Property Value/Appraisals RANT
- Thread starter MossflowerWoods
- Start date
dave1949
Super Star Member
Following sdkubota's thought, how about a construction/office trailer? No foundation needed, for an office and such plumbing would not be a necessity. Run a temporary power line to it for lights and a little heat. It might allow you to have more living space use of the basement. Should be able to re-sell it when done with it. Might run afoul of zoning.
OP
MossflowerWoods
Super Member
- Joined
- Aug 12, 2011
- Messages
- 6,067
- Location
- Fredericksburg, VA
- Tractor
- Kioti DK50SE HST w/FEL, Gravely 60" ZTR Mower. Stihl MS290 (selling), CS261, & FS190 + Echo CS400 & 2010 F-350 6.4 PSD snowplow truck
I am not blaming anyone. I am VERY Unhappy that either the first appraisal ~50 acres forested AG land = $225,000 or the current one where it is only $150,000 value was A LIE. Right now I am assuming it was the FIRST appraisal honestly.
I feel like the bank got a lie to cover their rear the first time, and now I am HOSED. There in NO WAY property in this county FELL that much in just over 2 years.
No way.
For the record, I am a staunch fiscal conservative, and I do NOT support most of what the Govt. has done economically for many years...
David
OP
MossflowerWoods
Super Member
- Joined
- Aug 12, 2011
- Messages
- 6,067
- Location
- Fredericksburg, VA
- Tractor
- Kioti DK50SE HST w/FEL, Gravely 60" ZTR Mower. Stihl MS290 (selling), CS261, & FS190 + Echo CS400 & 2010 F-350 6.4 PSD snowplow truck
Maybe... Not sure that is the smartest way for me to try to raise capital... Unlike all my other investments, my forest grows about 10% per year. I just thinned it in Nov of 2010, it really needs at LEAST 3 more years to grow and get healthier, bigger...
I'm still looking at my options...
David
sdkubota
Platinum Member
Should have used different words as I didn't mean to attack you...I apologize. Values on everything are perceived based on supply and demand. Unfortunately for you and many of us the mortgage bubble finally burst and hurt everyone. That doesn't mean what you paid was over priced just the correct value at the time. Even if you or anyone is under water doesn't change anything about living and paying for their mortgage regardless of its current market value. Unfortunately equity was hurt which is what prevents you from borrowing additional money. If you were allowed to, the amount you are upside down would only increase and hurt you eventually if things don't change around. Be creative and positive and try to find another way to meet your needs.
oldnslo
Super Member
Moss,
If your kids are home schooled teach them to be carpenters and let them build the house. You can write it off as an educational expense.
I wish it was that easy. If your area is like here in northern, IL the inspectors and beurocrats will drive you crazy trying to do any work yourself. Around here housing in some areas depreciated 40 - 50% in the last two to three years.
Best of luck
Roy
If your kids are home schooled teach them to be carpenters and let them build the house. You can write it off as an educational expense.
I wish it was that easy. If your area is like here in northern, IL the inspectors and beurocrats will drive you crazy trying to do any work yourself. Around here housing in some areas depreciated 40 - 50% in the last two to three years.
Best of luck
Roy
dmccarty
Super Star Member
Well you could always.. emm Ahh in a pinch .. as a last resort.. if the chips are really down emm ...sell your tractor!!! There I said it
Ban him from TBN! Ban him from TBN! <Insert video of mad TBNers carrying pitchforks and torches melting vtsnowedin over a fire.>
:laughing::laughing::laughing:
Later,
Dan
dmccarty
Super Star Member
I don't think our property has fallen in value has much as the appraisal stated either. On the other hand, there just are not any decent comps. We are going to talk to our loan officer next week and see what she thinks. I drive by a company that make prefabricated walls for houses. Obviously, they have not been real busy for years. Danged few vehicles in the parking lot, meaning danged few people working to make prefab walls for houses. I noticed this week that the parking lot was full of cars which means someone is building a large number of homes somewhere. :thumbsup:
Eventually, the home sales in my area will pick up and the comps will adjust. I would expect your area will do the same. We are not in states that are loosing population so eventually the market will recover. I know many of my coworkers have not had equity losses because this area of NC was not hit very hard housing market wise.
We just have to wait a bit. I hope.
Later,
Dan
dmccarty
Super Star Member
Can you subdivide the land so that the house is on 5-10 acres? Having the house on a large section of land is problematic for the banks. The CU would not even look at our loan because we were buying more than 20 acres of land. We have a business loan from the bank for the land. The house is on a smaller section which made financing easier. It might be worth the expense to subdivide the land to get the house on a smaller parcel. That should make the house easier for the banks to handle. Banks don't really like messing with large Chunk O's of Land AND a house.
Check out the Farm Bureau, if there is one in VA. In NC, they seem able to work with larger land parcels and homes.
Later,
Dan
dmccarty
Super Star Member
I was thinking the exact same thing but I could not find the danged post as to WHY Moss needed more living space. :confused3: :laughing::laughing::laughing: I THOUGHT he needed more space for the home school and if that is correct, an office trailer might work. I saw a lot FULL of modular classrooms in JAX, FLA, over the holiday. I thought they would make a good shop and storage. Certainly, there should be some office trailers on the market.
Later,
Dan