I just picked up a survey for a guy that is getting his house refinanced. Get this!!!! The bank wants a survey!!! What???????? Am I still in Georgia?
😀
Darn! I thought this was going to be about a verdict on the Edwards trial.:'(
But congratulations anyway!
that is a rarity on a residential refi. my spidey sense is tingling - there may be more to this story than you know.
lol....now that was funny!.........errrr...you are kidding, right?
It is the truth. I actually picked it up about 2 hours ago... but just now am waking up from passing out on the floor. 😉
These are strange days we live in:-P
What kind of survey are they asking for, could it be a site plan for financial purposes and they don't intend to pay much to verify that the improvements are on the proper tract with no encroachments indicating a title problem. That is usually what is needed to sell the contract, already made a profit from points and other fees, to get their money back to loan again.
jud
For our bretheren that live in other states, Georgia does not have Mortgage Inspection Certificates. It's a real survey. I can see the purpose behind a Mortgage Inspection certificate, but in Georgia, it has to meet the Technical Standards For Surveys. This is good news if Lenders are requiring surveys again.
Dale Yawn
Savannah, Ga.
I heard about surveys for refi's; strange, mythical creatures that the old timers talked about and stories were told in the ancient writings.
we recently had a conversation with a banker and then with an appraiser. They said we can probably expect more surveys being ordered from banks, due the rise in foreclosures. In this area they especially want the farmstead area surveyed out of the tillable area in order for the owner to get financing.
We do something like that here and it is a County choice. Called a Partition for Financial Purposes, it creates a small temporary Parcel for the home site which is reabsorbed back into the parent tract when the terms of the loan have been met. Does two things, the interest rates for a home are cheaper if it is not a part of a farming operation and in the event of a foreclosure, protects the remainder of the farm and the temporary parcel become a marketable and complying parcel for the bank to depose of but the owner does not enjoy that right, the owner if they choose to sell must sell both parcels as a unit. Not sure I like them, there is nothing in place to enforce the recombining of the parcels is my biggest problem with it. We haven't had any foreclosures but we have several that have not re recorded deeds to recombine the parcels which makes both into, non conforming parcels, that someday will need to be corrected and as always time creates bigger problems. Although an owner can divide their holdings just like they did before Planning, to do so changes all to the label of being non-conforming, which creates problems when you wish to sell or obtain a loan.
jud
we should all rid ourselves of the insidious virus known as the mortgage inspection survey
They serve a purpose, when done properly it is a good service. Several I have done that while I was on the site, I observed problems that required a boundary survey to be done and reported such to the bank. Sometimes a boundary line adjustment or a re-plat was needed to resolve issues. Being derogatory to their value only shows a lack of respect for those who are diligently providing a needed service. Monday I completed one that I tied all corners using GPS and also set a point for the instrument to occupy and a back-sight point to use to tie in the improvements because of viability issues, it was a service needed and was done well at a reasonable cost. Yes I knew it was Memorial day, I am a vet and I work for myself so sometimes work is done on holidays without overtime wages..
jud
> I just picked up a survey for a guy that is getting his house refinanced. Get this!!!! The bank wants a survey!!! What???????? Am I still in Georgia?
> 😀
Because of all the fraud and abuse in the foreclosure fiasco the standards are getting much more stringent. Don't you think that it's about time?
:good:
Be really careful with the boundary and insist upon a title report.
This will put your name in the hopper if anything goes south with the mortgage down the road.
Normally, I don;t worry much about "heirs and assigns" because affectedd thrid parties have a right to rely on my work. In this case, because of the Robo-signings on loan docs, I'd be VERY hesitant to include the phrase.
On the other hand, it could well be a very good omen!
Congratulations!
