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#1675010 - 03/08/12 05:04 PM Acknowledgement of Fair Market Value
Many Hats Offline
Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
I am curious about a Laser Pro Critical Warning indicating that an "Acknowledgement of Fair Market Value" is required by Texas law.

Anyone from Texas? Is this a document that you typically provide and have you been cited for not doing it?

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Lending Compliance
#1675063 - 03/08/12 05:58 PM Re: Acknowledgement of Fair Market Value Many Hats
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 78,643
Galveston, TX
If you are thinking about doing a home loan in Texas and have not done one before, this is probably the least of your worries. LaserPro or not, you need competent legal counsel involved to walk you through the process.
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#1675073 - 03/08/12 06:05 PM Re: Acknowledgement of Fair Market Value Many Hats
manimal Offline
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manimal
Joined: Feb 2008
Posts: 2,207
Deleted
You may want to post this in the 'Texas' forum to get responses from posters in that state.
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#1675646 - 03/09/12 04:33 PM Re: Acknowledgement of Fair Market Value Many Hats
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,333
The document itself is not required by law. The constitution simply states that the bank and the owner must "agree to the value." But the issue is not that basic and simple and the constituion doesn't specify exactly HOW the agreement is to be documented.

You won't get "cited" for not having this document in file (unless by internal auditors). But if you don't have the document in file, you'll run into problems during foreclosure as your lien might be ruled invalid.

I agree with Randy. You need legal counsel advice, as Texas homestead lending is quite tricky.
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