Property Value/Appraisals RANT

[Bob77064]

David, I am sorry to hear this I hope things work out for you.

 

[vtsnowedin]

He needs some Fels Naptha Mouthwash!!!![/guote]

Isn't that a little harsh. It was just a suggestion. as a last, last last LAST resort. after you have sold your first born into slavery last resort.

I can't believe he said it!

But it is just a lil' Kioti, not a JD or Kubota, it did not coust $100,000.00 !!!!! :laughing:

Hey his Lil' Kioti cost just as much as my lil' Jd 5045E. and i bet he has more of his paid off.

Thanks to both for the humor...

A laugh in the face of doom is sometimes all you can do. You will muddle through you don't have any choice.

 

[sshaw]

What I got back (so far just a verbal, awaiting the actual appraisal) is showing that after adding a real 2nd floor with another 1344 square feet, 2 bedrooms, a bath, and family room a mere $410K.

The situation sucks and I don't have a solution for you, but if it makes you feel any better I'd say your $410K appraisal value sounds pretty close. Based on your signature, my house is probably no more than 15 miles away from yours as a crow flies, and would compare in size to your remodeling plans. I've got 2900 sf, 4 bedrooms, 3.5 baths, three levels, walkout basement, patio, dock with gazebo, huge wrap around screened porch, and a garage. The house was originally custom-built by a local builder for himself to live in, and is very well put together with lots of woodwork inside, many extra windows, etc. My house sits in the center of 30 acres of mature woods, and overlooks a 3.5 acre spring-fed pond with deep water perfect for swimming and fishing. My appraisal from 2011 was pretty much the same as yours and I thought it was very fair. You've got 20 ac more land, but that's probably offset by my garage and other amenities.

The problem you and I have with appraisals is the location and the nature of the lot. Most of the homes in our area sell for an average of about $150K, so the appraisers won't likely find any comps nearby. Plus the appraisers won't give you much value for the things you or another buyer might value highly, like the large lot, mature trees, fields, and ponds.

Also, from my experience I wouldn't expect to get anywhere near 100% of the cost of a remodel job back in your appraisal. I'd expect maybe 75 to 80%, so hoping to get $140K value out of a $100K remodel investment probably isn't realistic. If it were realistic, everyone would be doing it to get that 40% return.

Also of note, Hanover county just mailed their property assessments and mine went down by about 10% compared to 2012. So did the neighbors.

Scott

 

[300UGUY]

I hope it works out for you. I know in my area, housing prices are still down after several years. My place is paid off, but it probably isn't worth what I put into over the last 25 years. My neighbor's home, on 10 acres, apprasied for 500K in 2003. She has been trying to sell it since 2007, and hasn't had a single offer, after dropping the price down to 300K. She has about 400K invested. Around here, the implosion of manufacturing jobs has kept home prices depressed.

 

[two_bit_score]

Keith,

The taxes are low, no help there. With 50.77 acres and a small house, NOBODY wants my business because the property will not "conform" for Fannie/Freddie... I am currently mortgaged ia a small local bank, and they were willing to do 85% LTV... I will try Farm Credit but they will max at 75% LTV...

David

I hope this does not come across the wrong way.

But.......maybe somebody upstairs is trying to tell you something. In the new Obama economy does anybody really need to increase their debt? This may just be one of those times to 'just make do'. Hunker own until the economy improves, if Obama doesn't totally kill it, and wait it out. It may be tough but the alternative may be worse.

Again, I hope that doesn't come across the wrong way.

.

 

[MossflowerWoods]

I hope this does not come across the wrong way.

But.......maybe somebody upstairs is trying to tell you something. In the new Obama economy does anybody really need to increase their debt? This may just be one of those times to 'just make do'. Hunker own until the economy improves, if Obama doesn't totally kill it, and wait it out. It may be tough but the alternative may be worse.

Again, I hope that doesn't come across the wrong way.

TwoBit,

It does NOT come across wrong. I am a fairly religious guy, and I have been worndering just exactly what the message is here.Some things are just green lights all the way, clear sailing, and other things simply cannot come together at all. I can say that I've now spent something approaching $12,000 on stupid PAPER trying to get some form of a remodel approved and that is REAL money that I could not afford to flush away.

This journey has not been easy... I did not want to own 3 houses, but suddenly I was just having my dream acreage fall into my lap, and suddenly it was mine. That was a Friday. on the following Tuesday I was notified my contract with the Federal Govt. (I was self empolyed 1 man company) was being terminated due to unexpected budget cuts... I went 11 months unemployed with 3 mortages, and a home equity loan, and then foir the next 14 months I was very much under employed, making about 60% what I typically make. Then I crashed my Harley and broke my collar bone and had to have friends help me build the horse fence. Everything with this place is either smooth sailing, or impossible.

My wife is NOT happy, neither are my girls.

We moved out of a very, very nice huge house into a tiny broken down modular. we are drowning in our own stuff, and have nowhere to put it.

Credit, just like a firearm, is merely a tool. I've been very skilled at managing my debt to income and efficient useage of capitol to maximize my stewardship of the resources we've been blessed with.

I am at a loss. I simply cannot finish the attic, work full time, manage the horses, build the run-in and pasture fence, clear the riding trails, put in food plots for deer hunting, all by myself, AND with no additional funds... Something has gotta give...

I am at a loss. I simply cannot figure out what to do...

I know God is sending me a message, I just wish I was not too stoopid to understand it...

Be well,
David

PS - From my reading of the Obama economy. Unfortunately every one of our dollars has more true value today than it will have. inflation etc will devalue our money rapidly (already has) I've had a similar income for a long time, and money just does not go very far any more... As much as I hate to say this out loud, I suspect it is almost foolish to save right now... But I cannot stop saving, and trying to get the best value for every dollar I spend, the fruits of MY hard earned labor...

 

[zzvyb6]

How about this concept for your AG land? You could call it User Bin-Living, or Silo Nara, or Corn-A-Copia, or Tack Shelter, or ???

 

[dave1949]

I am at a loss. I simply cannot finish the attic, work full time, manage the horses, build the run-in and pasture fence, clear the riding trails, put in food plots for deer hunting, all by myself, AND with no additional funds... Something has gotta give...

I am at a loss. I simply cannot figure out what to do...

I would say you have to prioritize your efforts and expenses. Your core mission is to put a roof over your family's head. Horses and deer are gravy. Maybe it's time to give yourself a break? Sit down and discuss with your family what their priorities are, giving everyone a voice and understanding of the limits of time and money. The current situation won't last forever, but in the meantime, you have to be realistic.

 

[plowindeeper]

When I had my place appraised before I bought it the appraiser asked my "What do you want it to appraise for and are you buying or selling".

There are not any code or inspections build what you want were you want.

Called my banker yesterday, for a letter of credit, on a home auction. His reply "I'm printing it now". That is why I use a small hometown bank.

 

[two_bit_score]

TwoBit,

It does NOT come across wrong. I am a fairly religious guy, and I have been worndering just exactly what the message is here.Some things are just green lights all the way, clear sailing, and other things simply cannot come together at all. I can say that I've now spent something approaching $12,000 on stupid PAPER trying to get some form of a remodel approved and that is REAL money that I could not afford to flush away.

This journey has not been easy... I did not want to own 3 houses, but suddenly I was just having my dream acreage fall into my lap, and suddenly it was mine. That was a Friday. on the following Tuesday I was notified my contract with the Federal Govt. (I was self empolyed 1 man company) was being terminated due to unexpected budget cuts... I went 11 months unemployed with 3 mortages, and a home equity loan, and then foir the next 14 months I was very much under employed, making about 60% what I typically make. Then I crashed my Harley and broke my collar bone and had to have friends help me build the horse fence. Everything with this place is either smooth sailing, or impossible.

My wife is NOT happy, neither are my girls.

We moved out of a very, very nice huge house into a tiny broken down modular. we are drowning in our own stuff, and have nowhere to put it.

Credit, just like a firearm, is merely a tool. I've been very skilled at managing my debt to income and efficient useage of capitol to maximize my stewardship of the resources we've been blessed with.

I am at a loss. I simply cannot finish the attic, work full time, manage the horses, build the run-in and pasture fence, clear the riding trails, put in food plots for deer hunting, all by myself, AND with no additional funds... Something has gotta give...

I am at a loss. I simply cannot figure out what to do...

I know God is sending me a message, I just wish I was not too stoopid to understand it...

Be well,
David

PS - From my reading of the Obama economy. Unfortunately every one of our dollars has more true value today than it will have. inflation etc will devalue our money rapidly (already has) I've had a similar income for a long time, and money just does not go very far any more... As much as I hate to say this out loud, I suspect it is almost foolish to save right now... But I cannot stop saving, and trying to get the best value for every dollar I spend, the fruits of MY hard earned labor...

In situations like that I'm glad I have a few CD's to take out a loan against. Thats why I like to stay away from debt. you don't have yo worry about all this other fees, charges and BS from the bank. Just go borrow some of your own money.

I'm with Dave on the horses and deer plots. I think it's time to hunker down, cut expenses and just jump out on really good deals that you can do for cash, turn quickly or afford to hold until things improve.

Of course, everybody does things their own way. Praying for guidance for you and your family.

.