I am a victm of the lenders being idiots with these subprime loans. They need to be taken to the woodshed. Whatever happened to the real free market? The one that's not manipulated by speculation (oil), appraisers, and other miscellaneous power hungry morons.

P.S. Can you tell I'm pissed?

 

Come on, now. Don't hold back. Tell us how you really feel.

 

One other thing to do is now that you have an appraisal is to go to the town or city the home is located in an argue down your taxes! If the house is not worth the value your being taxed on than it should be lowered. Just a thought.

 

Now THAT is a damn good idea!!!!!

 

Carmen, I hope this gets turned around. It is so wrong.

BTW, I think we are over due for new little girl photos. I can only remember her middle name, right now. _____ Noel.

 

Carm,

That's the part that I don't understand. Perhaps I'm missing something, but if they thought the house was worth the money before the appraisal, they can afford the difference in what the mortgage company will give them or you will give them a note, and the appraisal is so obviously wrong, then why is the appaisal turning their heads?

If the appaisal is so wrong, which it sounds like it is, shouldn't they be able to see through it?

(I'm not being difficult, the pieces just don't fit together for me.)

 

No, you're not being difficult. We're all scratching our heads. It's still to be determined whether they will agree the appraisal is ridiculous or not. If they do, we have a chance, but my agent thinks they are going to ask for a release. They tried to lowball me originally. I asked if the buyers agent would communicate how ridiculous the appraisal is and she said her first words were "would he be willing to negotiate the appraised price?" So, it doesn't sound like she's an advocate for the higher price.

 

Carmen, I agree with Rob. This whole thing stinks. Unfortunately your the one caught in the middle. Good luck.

 

You can thank the mortgage companies and some banks who approved subprime loans to people who were not qualified and were in over their head from day one. Thanks to no control over this market we ended up in a mortgage crisis and that has had a detrimental effect on the stock market which a lot of people depend on on for income. The Fed finally steps in and starts looking at these shady lenders most of which have gone out of business. Too little too late. Now banks are running scared and you are getting caught up in this. I feel your pain and hope it works out for you. We bought and sold almost a year ago just before this mess, thank God.

 

The assessed value of a property is never as high as the appraised value. At least that is always the case around here. So depending on the practice of your county assessor's office, you may not have anything to argue about.

I think OhioRacer is correct in thinking the (potential) buyers will walk away from the deal. It is not the buyers who don't think the property is worth the price they agreed to, it is the bank that will not loan out the money for the deal. And down the line, they may also have difficulty with getting a home owner's policy because the insurance companies will not want to insure the property for the amount it was purchased. So having a much lower appraisal value will cause more difficulties for the buyers even if they don't mind paying the higher price.