Property Value/Appraisals RANT

[Carl Bert]

Allow me to make everyone feel a little better about their home owning situation. I bought my house 7 years ago for just over $900,000. If I could get $500,000 now, I would be very lucky. But that's not the worst part. My taxes, when I bought the house were $12,000, they are now almost double, at $22,000 and I am am told will be over $25,000 by the years end. Oh, did I mention that I owe just about what it's worth right now. Worst investment I ever made. Can't sell it, because who in their right mind wants to pay these insane taxes.

Is everyone feeling somewhat better about their situation?

 

[murphy1244]

Allow me to make everyone feel a little better about their home owning situation. I bought my house 7 years ago for just over $900,000. If I could get $500,000 now, I would be very lucky. But that's not the worst part. My taxes, when I bought the house were $12,000, they are now almost double, at $22,000 and I am am told will be over $25,000 by the years end. Oh, did I mention that I owe just about what it's worth right now. Worst investment I ever made. Can't sell it, because who in their right mind wants to pay these insane taxes.

Is everyone feeling somewhat better about their situation?

Property taxes make me sick,

 

[Deere Dude]

Allow me to make everyone feel a little better about their home owning situation. I bought my house 7 years ago for just over $900,000. If I could get $500,000 now, I would be very lucky. But that's not the worst part. My taxes, when I bought the house were $12,000, they are now almost double, at $22,000 and I am am told will be over $25,000 by the years end. Oh, did I mention that I owe just about what it's worth right now. Worst investment I ever made. Can't sell it, because who in their right mind wants to pay these insane taxes.

Is everyone feeling somewhat better about their situation?

Thanks for sharing that. It is a shame but it doesn't seem to be getting better in my area either. My son had a 250k house and decided to buy the next door house for investment purposes for about 180k. Then the bubble burst and both are worth about half of that now. Now all a guy can do is wait it out or take the hit and hope the next house you buy will also be decreased in value. Nobody wants to lose a dime on real estate and I don't blame them, but if it is lost in the stock market they just shrug their shoulders and say it it the nature of the beast.

I do feel better now about my situation.

 

[mjarrels]

The worst part, I can't buy a 32 oz soft drink.

mark

 

[MossflowerWoods]

Allow me to make everyone feel a little better about their home owning situation...
Is everyone feeling somewhat better about their situation?

Carl,

OUCH... Your situation is worse than mine. I feel for you sir.

When the small lake house went vacant July 1st I looked into selling, and I might have got $189K or slightly more, and I'm into it for something over $269k, I'd lose more than my down payment... I got a new appears to be long term tenant Sept. 1st.

My big house in town I am into it for something over $500K, and approx $250K was my money... I had it appraised in Oct 2010 at $445K... Luckily I just signed a 2 year lease (and they wanted 3) without even a day vacant they moved in Jan 1st... The prior tenants stayed for 14.5 months...

I pray every day that MAYBE in 2 or 3 years I can sell them and break even or maybe make some of inflation back...

Virginia txes are MUCH more reasonable so far, which helps, and I have them both rented at pretty close to break even cash flow level...

I think I can liquidate them and pay off all the debt still, and walk away...

Be well sir,
David

 

[MossflowerWoods]

Have you considered finishing part of the attic yourself? ...

Whatever you decide, I wish you the best.

Erik,

Something along those lines is the most likely outcome.
My biggest issue there is T I M E... I am a busy fool, and too many of these are not one person projects...

Thanks for the support.
David

 

[ultrarunner]

Hey, in my area I store can't give you a shopping bag...

Out of control property taxes are a huge concern of mine... the value of my home isn't at the top of my list because I bought it to live in and enjoy it... the value has little to do with that.

Property tax could... it could force me from my home and make it less desirable to others.

Thankfully, special assessments here now require voter approval and the basic tax rate is fixed...

As to lending... I'm old enough to remember my first mortgage back in 84... it was incredible what I had to go through to get a 75% loan which was 40k.

When I mentioned that I do not understand lending it is because lending went from being very rigid to anyone, including foreign nationals getting home mortgages with little more than a signature... much of this was due to political pressure because home ownership was put out as the American Dream and excluding those with little means was seen as dicriminatory.

What I don't understand is why more weight isn't put on a proven track record and assets... assets mean almost nothing now since the weight seems to be income and debt...

If I have a 40 year track record with never missing a payment and I own property free and clear... why wouldn't a lender want my business???

 

[riptides]

I don't know ultrarunner a good history should account for a lot more. Short term I can make a ton of money, or not. My loan repayment history and the amount of those notes should factor in.

 

[MossflowerWoods]

I don't know ultrarunner a good history should account for a lot more. Short term I can make a ton of money, or not. My loan repayment history and the amount of those notes should factor in.

I tend to agree.

I have made great money and poor money, and I have NEVER EVER missed a payment.

I have a platinum record of paying my bills & debts.

That should be a factor.

David

 

[kenmac]

I have made great money and poor money,

David

I wish I could make great money. All I ever made /make was poor money.I need to look for another line of work.I don't owe which makes what I do make it a little better