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Wow, Glad I got mine in during the no-proof phase.. That did seem really odd to me when I amended my 08 return. All they really asked for was the address. Got my check in about a month after mailing the amendment in. Also an update to my Escrow Fiasco: The current reason for them sending a check for about $5k to my township was apparently that the township billed them for the property reassessment of "my 39 properties".. No freaking idea why the township thought I was the builder, which is even dumber since they know my property taxes for one single property, why would I own 39? Bank is baffled, township is stubborn and i'm still caught in the middle waiting for my 5k back.
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Jan 22, 2010 20:08
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Is it slightly more than $5k, slightly less, or exactly $5k? This is important because claims of $5k or less can be taken to small claims court, where you don't need a lawyer and the fees are pretty cheap.
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Jan 22, 2010 20:12
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Leperflesh posted:Is it slightly more than $5k, slightly less, or exactly $5k? Limits for small claims court vary widely depending on the state you're in.
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Jan 22, 2010 21:22
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Hey, cool. I didn't realize that was state-level law. Makes sense though.
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Jan 22, 2010 21:45
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Y'all who are buying a house really need to remember that once you close you have to move. And moving sucks. Holy poo poo I have professional guys coming today even and I am sick to my stomach and there is stuff everywhere. If you know you are buying, don't be stupid like me and wait to close, get packed becuase you know you will move eventually.
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Jan 23, 2010 16:06
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We set the closing date for the middle of the month. That way we were able to resand the floors and make a bunch of trips whenever we could instead of being forced to move in a couple of days. Moving is terrible, good luck with it all! (our moving guys spilled a box containing my two gesso containers and it went everywhere all over the apartment steps so make sure you tell them when there is something fragile or spillable in a box so they're extra careful)
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Jan 23, 2010 17:25
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Agreed. Moving loving sucks. We did it over a month and it still loving sucked. We did it ourselves - next time I am hiring someone and I bet it still will loving suck.
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Jan 23, 2010 18:34
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Thirding that poo poo. After a week painting and another week sanding floors and oh yeah christmas we were exhausted. And not packed at all. And we have way, way, way too much poo poo. We're a married couple with no kids and we totally filled a 24-foot truck, took a huge load to the dump, and still had enough stuff left over that we had to rent a 16' truck to haul it. And then oh god the cleaning. In the end we wound up just letting our landlord pay someone to do the final cleaning, which turned out to be really loving expensive (9 hours! at $40 an hour?! gently caress). gently caress. Moving. Oh and the second weekend at the house instead of unpacking, I got to fix the burst water pipe under the house! And replace the kitchen faucet so we could use our dishwasher, and last weekend I installed a new stove because the old one's electronics burnt out the first time we tried to use it, and I broke a fluorescent light in the garage and it exploded and sent tiny razor sharp shards of glass-dust all over everything, everywhere, even 10 feet away. So yeah, plan for all that poo poo because it'll happen. Leperflesh fucked around with this message at 20:10 on Jan 23, 2010 |
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Jan 23, 2010 20:07
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I got a cash offer on a townhouse accepted, the contract has been ratified, and I am set to close February 3rd. The inspection is scheduled for Monday, so I'll have my home in less than two weeks if all goes well. Moving really does suck. I'm not looking forward to it. I'm moving less than 2 miles away and I'll probably end up moving one piece of furniture a day starting with my bed, haha. I'm 21 and most of my friends are away at college, so it's a pain to get people to help me move. Worse is that since I work a strange shift, the friends who do live around here are usually working while I'm free. At least I'm confident that I can make the move without renting a moving truck. We managed to move all of the apartment furniture out in a Buick Rendezvous. I do have a few extra things to move, though, since my parents are pawning furniture off on me as an excuse to purchase new stuff.
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Jan 23, 2010 20:12
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slap me silly posted:Agreed. Moving loving sucks. We did it over a month and it still loving sucked. We did it ourselves - next time I am hiring someone and I bet it still will loving suck. I've probably moved more times than any man under 30 should, and after the last time I swore off ever doing myself again. I don't care if it costs me $5k, I'm paying someone.
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Jan 23, 2010 20:53
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Leperflesh posted:So yeah, plan for all that poo poo because it'll happen. Haha, yeah, I spent $2k fixing a roof leakage problem that had somehow gone undiscovered by multiple inspectors and two owners for 7 years, yet we discovered it within a month. Edit: VVVV Wow... slap me silly fucked around with this message at 21:34 on Jan 23, 2010 |
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Jan 23, 2010 21:14
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The only reason I discovered the leaking pipe was because I was crawling under the house to see if dropping a ground wire from one of the outlets down through the subfloor would be possible. Given we'd had an inspector down there a month earlier, and a guy running sattelite cable a week earlier, it can't have been leaking for very long (it was spraying a jet of water two feet long from a crack where some idiot had run the cold water pipe right across a sewer line, so they'd rub against each other). Lucky, basically. Could easily have not noticed it happening for months. Water under the house like that saturates the ground and can allow the concrete-slab foundation blocks to shift and settle, cracking and creating a situation that costs tens of thousands of dollars to fix. Homeownership 
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Jan 23, 2010 21:29
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Moving sucks regardless of how much money you have or how many people you have helping, so try to land a place you can actually stay in for a few years. I'm on track to have moved 1.2 times a year for the past 10 years, 8 of them clear across the country and I'm in the middle of moving right now. If it wasn't for these moves, I'd have somewhere around another $15k in my bank account I could blow on hookers and blow, so moving can get expensive in a hurry. While most people won't move into a house across the country every time they move, it should be noted that it must be factored into a home purchase, especially if you're "upgrading" houses and you've got a lot of crap. The only good thing about moving is that if you're moving more than 40 miles for a new job, it's tax deductible..... unless you've got over a $160k AGI, which means you need to consider moving for a new job far away as a capital outlay on top of the other issues with relocation. I wouldn't turn down a $200k offer due to my pitiful $10k moving costs or something, but I would also hope that at that sort of level of employment that your employer would pay for your relocation costs rather than yourself.-S- posted:I've probably moved more times than any man under 30 should, and after the last time I swore off ever doing myself again. I don't care if it costs me $5k, I'm paying someone. BTW, hiring others barely makes things better. Packing up stuff is the awful part along with transportation of vehicles and dealing with loss of car. I'm not sure if I can factor in loss of use for my moving expense deductions, but the fact I'll have to pay $200+ for a rental car until my car gets there is kind of lame. Next time I move long distance, I'm going to drive my rear end over there with the wife and cats in tow and make it a vacation just for the stress reduction. Paying $800 to transport the car and the cost of a rental car plus cost of a flight is costlier than spending 3-4 days on the road staying at hotels and paying for gas and the wear & tear on your vehicle. In most situations, it's better to cut down on up-front costs, but in mine it was best to start the new job ASAP, so I decided to pay the extra to fly my family out with our stuff lagging behind by over a week.
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Jan 23, 2010 22:54
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There are moving companies that will pack all your poo poo as well as move it for you. It costs a lot more but for some folks it might be worth it.
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Jan 23, 2010 23:01
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Okay, moving sucked. My Mom showed up mid day Friday and just went home. We had my Dad and my wife's parents and various friends and other family over Friday, Saturday, and today. We also had 6 movers and a 53 foot trailer. It was a heroic effort on behalf of all parties, but our poo poo is all moved. Some fun facts:
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Jan 25, 2010 05:46
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Hmm, feelin' pretty good about my own experiences now. What did he chop his thumb with?
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Jan 25, 2010 08:07
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slap me silly posted:Hmm, feelin' pretty good about my own experiences now. What did he chop his thumb with? The driver was putting together wardrobe boxes at the warehouse for a different job, and got himself with a box cutter. They wanted him to go right away to get it taken care of, but he was the only guy around who could drive the big truck, so he slapped a bandage on it and drove to my house and started to load. I think the crew and my Mom finally convinced him to get it looked at, so my Mom took him to the ER. Its a good thing he went, because he cut a vein, so they had to cauterize it to stop the bleeding (it had apparently been three or four hours bleeding nonstop), and then it took three stitches to close the wound. The driver was really good natured about the whole thing, he just wanted to make sure we got moved on the day wanted. I tipped well that day, more than double what I intended.
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Jan 25, 2010 18:19
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I close on Thursday and haven't even thought about packing. Good thing I have my apartment for 10 days after I close.
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Jan 25, 2010 19:56
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I bought my house about a year and a half ago on a 30 year at 6.125%apr. The other day the loan officer who I initially dealt with called me up talking a 100mph about an offer to drop my interest rate to 5% if I switch to a 20 year note. I can afford the bigger payment, because it's still going to be less than I've been paying with the extra I've been throwing at principle, and he swore there were no new closing costs, appraisals or anything like that. The only tough part sounds like verifying my income again, because while I'm all legit, freelance work complicates it. I'm hoping this isn't too good to be true, and if it's not, it'll make me really regret the points I paid upfront to get my rate to where it is. edit: It was Wells Fargo. eddiewalker fucked around with this message at 21:30 on Jan 25, 2010 |
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Jan 25, 2010 20:25
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I got 5% on a 30-year in December. I think you can probably do better on a 20, depending on your credit. It's certainly not a stretch to promise 5%. I think the 'there are no costs' bit is an outrageous lie. Ask him to put it in writing.
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Jan 25, 2010 22:47
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Wells Fargo doesn't list a 20 year rate on their website, but the 15 year is 4.7% and the 30 year is 5.3%. I'm sure I could get a slightly better rate somewhere else, but if this really is just an in-house loan "reorganization" then it would be worth it to avoid paying $2000+ in closing costs again. The guy treated me all right the last time around, and said this deal was only available if I met several several stipulations: primary residence, never listed the property for sale since I've live here, no new liens or whatever. In an abstract sense it makes sense to me. I agree to give them more money each month, so they give me a rate closer to the current low, and they've dissuaded me from shopping around for a refinance. Maybe I'm being naive, but I'm already in the house and currently have a loan without a terrible rate that I can easily afford each month. I haven't signed anything, so I assume if this ends up being a trap I can walk away and keep paying what I have been.
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Jan 25, 2010 23:00
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If it's really not a re-fi, then maybe wells is doing some other kind of deal with you and that might make sense for them. I'd still bet there's fees somewhere, if only a few hundred bucks. If I were you, I'd consider the offer but ask to see everything in writing before moving ahead with anything (including the credit check).
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Jan 25, 2010 23:40
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My husband and I are looking at buying a house sometime soon hopefully. We both have great credit (mine is over 760, his is around 800) and we have stable full time jobs. We should be able to get a loan for well over the price of the homes we are considering. The problem is we don't have much of a downpayment, we can use a "gift" from his parents but after reading the rest of this thread I'm not sure if we'll be able to do that. We are considering trying to get a USDA loan since we live in a rural area, does anyone have experience with them???
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Jan 27, 2010 16:09
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rangergirl posted:My husband and I are looking at buying a house sometime soon hopefully. We both have great credit (mine is over 760, his is around 800) and we have stable full time jobs. We should be able to get a loan for well over the price of the homes we are considering. The problem is we don't have much of a downpayment, we can use a "gift" from his parents but after reading the rest of this thread I'm not sure if we'll be able to do that. We are considering trying to get a USDA loan since we live in a rural area, does anyone have experience with them??? USDA loans are great, as are normal FHA loans. FHA can get you in for 3.5% of the home and the seller concessions should cover all the closing costs. My wife and I close on a home tommorow and we went FHA and got in for exactly 3.5% which was awesome. The only thing about USDA loans are the income restrictions. You wont' qualify if you make over X amount of dollars. My brother bought his house with a USDA Rural Development loan, and it was pretty easy to deal with. There are also programs out there that will give you a short term loan based on the first time homebuyer tax credit that you can monetize into a down payment. Programs vary by region, so I suggest finding a really good real estate agent familiar with the programs. In a pinch you could also take out 401K loans to cover a minimal downpayment if either of you have any money in there.
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Jan 27, 2010 17:25
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rangergirl posted:The problem is we don't have much of a downpayment, we can use a "gift" from his parents but after reading the rest of this thread I'm not sure if we'll be able to do that. You can do FHA with 'Gift' money. You'll have to show where the cash came from. Just keep in mind that in addition to the 3.5% downpayment you'll need to cover a variety of closing costs. To give you an idea: for our $240k house we bought in December, in California, in addition to the ~$8400 down, we had to pay about another $6000 in costs. So we needed about $14k total to get into our house. Leperflesh fucked around with this message at 18:29 on Jan 27, 2010 |
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Jan 27, 2010 18:19
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So on preapprovals, does it even matter where I go? I assume they'll do a hard inquiry on my credit, look at my salary, and go "Here's what we came up with!" Just because I get a preapproval from one company doesn't mean that I can't actually get the mortgage with another, right? Also I'm thinking I'm about 6-9 months away from actively looking for houses, can I get the preapproval now so I can limit my search some? edit: I'm looking to get a 30yr FHA. Also when I go to actually get a mortgage are the underwriters actual people that read what's in my report, or is it mostly automated? The reason why I ask is that my Experian has about 20 inquiries on it over the span of 2 months from when I bought my car. The dealership (Pacific Honda, in San Diego) decided to keep running my credit, shopping my loan around to various places for a very long time after I got the car. They're all hard inquiries and it's really loving with my credit score. TheWevel fucked around with this message at 18:46 on Jan 27, 2010 |
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Jan 27, 2010 18:40
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A pre-approval only says that that bank is probably willing to give you a loan at that very moment, pending a lot more info. It is not a guarantee of any sort. That said, if you easily qualify on a pre-approval from a major lender, it is a good indication that you'll qualify for your actual loan later from any other major lender. A pre-approval is never a guarantee though, and plenty of people discover this the hard way after a lot of time and effort looking for houses. Make sure your financial house is in order and stays in order between getting a pre-approval and starting the loan approval process, however long that might be. And yes, you can get a pre-approval now. I got mine in June and bought in December. I worked with an independent loan agent who periodically double-checked to make sure my pre-approval was still reasonable (without running additional credit checks, because there is a limited window for a 'cluster' of checks that won't impact your credit, and after that window closes, another check can cause another small ding to the credit).
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Jan 27, 2010 18:43
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I closed today. I can't really believe it, I never really thought I'd actually ever have a house.
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Jan 29, 2010 02:49
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TheWevel posted:So on preapprovals, does it even matter where I go? I assume they'll do a hard inquiry on my credit, look at my salary, and go "Here's what we came up with!" Just because I get a preapproval from one company doesn't mean that I can't actually get the mortgage with another, right? I got the distinct impression that there are a lot of real people reading over it. Speaking of that, my closing was loads of fun. It was at the closing that the lawyers realized the seller went by two names (Maya and Mary). She was legally Mary, but started going by Maya when someone mistook her chicken scratch version of Mary for it. They had to scramble to do the basic background checks on the legal name while we were in the process of the closing. On top of this, someone realized that it might be an issue that I am officially the buyer of my co-op unit, but that my dad's name is also on the mortgage as a guarantor. The bank had said months ago that it didn't matter to them if he was a buyer or not, he could be a guarantor all the same.... turns out that really isn't for them to say, it's up to the co-op. The bank's lawyer disappeared for a good 30-45 minutes trying to work that issue out, and I really thought I wasn't going to close. The point is: very real people go over this poo poo... and they are not perfect.
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Jan 29, 2010 03:45
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senor punk posted:The point is: very real people go over this poo poo... and they are not perfect. Not perfect to say the least. The seller on the house we're in contract with went down the form 17 and checked no to almost every question, including some that obviously should've been yes (Has the water supply provided potable water over the last year, do you know when the house was built, etc.). Our appraisal came back the other day (appraised for the exact listing price, to the dollar. Hmmm..) and everywhere that mentioned how much we were paying, etc. he had put a number $100,000 higher than it should've been. In other news, our agent noticed some mention of a requirement that the house be hooked up to a gravity sewer when it became available in some of the title paperwork. We almost ignored it, figuring that the paperwork was 10yrs old and that it had probably either happened already or was never going to happen, but I decided to call anyway. Turns out that the engineer with the city was very familiar with this property and claims that the previous owners had been asked to switch for a long time and had apparently been ignoring the city. Looking into it further, the reason they were probably trying to ignore it is that although hooking up to the new sewer would be relatively affordable ($1000 if you did the short pipe run yourself) the sewer they're currently hooked into is owned by the city across the street. If they terminate their connection to that city's sewers the city will require them to seal it under the street which would require shutting down half of a major roadway, digging down 12ft to seal it, and then repaving over that spot. Safe to say that's not a cheap solution. The owners have told their agent that they've never been aware of any issue, but we're waiting to see what happens today. If we could be inheriting a very expensive problem I think we'll probably walk on the deal and go back to square one 
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Jan 29, 2010 17:28
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So the foreclosed home I'm buying has $4,390 in previously due HOA assessments, all of which seem to be from before the foreclosure took place. As best I can tell, the HOA has to go after the previous owner for this, but is there any way that the HOA can take action against me? Virginia law gives me 3 days to back out of the contract from that date I received the HOA documents (today), so worst case is that I tell the bank to go screw themselves and they are required to refund my EMD.
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Jan 29, 2010 18:57
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BeastOfExmoor posted:... Our appraisal came back the other day (appraised for the exact listing price, to the dollar. Hmmm..) Couple people have mentioned this with surprise, so I thought I'd jump in and explain. It is actually the case that an appraiser should usually find the property to be worth exactly your bid. That's because an accepted bid is very strong evidence that that is the 'market value' of the property! If you think about it that makes a lot of sense; if the property were worth more, the seller would have likely attracted a higher bid... and if it were worth less, you would likely not have bid so much. Only if the appraiser finds substantial evidence that the property is worth more or (usually) less, should he come back with such a finding. If there is no strong evidence to suggest that, then appraising at bid value is the proper result.
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Jan 29, 2010 19:46
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Yeah, that's how it worked during the bubble, right? And that didn't contribute to the insanity at all... When the house I bought was appraised, the appraiser did not consult with me or any agents. Instead he just looked at comp sales. He came up with a price just over my offer. Er, that is after the typos were fixed that made it come in 5% low, nice little hiccup that was.
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Jan 29, 2010 20:10
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I Dream of Tetris posted:So the foreclosed home I'm buying has $4,390 in previously due HOA assessments, all of which seem to be from before the foreclosure took place. As best I can tell, the HOA has to go after the previous owner for this, but is there any way that the HOA can take action against me? I don't know about Virginia, but in CA, the HOA was able to hold up the close of the house because of a prior issue. If there isn't a lien against the house for the back HOA dues, they can get one. If the HOA knows that the house is in escrow, they will likely go after their back fees from escrow as a part of the process. I was lucky and back dues were paid out of the seller's proceeds at closing, you may not fare so well. Talk to your escrow company and see what they have to say.
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Jan 29, 2010 21:57
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slap me silly posted:Yeah, that's how it worked during the bubble, right? And that didn't contribute to the insanity at all... When the house I bought was appraised, the appraiser did not consult with me or any agents. Instead he just looked at comp sales. He came up with a price just over my offer. Why would an appraiser consult with you or the agents, all of whom have a vested interest in a specific conclusion? Appraisals are supposed to be independent, based on an evaluation of the condition and size and ameneties of the structure and property, and the local market conditions (comps, and recent and longer-term trends in prices). And appraisals didn't contribute to the bubble, negatively or positively. An appraisal is an assessment of market value, and market value is, by definition, "what the market will pay". If people are "overpaying" for a house, then that's what the house is worth on the market. There is no way to asses some magical 'intrinsic value', that doesn't exist. If five people are willing to pay a million dollars for a decrepit shack, then that decrepit shack is worth a million dollars. That's all "worth" actually means. Did you know money is just paper with ink on it?
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Jan 29, 2010 22:13
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I misunderstood you to say that the appraiser would normally use the offer price as evidence of the market price. Otherwise, my point is that appraisals during the bubble were not always made independent of the parties to the transaction, but there might have been significant long-term benefit all around if they had been.Leperflesh posted:Did you know money is just paper with ink on it? This is why all my transactions are carried out in purestrain gold slap me silly fucked around with this message at 23:30 on Jan 29, 2010 |
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Jan 29, 2010 22:20
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Leperflesh posted:And appraisals didn't contribute to the bubble, negatively or positively. quote:But, as the Appraisal Institute recently testified to Congress, appraisers are under increasing pressure from lenders, mortgage bankers and real estate agents to "hit their number" when appraising property. Leperflesh posted:There is no way to asses some magical 'intrinsic value', that doesn't exist. Leperflesh posted:It is actually the case that an appraiser should usually find the property to be worth exactly your bid. That's because an accepted bid is very strong evidence that that is the 'market value' of the property! PC LOAD LETTER fucked around with this message at 23:27 on Jan 29, 2010 |
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Jan 29, 2010 23:21
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PC LOAD LETTER posted:That is untrue, plenty of appraisers would "hit the numbers" upon request to make a deal go through during the bubble. If you didn't play ball you didn't get work and lost your job. That is half the reason they've tried to revamp the process by introducing stuff like the HVCC which is bitterly opposed by realtors because its supposed to keep them away from the appraiser. That sounds like fraud to me. I'll accept that fraudulent appraisals maybe played a role... but when house prices were rising steadily and rapidly, the chances of a house appraising under value were remote. I strongly feel the major factors driving the bubble were speculation, too-easy credit, and irrational exuberance. Loan officers telling buyers they could afford things they couldn't afford, banks offering credit to people who couldn't possibly afford it, and those banks then selling those bad loans to ignorant investors who didn't understand what they were buying, and lying to those investors about the quality of those investments. Blaming appraisers for this is a stretch. Maybe they were part of the problem, but not a big part. quote:True, but affordability is also a factor that has to be considered, otherwise you end up in a boom or a bubble if things get really crazy. Society should certainly consider "affordability" as an important social factor. Cities need to encourage more affordable housing and the government perhaps has a role in that. An appraiser appraising a particular house shouldn't skew his final number based on abstract societal goals; it should be based on evidence of what a house will fetch on the open market. That's all an appraisal is. Do you think someone appraising a diamond ring should give it a lower value because people in africa were exploited in order to dig it up? Of course not; the diamond is worth what someone will pay for it, period. quote:No they're supposed to look at the local market as a whole, among other things (ie. foreclosures, location, home condition, etc.), your bid alone won't play a role in determining value. Now if you want to overpay there is nothing stopping you from doing that of course. Did I say your bid alone determines the final price? No, I didn't. I said it was a very important factor, certainly the 'starting point'. When you try to determine the value of a house, you are attempting to fathom what exact price some unknown collection of people (each with their own needs, preferences, etc.) would be the highest they're willing to pay for that exact house, with its unique location, amenities, what color paint it has, the brand of microwave, the color of the linoleum... that's impossible to do perfectly. But a house that's been on the market and has attracted an offer has been evaluated by those very buyers. The best offer is accepted. That best offer is very good evidence of what the market will bear. How could you ignore it? To argue the house is "worth" less is to ignore that someone is willing to pay that number. All a bank needs to know is whether at least one more buyer would likely be willing to pay that number, given time... if so, then the house could be resold for that amount and that's what it's worth. Whether I "want to overpay" does not enter into it. The purpose of the appraisal is for the bank to make sure that the security against their loan is worth the value of that loan, at least at the time of the sale. I've got an appraisal right in my hand and it is not exactly difficult to review the process the appraiser used. On the form the appraiser can evaluate the house using three "approaches": "Sales Comparison Approach", "Cost Approach", and "Income Approach". The appraiser says "The Sales Comparison Approach is most reliable. The Cost Approach is supporting. The Income Approach is not utilized as these homes are purchased for residential amenities rather than income stream. The value conclusion is the result of a Summary Report." The "cost approach" includes an opinion of the value of the land, the cost of building the structure new, improvements, and depreciation. The "Comparison Approach" looks at comperable sales and compares them to the house being appraised. Comps are ordered by date to find trends. Time on market is also tracked to find trends. If there is no strong indicator that the recent value and/or trending value is substantially different from the offer price, then the appraiser is supposed to use the offer price. Here's an excerpt from my appraisal: quote:The closed sales displayed were carefully selected and are considered to be the most comperable and the best indicators of value for the subject property. The adjusted values of the comperables indicate the most probable value for the subject property ranging from $231,000 to $278,700. Most weight is placed on mid-range of value. The subject property is appraised at its sales price, which is considered a good indicator of market value. The appraisal is also a contract, which is signed by the appraiser. Here are two relevant items (part of the form): quote:16. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. ... So if the appraiser "consults" with parties and is "encouraged" in any way to hit a particular value, and then signs this document, guess what they've just committed fraud.
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Jan 30, 2010 00:57
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Leperflesh posted:That sounds like fraud to me. Leperflesh posted:Blaming appraisers for this is a stretch. Maybe they were part of the problem, but not a big part. Leperflesh posted:An appraiser appraising a particular house shouldn't skew his final number based on abstract societal goals; Leperflesh posted:Do you think someone appraising a diamond ring should give it a lower value because people in africa were exploited in order to dig it up? Of course not; the diamond is worth what someone will pay for it, period. Leperflesh posted:Did I say your bid alone determines the final price? Leperflesh posted:certainly the 'starting point'. Leperflesh posted:that's impossible to do perfectly. Leperflesh posted:been evaluated by those very buyers. Leperflesh posted:That best offer is very good evidence of what the market will bear. How could you ignore it? To argue the house is "worth" less is to ignore that someone is willing to pay that number. Leperflesh posted:All a bank needs to know is whether at least one more buyer would likely be willing to pay that number, given time... if so, then the house could be resold for that amount and that's what it's worth. Leperflesh posted:The Income Approach is not utilized as these homes are purchased for residential amenities rather than income stream. The value conclusion is the result of a Summary Report. Leperflesh posted:If there is no strong indicator that the recent value and/or trending value is substantially different Leperflesh posted:Here's an excerpt from my appraisal: Leperflesh posted:So if the appraiser "consults" with parties and is "encouraged" in any way to hit a particular value, and then signs this document, guess what they've just committed fraud.
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Jan 30, 2010 02:57
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Sorry, didn't read the topic for a while, just catching up...Leperflesh posted:but, it should be understood that there is a huge difference between subprime mortgages and the other types, in terms of quality (that is to say, the rate of default we should expect). Leperflesh posted:It is also the case that the resets of alt-a and option-ARMs are mitigated by the continuing very low interest rates. Leperflesh posted:The vast pool of "shadow inventory" that has been reported on for nearly a year now keeps failing to materialize. I've read, and posted in this thread, a number of articles warning about the huge numbers of mortgages that are way, way behind on payments, but (for reasons that seem increasingly uncertain) the banks have not yet put into foreclosure. But when are they going to show up in the market? Leperflesh posted:my own research has shown a rapidly decreasing inventory all through the late summer and fall...That is the opposite of what we should expect, if the warnings about high unemployment and tons of bad mortgages and all that shadow inventory are valid.  e: woops, wrong pic sorry.Can't find the right chart I've got it somewhere sorry, but you can see what I'm talking about there. Sales usually increase relative to prior months of every new year too. I'd expect to see the NAR and such to start blabbing about a recovery come May or June like they always do...YoY usually things are down or stagnant though.  Leperflesh posted:but that runs exactly counter to the universal explanation I've always heard, that banks "hate" to hold on to houses that aren't getting payments made, preferring to sell at a substantial loss rather than hold them. Has that changed so radically this year, and yet nobody has figured it out? Leperflesh posted:but the simple truth is, nobody really knows Leperflesh posted:and even really, really smart people whose entire job is to figure this poo poo out, are throwing up their hands and admitting it's all pretty much unpredictable for the next year or two. PC LOAD LETTER fucked around with this message at 03:44 on Jan 30, 2010 |
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Jan 30, 2010 03:31
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