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March 2007 |
A Publication of ELLIOTT®
& Company Appraisers |
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ELLIOTT®
OFFERS COMMERCIAL APPRAISALS |
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 ELLIOTT® & Company Appraisers has expanded its menu of commercial
evaluation services.
"Recently, we have experienced an increase in demand for commercials
appraisals and inspections, both in terms of numbers and in types,"
said Charlie Elliott, president of ELLIOTT® & Company Appraisers.
"In response to this need, we are pleased to expand to our
nationwide appraisal services menu."
Items on the commercial appraisal services menu include FNMA 1050/FHLMC
71A for larger properties, FNMA 1075/FHLMC 71B for smaller
properties, FW 68 for land (lot and small acreage) and narrative.
Other commercial evaluation services on the menu include draw and
final construction inspection, appraisal review and data search.
For more information, go to www.appraisalsanywhere.com and click the
"Services" icon or call (800) 854-5889 and ask for Client Services.
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SUBPRIME LOANS AMONG MANY
REASONS
FOR RISE IN FORECLOSURES |
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 It is a known fact
throughout the mortgage industry that the number of foreclosures in this
country has been rising dramatically in recent years. The Center of
Responsible Lending estimates that as many as 2.2 million people are
currently in danger of foreclosure. These 2.2 million Americans are at
risk of losing $164 million worth of homes
An article written by Denver Post reporter Aldo Svaldi said that a
"typical foreclosure" involves a borrower who took a subprime loan with
no money down or another mortgage loan with risk involved. Loss of
employment, medical problems and divorce are the three biggest factors
in the borrower winding up on the losing end of that risk.
Also the fact that required-payment amounts on adjustable rate interest
loans are rapidly increasing adds to the foreclosure rate. Michael
Billings, a financial analyst with Friedman, Billings, Ramsey & Co.,
estimates that about $265 billion worth of subprime loans are expected
to have their payments increased this year due to rising interest rates.
Furthermore, the fact that money for subprime loans is not as plentiful
as it had been in the past couple of years means that it is more
difficult for these strapped borrowers to refinance.
"A lot of people who are in problem situations are not subprime
borrowers," said Michael Thomas, a managing partner in Hyperion Capital
Group. "They are borrowers who weren’t ready for a 2 percent hit on
their mortgage rate."
While it is sad to see borrowers lose their homes, lenders also suffer
as foreclosure rates rise, especially those who haven’t obtained a solid
appraisal.
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ELLIOTT EMPLOYEE’S
DAUGHTER WINS
FAMILY TRIP TO DISNEY WORLD |
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Emma Holt, daughter of Carlyle Holt,
director of client services at ELLIOTT® & Company Appraisers,
won a radio station contest, which resulted in the Holt family
enjoying an all-expenses-paid trip to Walt Disney World.
The contest was sponsored by WKZL-FM in Greensboro, N.C.
Contestants were required to send in a joke. The radio staff
would then choose the joke of the day. At the end of the contest
there was a drawing of all joke of the day winners. Emma’s name
was drawn.
The 7-year-old’s joke was, "Why was the math book sad?"
"Because it had too many problems." |
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QUOTES OF WIT &
WISDOM |
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"Make sure you have finished
speaking before your audience has finished listening." --
Dorothy Sarnoff
"A good plan, violently executed now, is better than a
perfect plan next week." -- George Patton
"Every day you do one of two things: build health or produce
disease in yourself." -- Adelle Davis
"Experience is that marvelous thing that enables you to
recognize a mistake when you make it again." -- Franklin
Jones
"Good manners will open doors that the best education
cannot." -- Clarence Thomas
"The important thing in science is not so much to obtain new
facts as to discover new ways of thinking about them." --
William Bragg
"When I am abroad, I always make it a rule never to
criticize or attack the government of my own country. I make
up for lost time when I come home." -- Winston Churchill
"If you’re not happy with what you’ve got, you’ll never be
happy with what you get." -- Jacqueline Austin
"The more you chase money, the harder it is to catch it."
-- Mike Tatum
"It’s not the hours you put in the work that counts; it’s
the work you put in the hours." -- Sam Ewing
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