Property Value/Appraisals RANT

[dave1949]

There's only one answer then, Mossflower. Build it yourself! Or instead of a new second story, add onto the first with an addition.

We are thinking alike

 

[unbidden]

I went through something similar; banks re-val at a different market value. They may tell you different but your experience supports this. Time to hit the phones and call numerous lenders. Several use Google Earth to evaluate and will give you an answer same day, Chase for one.

 

[Fossil Farm]

What do you need the additional space for? You mention an unfinished basement. Can that be used or updated to resolve some of your space problems for the near future? When my parents bought this house in the early '60's, there were 6 of us in a 3 bedroom house and 2 baths which were converted pantries from the 1800's, about 1500 square feet. I slept in a wide hallway, and did not have a bedroom until I was a teenager. Worked fine for me. Dad remodeled the house himself. Of course it took him 20 years to do it. Nothing fancy, but it worked fine for us. Maybe wait a couple more years of a better real estate market to get your wife's list of upgrades a reality.

 

[dfeck]

This is not the banks fault. They are only looking out for their interest and could care less about your needs/feelings. I know it sucks but It's just the facts of life today! They are looking at worse case scenario and in the event you default they need to recoup their cost and be able to sell off your place. When I sold my house a few years ago I lost $40K from my initial cost of the house 5 years prior. I purchased the house in the boom and sold in the housing bust. I accepted this because the new house I purchased was cheaper than it would have been because of the housing bust. So in reality my lost was almost null because the new house cost me $30K less because of the current housing bust. My suggestion is that you may want to look at selling your place and buying another that may fit your needs better. On paper it may appear you are losing your butt but when you take in consideration the 'savings' on the new house due to the housing bust it may not seem as bad. I'd also suggest to reconsider spending money that you don't have on a re-model in the first place. If someone doesn't have 'some' capital saved first and is looking at entirely funding this through a refinance then I question it should be considered in the first place.

 

[sdkubota]

This is not the banks fault. They are only looking out for their interest and could care less about your needs/feelings. I know it sucks but It's just the facts of life today! They are looking at worse case scenario and in the event you default they need to recoup their cost and be able to sell off your place. When I sold my house a few years ago I lost $40K from my initial cost of the house 5 years prior. I purchased the house in the boom and sold in the housing bust. I accepted this because the new house I purchased was cheaper than it would have been because of the housing bust. So in reality my lost was almost null because the new house cost me $30K less because of the current housing bust. My suggestion is that you may want to look at selling your place and buying another that may fit your needs better. On paper it may appear you are losing your butt but when you take in consideration the 'savings' on the new house due to the housing bust it may not seem as bad. I'd also suggest to reconsider spending money that you don't have on a re-model in the first place. If someone doesn't have 'some' capital saved first and is looking at entirely funding this through a refinance then I question it should be considered in the first place.

Completely agree. Stop blaming everyone else for what has happened. If you want to blame someone then put it where it is warranted the United States Government and their lending policies through Fanny and Freddy. They caused the bubble by demanding loans be made to deadbeats. Unintended Consequences.

 

[zzvyb6]

Completely agree. Stop blaming everyone else for what has happened. If you want to blame someone then put it where it is warranted the United States Government and their lending policies through Fanny and Freddy. They caused the bubble by demanding loans be made to deadbeats. Unintended Consequences.

Me, too. A place is only worth what someone is willing to pay for it. And what you have apparently isn't there in the mind of others. Since we exported all out middle class income jobs overseas by our purchase decisions, the number of people willing AND ABLE to afford the mortgages on such properties have almost disappeared. Now people are realistic, saving money, collecting scrap metal, stealing other's property, and selling on eBay to sustain themselves. The middle class is NEVER rebounding back to its former numbers. EVER. What part of it did YOU contribute to this, eh ? (Just a retorical question but you get the idea....)

 

[forgeblast]

Any way to start selling the timber to do the renovation?

 

[vtsnowedin]

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

 

[Baby Grand]

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

Blasphemer!

 

[unbidden]

Concerning the housing market......... this whole situation was created by the lenders and now the public suffers the consequences... com'on fellas, read the papers.