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Is that the light at the end of the tunnel? (O.T. Thread)


zelbell

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On ‎3‎/‎28‎/‎2019 at 1:39 PM, BleedTheClock said:

I really do feel that way. I've been targeting 2019 as the last year of the rapist in Pittsburgh.

Honestly I think he's becoming a locker room cancer. Let him infect the rest of that organization with his old-fashioned egocentric "leadership" that's arguably worse than Hue Jackson. Only reason it's viewed differently is because Ben won. Ben literally threw an interception AT a D-lineman and blamed Antonio Brown, THEN doubled down on it and justified his words...

Guy's a jamoke. 

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Just in case any of you might be interested in checking out some Australian Rules Football action, I thought I'd share this site with you.  Someone posted it in a "Footy" forum on FB.  (I spend WAY too much time there now a days.)  It doesn't show live games at all, but rather replays of the games.  

If you've never watched before, it is a wonderfully fast moving game, and I have to admit, I've fallen head over heels for the sport.  (The Women's league has improved greatly over the last couple years.)  If you want to start following the game here on the forum, here is the link for the page.  

 

Enjoy.  You might just get hooked.....and we could certainly use some more Cats fans here in Ohio.  :D

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Well, our house (that we are selling) was appraised for $9,000 less than the agreed upon selling price. I'm not selling it now unless some other $$$$ comes from somewhere. CLASSIC...LOL.

The people BUYING our house and THEIR realtor were begging the appraiser to appraise it for the agreed upon price. They are moving in the next couple of weeks, and while we are planning/were planning on building this summer, we are content to sit on our land and build whenever it's best for us. I really feel bad for the buyers to be honest.

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1 minute ago, MWil23 said:

Well, our house (that we are selling) was appraised for $9,000 less than the agreed upon selling price. I'm not selling it now unless some other $$$$ comes from somewhere. CLASSIC...LOL.

The people BUYING our house and THEIR realtor were begging the appraiser to appraise it for the agreed upon price. They are moving in the next couple of weeks, and while we are planning/were planning on building this summer, we are content to sit on our land and build whenever it's best for us. I really feel bad for the buyers to be honest.

What is the role of the appraiser, we dont have them here? Why dont the buyers just pony up an extra 9k?

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1 minute ago, Kiwibrown said:

What is the role of the appraiser, we dont have them here? Why dont the buyers just pony up an extra 9k?

They essentially "value" your house after the buyers and sellers agree on the sale price. If the agreed upon amount is OVER what the house is appraised for/deemed worth, then you can't sell it for that amount. I think it's ridiculous, but that's how it works here. Usually the lender/bank is the one that makes sure to get it appraised. In today's market, this is antiquated IMO.

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4 minutes ago, MWil23 said:

They essentially "value" your house after the buyers and sellers agree on the sale price. If the agreed upon amount is OVER what the house is appraised for/deemed worth, then you can't sell it for that amount. I think it's ridiculous, but that's how it works here. Usually the lender/bank is the one that makes sure to get it appraised. In today's market, this is antiquated IMO.

I was always under the impression the value of something is what someone else is willing to pay for it...

How they can tell you it’s worth less when someone is literally agreeing to pay it is asinine.

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10 minutes ago, MWil23 said:

They essentially "value" your house after the buyers and sellers agree on the sale price. If the agreed upon amount is OVER what the house is appraised for/deemed worth, then you can't sell it for that amount. I think it's ridiculous, but that's how it works here. Usually the lender/bank is the one that makes sure to get it appraised. In today's market, this is antiquated IMO.

Also 9k isnt that much in the scheme of things. Unless it is an 18k wreck of a house sitting on a fault line.

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5 minutes ago, LETSGOBROWNIES said:

I was always under the impression the value of something is what someone else is willing to pay for it...

Yay government bureaucracy! It's absolutely ridiculous. Ron Swanson and Red Foreman would be appalled. 

5 minutes ago, LETSGOBROWNIES said:

How they can tell you it’s worth less when someone is literally agreeing to pay it is asinine.

Because the bank is technically paying for it blah blah blah.

They're actually finding that a lot of these appraisers in today's market are getting black-balled by realtors for pulling stunts like this. This is the reality of what just happened:

*Two realtors just lost out on THOUSANDS of dollars in profit

*A buyer just lost out on their "dream home" and now has sold their own home and has to move out in a week and a half. They're all but screwed.

*We just lost out on $9,000 of profit that we needed for a down payment/flexibility on our would be constructed home (this summer). Since we have under 10 years left on our mortgage and are going to put anywhere from $6,500-$7,500 on the principle each year, there's absolutely no incentive for us to sell it. It would make more sense to wait a year and sell it for the low balled appraisal, because we'd break even in a year. We already have the land paid for...we can sit on it. There's no reason to rent and panic sell our current home.

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3 minutes ago, Kiwibrown said:

Also 9k isnt that much in the scheme of things. Unless it is an 18k wreck of a house sitting on a fault line.

LOL, yeah exactly. Here was the appraiser's rationale:

"We looked at the square footage and comparable houses sold in the area. We don't have any comparable homes being sold in the neighborhood, so we went with the $9,000 less amount."

Us/the sellers:

"Did you look at the new windows? The two bathroom renovations? The kitchen renovation and brand new appliances? The landscaping renovations? Did you see that the house has the biggest yard/lot in the entire neighborhood?"

Them, with a straight face "We didn't look at/care about that"

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Appraisals are for the banks.  They don't come into play when you have a cash buyer.  Look at it from their perspective.  Couple A is willing to pay Couple B $300,000 for their house.  Couple Bs house appraises at $290,000.  If couple A were to default, the bank is going to have a difficult time recouping what they paid for that house, as foreclosures usually end up in auction at 75% of the appraised value.  So not only are the out 25% of the value, they also eat an additional $10k because they agreed to loan the money over the appraised value.  


The ways around this are to request a new appraisal(rarely are two appraisals the same), or the buyer needs to put more money down to bring the LTV ratio in line with what the bank is able to loan.  

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13 minutes ago, Tomahawk said:

Appraisals are for the banks.  They don't come into play when you have a cash buyer.  Look at it from their perspective.  Couple A is willing to pay Couple B $300,000 for their house.  Couple Bs house appraises at $290,000.  If couple A were to default, the bank is going to have a difficult time recouping what they paid for that house, as foreclosures usually end up in auction at 75% of the appraised value.  So not only are the out 25% of the value, they also eat an additional $10k because they agreed to loan the money over the appraised value.  


The ways around this are to request a new appraisal(rarely are two appraisals the same), or the buyer needs to put more money down to bring the LTV ratio in line with what the bank is able to loan.  

I'm well aware of the process, but it's also very arbitrary and contingent upon "like houses in the area". When there are none, it impacts the appraisal in a completely random way. In 2019, this is outdated and ridiculous in the current market. In 2007-2014 during the housing market crisis, it made perfect sense. Right now, it doesn't. It's egregious. 

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