed up the ladder and stuck my pencil in the wood, it sunk right in like a chop stick in pudding. Then a big hunk came off. I called the mortgage company and rejected the repairs. I was called again and they weren't complete. The repairman was supposed to finish in the afternoon and the loan was to close the following morning. The new owner was a doctor at VA and didn't have any flexability in her schedule. The carpenter apologized to me that the agent had not told him about that or he would have done it.

I didn't tell him that I knew the agent and deceipt was her profession. He ran out of the right sized wood so I suggested that he improvise by putting a piece of trim at the top front with caulk just to prevent element exposure. I was there until 8:30 p.m. before it was complete and I could approve it. The agent is still practicing and I am sure using the same inspectors. How sad. P.S You know who you are Ann.

Suzie is a licensed real estate broker and certified residential appraiser with twenty years of experience. Other professionals in the field have contributed as well. They are brokers, agents, appraisers and educators. http://www.freewebs.com/realestatenews

MORE RESOURCES:

Hypo Real Estate Gets EU20 Billion Guarantee From Rescue Fund - Bloomberg

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/0i-0fd=Rurl=http://www.washingtontimes.com/news/2008/nov/22/virginia-asks-navy-to-delay-base-move/cid=1272970285ei=o8YnSZuaBpWO9QSrtcUXusg=AFQjCNH6cWIz-18ycre997Rm9CffCSwevgimg src=http://news.google.com/news?imgefp=sFePmluJNTwJimgurl=media.washingtontimes.com/media/img/photos/2008/11/20/AUTO_001_r329x151.JPG%3Fe315d4515574cec417b1845392ba687dd98c17ce width=80 height=37 alt= border=1brfont size=-2Washington Times/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/0-0fd=Rurl=http://www.bloomberg.com/apps/news%3Fpid%3D20601100%26sid%3Da_tWZcQXw0Pw%26refer%3Dgermanycid=1272970285ei=o8YnSZuaBpWO9QSrtcUXusg=AFQjCNEqvkiKgwZx6tgBtmghO-K2m9-PeAHypo bReal Estate/b Gets EU20 Billion Guarantee From Rescue Fund/abrfont size=-1font color=#6f6f6fBloombergnbsp;-/font nobr15 hours ago/nobr/fontbrfont size=-121 (Bloomberg) -- Hypo bReal Estate/b Holding AG, the German property lender bailed out by the German government and financial institutions last month, b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/0-1fd=Rurl=http://www.google.com/hostednews/ap/article/ALeqM5iUnm1V9WJblKt9BR2u9troModrrwD94JFGBG0cid=1272970285ei=o8YnSZuaBpWO9QSrtcUXusg=AFQjCNH9zYQPCkQQybKdJLtLUMP8OVSKaAHypo bReal Estate/b to receive euro20 billion loan/a font size=-1 color=#6f6f6fnobrThe Associated Press/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/0-2fd=Rurl=http://www.guardian.co.uk/business/feedarticle/8057611cid=1272970285ei=o8YnSZuaBpWO9QSrtcUXusg=AFQjCNGX4YoQ2AcFhYQ-mS4Dh8TL254AOw1-Hypo Real gets 20 bln euros in govt guarantees/a font size=-1 color=#6f6f6fnobrguardian.co.uk/nobr/font/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/0-3fd=Rurl=http://www.ad-hoc-news.de/DGAP-Adhoc-DEPFA-Deutsche-Pfandbriefbank-AG-SoFFin--/de/Unternehmensnachrichten/19883103cid=1272970285ei=o8YnSZuaBpWO9QSrtcUXusg=AFQjCNF_jSGoIRpd3WFeJkfhcQ4FSnka2gDGAP-Adhoc: DEPFA Deutsche Pfandbriefbank AG: SoFFin grants EUR 20 b.../b/a font size=-1 color=#6f6f6fnobrAd-Hoc-News (Pressemitteilung)/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1272970285hl=ennobrall 115 news articles/nobr/a/font/div/font/td/tr/table

Target rejects Pershing#39;s proposals on real estate structure - MarketWatch

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NAR, REAL ESTATE CHANNEL Create Online News Partnership - MarketWatch

Web sites offer real estate agent rankings - The Associated Press

Real-estate investment firm fights to stay afloat - Arizona Republic

Pure Industrial Real Estate Trust announces November distribution - FOXBusiness

Citigroup says commercial real estate bigger issue now for banks - Reuters

table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=Tct=us/6i-0fd=Rurl=http://www.reuters.com/article/topNews/idUSTRE4AJ45G20081120cid=1273013942ei=o8YnSZuaBpWO9QSrtcUXusg=AFQjCNE8d0tVOl_otGj2XFPwMIbDfRd_uAimg src=http://news.google.com/news?imgefp=a4_5Az-9orAJimgurl=www.reuters.com/resources/r/%3Fm%3D02%26d%3D20081120%26t%3D2%26i%3D6894209%26w%3D192%26r%3D2008-11-20T221527Z_01_BTRE4AJ182400_RTROPTP_0_AIRBUS-ALWALEED width=80 height=58 alt= border=1brfont size=-2Reuters/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://news.google.com/news/url?sa=Tct=us/6-0fd=Rurl=http://www.reuters.com/article/innovationNewsFinancialServicesAndRealEstate/idUSTRE4AK6KA20081121cid=1273013942ei=o8YnSZuaBpWO9QSrtcUXusg=AFQjCNGEaKoAh2WL6Myu88ORA3Y5ntL5HQCitigroup says commercial breal estate/b bigger issue now for banks/abrfont size=-1font color=#6f6f6fReutersnbsp;-/font nobr13 hours ago/nobr/fontbrfont size=-1(Reuters) - Commercial breal estate/b is becoming a bigger issue for US banks after the Treasury decided that funds under the Troubled Asset Relief Program b.../b/fontbrfont size=-1a href=http://news.google.com/news/url?sa=Tct=us/6-1fd=Rurl=http://www.nytimes.com/2008/11/23/business/23gret.htmlcid=1273013942ei=o8YnSZuaBpWO9QSrtcUXusg=AFQjCNGBgEYAf_0PaVwJ2Yo4nBr60n1BBAThat Money Isn’t Leaving the Vault/a font size=-1 color=#6f6f6fnobrNew York Times/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1273013942hl=ennobrall 36 news articles/nobr/a/font/div/font/td/tr/table

Real estate recovery not seen until 2011 - Seattle Post Intelligencer

Real estate group backs sick leave law challenge - Bizjournals.com

Real estate trophies on hold - Bizjournals.com

Real-Estate - Google News

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