Interim Final Rule Versus Home Valuation Code of Conduct

On October 18^th, 2010 the Federal Reserve revealed the new “Interim Final Rule”, as a result of the highly criticized Home Valuation Code of Conduct (HVCC). The HVCC, created after the housing bubble crashed, made it much harder to get an accurate home value and get approval on a home loan. While the new rule will not be in effect until April 1, we can speculate that it will have a better impact on the housing market.

The HVCC was initially created to shield appraisers from undue pressure to over-value a home so it would qualify for a higher home loan. In order to do so, the HVCC forced appraisals to be ordered at arm’s length and use national management companies to hire appraisers. Under the HVCC lenders and agents seeking to issue a loan cannot hire an appraiser familiar to them. Furthermore, the communication with an appraiser is prohibited.

The biggest issue created by the HVCC was the hiring of inexperienced appraisers who were not familiar with the local market. Those appraisers, who were not familiar with the market, often gave very conservative appraisals and even included foreclosures as comparable sales. This caused the pendulum to swing in an entirely opposite direction, as properties became undervalued versus the overvalue they received during the housing bubble.

The new rules continue many of the major elements of HVCC, including a ban on the use of coercion to get an appraiser to put aside his professional judgment and provide an overvalued appraisal. It continues to uphold conflict-of-interest guidance, which prohibits loan officers and mortgage brokers from selecting appraisers.

The new rules allow lenders or builders to ask an appraiser to take into account additional information that may have been overlooked in the initial appraisal including information about comparable properties. It also requires that appraisers be paid “customary and reasonable” fees to encourage the use of well-qualified appraisers who are familiar with the local housing market. The new rules also encourage that any incidents associated with the misconduct or negligence of an appraiser be reported immediately to state appraiser licensing authorities.

Many individuals in the real estate, building and lending industries are welcoming the changes and are only concerned with the enforcement. They hope that the new rules will be a step in the right direction with its tougher penalties. Both consumers and industries could receive a major benefit if the new rules are enforced properly.

As custom home builders we sometimes feel that appraisers should consider additional information about a property, particularly because there aren’t often an overwhelming number of comparable properties. In several cases, we have seen appraisals that are based on completely inappropriate comparables.

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Latest Bathroom Must Have

Oval shower enclosures from MWE are the latest must-have for the serene, modern bathroom. The sophisticated design of this shower will add a stylish flair to any bathroom. Whether you are in the process of designing your custom home, or renovating your bathroom these oval shower enclosures should be considered in the design of your bathroom.

There are two elegant models to choose from the Visio and the Terra. The Visio offers homeowners with a frameless curved-glass door, with a rounded rail overhead, offering a 360-degree unobstructed view. This system is both simple and elegant, a masterpiece in construction.

The Terra offers the same frameless curved design but with the rounded rails on the floor. This is an alternative to the traditional shower system; created for the unique and individualist homeowner. The weight carrying roles are running over the floor which allows this model to be installed anywhere within the bathroom. This shower was designed to be completely functional as well as, sophisticated.

Our team of custom home builders would love to discuss your bathroom design and suggest how to incorporate either of these two models. We understand that it’s our job to offer our clients with as many high-end options as are available for their custom luxury homes.

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Luxury Homes not Part of The Trend

While the housing market has continued to decline for the last couple of years, the luxury housing market has held its head up, despite the recession. Notwithstanding the downturn, Americas wealthiest have continued to buy luxury homes even in the declining housing market, so much that many times prices have risen.

There are several reports indicating that the wealthiest 10% of the nation’s households may account for nearly 50% of the home sales this year. In addition, other reports show that custom home builders have built high end luxury homes at a supply rate slightly below the level of demand. The scarcity of new luxury homes has caused their value to increase dramatically, even in a declining market.

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Customize the Bathroom

Need ideas for the bathroom in your new custom home? A good way to give your bathroom a custom feel is by adding etched glass shower doors. Don’t just adorn your high-end bathroom with simple glass, it will look naked. Not only is the etched glass much more sophisticated for the bathroom, it also provides privacy without blocking the light.

The etched glass will not only create a custom look in the bathroom but, it will also showcase your unique personality. The etched glass is offered in many designs from geometric shapes to nature scenes.

An exclusive-designed shower door is a perfect way to create a custom vibe in the bathroom. The frameless shower enclosures will also giving you something more appealing to look at amidst your shower.

For more custom designs check out: Sans Soucie Art Glass Studios, Inc. As custom home builders, we will be more than happy to discuss which etched glass shower door fits best with the design of your custom home.

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Hiring a Custom Home Builder

Building a custom home is very satisfying, but it isn’t an easy task. There are many things to consider when preparing to build a custom home: budget, plans and building a fully furnished quality home. A custom home builder can help alleviate the difficult tasks associated with building a custom designed home.

Planning the budget for your allotted dream home can be facilitated through the use of an expert home builder; they will guide you through this process. Custom home builders will also know the best products to use and where to obtain the best prices. Having an expert establish a budget helps with the task of getting a construction or mortgage loan from the bank.

Every dream home needs home plans; these illustrations can help you plan you space, set a budget and schedule the construction. Only an expert custom builder can provide you with the most accurate and detailed home plans.

The goal of a custom home is to suit the needs of the homebuyer. At this point, a custom home builder can help conceptualize your home design from the home plan and advise you on what your house should look like.

While hiring a part time contractor may seem practical at first, a professional custom home builder can provide you with a higher level of experience and expertise. When it comes time to decide which home builder to work with, get the right information. How long has your home builder been in the construction industry? What type of projects have they done?

Once you house is built, homebuyers can benefit from having hired a custom home builder because they will have a quality house with a warranty.

It is very exciting to build your dream home, particularly with the aid of a custom home builder who can make your house a reality. A trusted builder will help you accomplish the goal of the perfect home.

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South Florida Not the Worst Anymore

Not long ago, South Florida was one of the worst real estate markets in the nation, but that’s no longer the case. This is due to foreigners, as 60% of the South Florida home sales have been made by foreign buyers who typically pay in cash.

In Broward, the pending home sales have gone up 25.4% from last July, which is good news for Southwest Ranches and Parkland.

As custom home builders, we are looking forward to the future which no longer is as bleak as it once was.

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Custom Home Building: The Passion

Building custom homes has always been my passion. Every person is completely distinct in personality to their neighbor, so it is only common sense that their house should be just as unique. A house that is a modern marvel to one person may translate into an “Eh, it is okay,” to another.

Just like people, houses have personalities and they can often be defined by the personality of the owner or owners. When we sell “ready-now” homes, we know that we are looking for a specific person to match the home; when we build a custom home for our clients we are matching the house to their personality and taste.

As custom home builders we pride ourselves in being able to deliver on the promise of unique and personalized home building and we stop nothing short of that.

If you are looking to find what your perfect house says about your personality check out: Draw a House. It can give you some insight as to how much of your personality is defined by your custom home.

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The Turning Economy is Causing Scarcity

The economy is turning on a daily basis and confidence in the housing market is growing steadily. For some this is great news, while for others it means having to wait years before their dream home will be built.

Currently, at Parkland Golf and Country Club we only have one home available that is move-in-ready, the Villa Positano. Once this home is gone there won't be anything new in Parkland Golf for at least another year and a half. Are you willing to wait?

If you are currently looking for custom built homes for sale you won't want to miss this opportunity. The inventory for new custom homes has been depleted and no one is building anything.

Come see the Villa Positano before someone beats you to it.

Villa Positano at Parkland Golf in Parkland, FL

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Landmark mentioned in Palm Beach Post

We were mentioned last week by the Palm Beach Post as one of the original builders in Equus and it was also mentioned that we were still active. It was nice to get some positive press in regards to the Equus community.

According to the article GL Homes plans a "rebirth" of the community.

http://www.palmbeachpost.com/money/real-estate/gl-homes-to-finish-building-on-vacant-lots-226707.html

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