Property Value/Appraisals RANT

[MossflowerWoods]

David -
Long thread but hang in there.

Appraisals should be called assesments because the first three letters would more accurately describe those that make them.

Also, as others have written you might want to look at "separating" some of the land to go with the house. Navy Federal drowned on loaning for more than a few acres.

And to move the clutter from your house look into 40' long Hi-Cube shipping containers.
I've seen some nice barns made with 2 containers separated by a bit with a roof put between them.

And take care getting loans - DOD is in for some major cuts...

Newbury,

I'm hanging in there... Just really needed to vent my spleen over how ridiculous this whole thing is...

1 - I'd LOVE to BUY a couple Connex Hi-Cube containers. Renting them is ridiculously expensive, and I've not figured out how/where to buy them...
2 - I'm open to subdividing the property, but the note currently covers the whole place, I suspect I'd need to pay off what I'm subdividing, right?
3 - I know, and I firmly believe, the Feds need to severely cut spending. I'd rather they cut elsewhere than DoD & IC, but... Yes I am a sales guy calling on an "agency", and even if they cut deeply, there will still be need for my job (I will just have at least one really bad commission year). I am very cautious taking out loans. Almost exclusively for real estate...

I appreciate the advice, and I must say your appraisal story is FAR WORSE than mine! Outright ridiculous in fact...

Thank you sir.
David

 

[MossflowerWoods]

The wife and I spent LOTS of time talking yesterday and venting on both sides about some of the stuff that is killing us in this house situation, and exploring various ideas. We are still mid discussion, I suspect we will not make final decisions for a while, but I suspect we are closing in on an idea that should work. I'll keep y'all posted as the dust settles...

I appreciate all of the support, advice, an even the judgements to a certain extent here on TBN. I learn lots from all of you who are ahead of me in this journey, and from different perspectives wether I agree or not.

God Bless you all.
Be well,
David

 

[tkappeler]

What bank are you approaching? I don't need the name, just saying that if you are going to the larger ones, this is not uncommon. Try to approach the smaller, local bank, especially one that is more likely to hold onto the mortgage and not sell it off at the settlement table. This is what I did for my construction loan for the new home and it made all the difference.

Good luck.

 

[Vtnewbie]

Originally Posted by Furu "Not to diverge from the OP original intent but...

It is always interesting to note opinions and experiences of those that live back east versus those that live out west. Probably less than 0.5% of the homes fit the category of walking distance to transit terminals and there is probably not a single member of this site that would live in the locations that fit those homes. The smallest state out here would fit the size of 5 of the east coast states and most of the eastern seaboard could fit inside one of the states and definitely inside three of them. The concepts that eastern residents have are so much different that west of the Mississippi states. It is a difference that is fascinating to observe."


Lived out west for many years, including 6 years in Lacey, Washington; now live in Vermont. Your point is valid in some respects but not all. In the Everret/Seattle/Olympia corridor, the roads are more developed and far more public transportation is available, than in the rural Northeast (Maine, New Hampshire and Vermont). Your chances of living near a transit terminal are much higher in western Washington.

 

[MossflowerWoods]

What bank are you approaching? I don't need the name, just saying that if you are going to the larger ones, this is not uncommon. Try to approach the smaller, local bank, especially one that is more likely to hold onto the mortgage and not sell it off at the settlement table. This is what I did for my construction loan for the new home and it made all the difference.

Good luck.

Small local bank, just like you describe...

 

[Loren49]

Just thought I'd add my 2 cents. I've read much of this and but am confident I don't really know your situation. The "closer to desired" home you feel you need may bring some unintended consequences. The first being more debt and higher taxes. I feel there are advantages for children who share a rooom. I have a friend whose 3 daughters have shared a modest sized room for years and they are great kids. (one now a junior in college).

There may be some advantage to waiting until you have sold your other house(s). I don't know your daughter's ages but at some point they will move on and you will have a much larger house than you may want.

It does appear that the first land appraisal was bad which has left you with the problem of not being able to borrow more money.

Best wishes to you and your family!

Loren

ps: I know you'll make a good decision....you did with your tractor:laughing:

 

[KYErik]

Hey I just ordered the stuff to finish the wooden pasture fence, $2000 of posts, poplar bds, and 12' gates... When its done it will be more than 1000' of 3 board...

Work invites will come out shortly :thumbsup:

David

Have you considered finishing part of the attic yourself? Construction (framing, plumbing, drywall and electrical work) isn't rocket science. If you already have a stairway leading to the attic, $2-3K would likely be enough for materials to modestly finish at least one room of your attic (you would just need to cover the floor with low end carpet). Finishing part of the attic on your own would help to alleviate your crowding issue and possibly increase the appraised value because you would have more finished square feet.

I knew next to nothing about construction 14 years ago when my dad and I began building my 1500 square foot 1.5 story home. My dad had done some of his own remodeling, but never a whole house. I read a few books, looked up the plumbing codes (it still took 2 tries for me to pass the plumbing inspection), but I saved a ton of money and increased the appraised value by $30K more than I had in construction materials.

Once you have an area like your attic dried in, you can move at your own pace. Yes it can be a messy/dusty and consumes A LOT of time, but that is the tradeoff for saving lots of money. If you keep an eye on craigslist- there are mechanical drywall lifts that allow a person to hang drywall alone (you still need a helper to load the next sheet onto the lift).

Whatever you decide, I wish you the best.

 

[dave1949]

Shipping Containers for Sale in Norfolk, VA - Storage and Shipping Containers for Sale | ConGlobal Industries

 

[ultrarunner]

I will never understand the how and whys of lending...

It seems like folks with a proven track record can be easily disqualified because they don't fit the mold... there is little discretion left anymore.

Maybe it is because the lenders for the most part are not really lenders... instead they are processors, paper shufflers, with the only goal of packaging a product for sale.

I'm still old enough when Banking was more personal... my brothers and I always worked. I have been paying into Social Security since age 12.

The local Savings and Loan treated us like adults when we went in to open accounts to deposit our paychecks and our parents didn't even bank there... heck, they gave my 16 year old brother a credit card with a $200 limit without any adult and still remember the branch manager saying the bank and he peronally was going out on a limb because being a minor, the bank had no recourse if my brother decieded not to bay and this was in the late 70's... My brother has done millions in business with them to this day because he remembers how they treated him 35 years ago.

Today, there doesn't seem to be many that can make a decision unless it is no...

I don't fit the boxes either and in many ways, it has made me stronger by forcing me to make my own way.

I'm certain you will find a way and feel free to vent anytime... I know I have and the advice here has been very helpful...

 

[sdkubota]

I will state it again, the government has placed severe restrictions on banks and who they can lend too. If you want a boogyman...it's Big Daddy Gubnut screwing with Capitalism.