You Will NOT Believe This
#31
Originally Posted by MsPerky,May 23 2008, 11:40 AM
^ It should add value and it does...the problem isn't the neighborhood. It's the appraisal process, and the apparent stubbornness of the bank. You are the victim of bad luck. I hope it changes.
P.S. Can you tell I'm pissed?
#33
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.
#34
Originally Posted by zzziippyyy,May 23 2008, 12:03 PM
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.
#36
Originally Posted by OhioRacer,May 23 2008, 11:36 AM
Rob,
There is no selling required to the buyer. We have agreed on a price. They see the value in the place and feel it is worth the same amount I feel it is worth. So there is no need to "wait for that someone to come along". They've already come along. And my agent and I have made a case for the house being worth what I feel it's worth. And the buyers AGREED!!!!!!!!!!! Sadly, the appraiser and the lender, because of lack of comps, have polluted the situation and will scare off the buyer. This is the penalty I guess for having a desirable neighborhood where people don't sell/leave (no recent comps). Shouldn't it be the other way around? Shouldn't a desireable/low turnover neighborhood ADD value? I guess I'm still living in the 70's.
There is no selling required to the buyer. We have agreed on a price. They see the value in the place and feel it is worth the same amount I feel it is worth. So there is no need to "wait for that someone to come along". They've already come along. And my agent and I have made a case for the house being worth what I feel it's worth. And the buyers AGREED!!!!!!!!!!! Sadly, the appraiser and the lender, because of lack of comps, have polluted the situation and will scare off the buyer. This is the penalty I guess for having a desirable neighborhood where people don't sell/leave (no recent comps). Shouldn't it be the other way around? Shouldn't a desireable/low turnover neighborhood ADD value? I guess I'm still living in the 70's.
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.)
#37
Originally Posted by ralper,May 23 2008, 01:03 PM
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.)
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.)
#39
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.
#40
Originally Posted by zzziippyyy,May 23 2008, 09:03 AM
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.
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.