Property Value/Appraisals RANT

[MossflowerWoods]

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

Well my "great" money is subjective. Someone else might have thought it was pretty poor...

Really all I was trying to say is I've had times more flush, and times that were scary thin, and I've NEVER skipped, missed, or been late on a payment. Not since I was 12 with a flipping "fingerhut" account or whatever...

David

 

[sdkubota]

Liquid assets are all that matter. Property, as many of you have stated, values are in the eye of the beholder. Loaning money out against a perceived property value today could find it is worth half or less a few years down the road. Banks know this and they can't gamble other people's money on a perceived value. People need to figure out why the economy is crap to begin with and then quit voting for more of the same. I live in South Dakota...hicksville but people live within their means and make **** sure the local and sate governments live within there also. Pay isn't great but neither are what things cost. House values have not dropped and probably have increase slightly and unemployment is around 5%. Anyone can find a job if they really want one.

 

[ultrarunner]

What surprised me is even having twice the amount in savings of the proposed refi amount didn't matter.

I had planned to pay off my adjustable mortgage if rates got out of hand... for the last eight years they have been dropping.

The entire process went south when the bank realized I had investment property which I told them from day one and I have a lot of my bills sent to my business address.

I really do have to wonder what the requiements are for the people processing loan packages...

I mean they have my entire credit history, years of tax returns, lived in the same city my entire life... plus they need to verify things that happened 30 years ago... like the closing papers of a home I bought in 1983 and was recorded payed off 15 years later???

Start to think that I am too perfect and this has thrown up a red flag.

On the other hand there is always the golden rule... those with the gold make the rules.

 

[two_bit_score]

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.



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.

...

Dead spot on! :thumbsup:

 

[riptides]

Liquid assets are all that matter. ....

Ahh, not sooo sure about that, now-a-days.

What surprised me is even having twice the amount in savings of the proposed refi amount didn't matter....

Been there too. The old "net worth" plan when approaching some banks, just did not work out in one instance for me.

The whole re-fi thingy is a game. Heck, the whole mortgage industry looks to be one. And the government certainly is not helping. Currently I have a better chance at getting "aid" if I default, than if I want to re-fi.

 

[murphy1244]

Ahh, not sooo sure about that, now-a-days.



Been there too. The old "net worth" plan when approaching some banks, just did not work out in one instance for me.

The whole re-fi thingy is a game. Heck, the whole mortgage industry looks to be one. And the government certainly is not helping. Currently I have a better chance at getting "aid" if I default, than if I want to re-fi.

Agree, Went for re-fi for 140k had 275k in the bank credit score 815 turned down cause of self employed. Went to smaller bank a okay.

 

[powerpace]

Did everyone forget the housing bubble a few years ago that has caused the problems associated with this post. The Banks would lend money to anyone basically. The appraisers had no problem stating that the property was worth more than it should have been. As the homeowner bought they never tried to negotiate the asking price down. They didn't need too, the bank would give them the loan no matter what. They were going to sell the paper anyway. That made the property values in the local selling area more "valuable". That caused a feeding frenzy for the property values.
In my opinion the remodel price is too high. In my area a remodel like yours would be about $40 per square foot. Including the bathroom fixtures and permits. My house "1875 sq. ft." was built for $80 per square foot. This was in 2006.

 

[two_bit_score]

Did everyone forget the housing bubble a few years ago that has caused the problems associated with this post. The Banks would lend money to anyone basically. The appraisers had no problem stating that the property was worth more than it should have been. As the homeowner bought they never tried to negotiate the asking price down. They didn't need too, the bank would give them the loan no matter what. They were going to sell the paper anyway. That made the property values in the local selling area more "valuable". That caused a feeding frenzy for the property values.
In my opinion the remodel price is too high. In my area a remodel like yours would be about $40 per square foot. Including the bathroom fixtures and permits. My house "1875 sq. ft." was built for $80 per square foot. This was in 2006.

Yes and Obama and the Democrats are trying to start it all over again. They think it will 'help the economy'. It's what got us here in the first place.

 

[murphy1244]

Did everyone forget the housing bubble a few years ago that has caused the problems associated with this post. The Banks would lend money to anyone basically. The appraisers had no problem stating that the property was worth more than it should have been. As the homeowner bought they never tried to negotiate the asking price down. They didn't need too, the bank would give them the loan no matter what. They were going to sell the paper anyway. That made the property values in the local selling area more "valuable". That caused a feeding frenzy for the property values.
In my opinion the remodel price is too high. In my area a remodel like yours would be about $40 per square foot. Including the bathroom fixtures and permits. My house "1875 sq. ft." was built for $80 per square foot. This was in 2006.

You can do a remodel for 40 a Sq???? Come on over Rover!!!!

 

[MossflowerWoods]

Did everyone forget the housing bubble a few years ago...

In my opinion the remodel price is too high. In my area a remodel like yours would be about $40 per square foot. Including the bathroom fixtures and permits. My house "1875 sq. ft." was built for $80 per square foot. This was in 2006.

Did not forget.
Not for a second. I've bought 7 homes, this is not my first time...

$100/ square is CHEAP where I am. I was getting a smoking deal...

David