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


zelbell

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4 minutes ago, MWil23 said:

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 In 2019, this is outdated and ridiculous in the current market.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. 

I wasn't explaining for you benefit lol.  I was explaining for those whom were wondering "how" they can do that.

 

Why is it shocking?  All homes are valued based on comparable homes that have sold.  Unless you live in a development where they are all pretty much the same house, there aren't going to be two homes that are exactly the same.  In which case they use sq ft, number of rooms, lot size, and such.   

The banks HAVE to rely on appraisals.  Look at this way, at least they don't base it on the property assessment.  I purchased my home for $135k.  It appraised for $155k.  The property assessment was $118k.  

I understand your frustration in that you had a buyer lined up for the price you wanted.  That buyer could have went to a different lender.  In the end, it isn't the buyers money, it's the banks.  They have limits on what they can do for their customers.  

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7 minutes ago, Tomahawk said:

I wasn't explaining for you benefit lol.  I was explaining for those whom were wondering "how" they can do that.

Thanks. I had already explained it. Excuse my grumpiness, but I'm an angry elf.

7 minutes ago, Tomahawk said:

Why is it shocking? 

Because literally no one here in Ohio/the Dayton area has this happen to them in 2018 and 2019. Throw in how the realtors, buyers, us, and the current market factor in, as well as how I have other friends who have bought/sold homes conveniently appraised for the EXACT AMOUNT that their house was bought/sold for (including us in 2013), and you'll have to forgive my cynicism.

7 minutes ago, Tomahawk said:

All homes are valued based on comparable homes that have sold.  Unless you live in a development where they are all pretty much the same house, there aren't going to be two homes that are exactly the same.  In which case they use sq ft, number of rooms, lot size, and such.   

I've already stated this.

7 minutes ago, Tomahawk said:

I understand your frustration in that you had a buyer lined up for the price you wanted. 

Respectfully man, unless you've had this happen to you, you don't have a clue and can't possibly understand my frustration here.

7 minutes ago, Tomahawk said:

That buyer could have went to a different lender.  In the end, it isn't the buyers money, it's the banks.  They have limits on what they can do for their customers.  

Banks are the most corrupt entity in the housing enterprise and are almost solely to blame for the housing crisis in the mid 2000s. I don't want to hear about any sympathy or ethical ramifications from them, period.

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You posted your responses while I was still typing mine up.  So I apologize for irritating you by stating the same thing?

I can assure you there are plenty of people  that have had that happen to them in Ohio(I can't comment on Dayton specifically).  I go to a monthly real estate investors networking event and hear far worse horror stories on the regular.   You are at least in a position that you do not NEED to sell your home.  Imagine if you HAD to, and you had to accept under what you owed?  That happens all the time.  Again, if the buyer really wanted your home they could have requested a different appraisal, or went with a different lender.  

Um, I deal in house flipping as a side business.  I do IT on the side for a real estate company as well.  I have had houses fall through due to appraisals on a number of occasions.  Granted it wasn't my primary residence.  So yes, I have been close to where you are and understand the frustration.  
 

Actually investment bankers are mostly to blame for the housing crash.  I have no sympathy for banks.   I am simply stating that the person your buyer is working with isn't "The Bank" and they have very little leeway in what they are allowed to do.  

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30 minutes ago, Tomahawk said:

You posted your responses while I was still typing mine up.  So I apologize for irritating you by stating the same thing?

I can assure you there are plenty of people  that have had that happen to them in Ohio(I can't comment on Dayton specifically).  I go to a monthly real estate investors networking event and hear far worse horror stories on the regular.   You are at least in a position that you do not NEED to sell your home.  Imagine if you HAD to, and you had to accept under what you owed?  That happens all the time.  Again, if the buyer really wanted your home they could have requested a different appraisal, or went with a different lender.  

Um, I deal in house flipping as a side business.  I do IT on the side for a real estate company as well.  I have had houses fall through due to appraisals on a number of occasions.  Granted it wasn't my primary residence.  So yes, I have been close to where you are and understand the frustration.  
 

Actually investment bankers are mostly to blame for the housing crash.  I have no sympathy for banks.   I am simply stating that the person your buyer is working with isn't "The Bank" and they have very little leeway in what they are allowed to do.  

Let me respond by saying:

C1Njfo.gif

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20 minutes ago, NateDawg said:

He’s a first-timer here and wouldn’t know what you would have been like back in such circumstances …

I lurked awhile before I joined so knew most of you before you knew me. There was one poster who kinda rubbed me the wrong way but was well liked and no longer here (at least under that handle) so I won't mention a name.

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4 minutes ago, Thomas5737 said:

I lurked awhile before I joined so knew most of you before you knew me. There was one poster who kinda rubbed me the wrong way but was well liked and no longer here (at least under that handle) so I won't mention a name.

Not like 10 years that would make my post relevant but probably more than a year. Even without participating this was still an entertaining forum. Also I liked the moderation after having been at other forums where there was just so much garbage and fighting to sift through. Kudos to Reggie, EZ, ummmm and the other mods that have done such a great job. Wasn't bulldog a mod right before he went away? What an odd choice if my memory serves. Oh and Freaky, he's an adequate fella. Horny really wanted to be one, now that he is a father we should give him a chance. Freaky has been on his own too long and we may need some moderation here soon. Zel sucks.

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Just now, Thomas5737 said:

Not like 10 years that would make my post relevant but probably more than a year. Even without participating this was still an entertaining forum. Also I liked the moderation after having been at other forums where there was just so much garbage and fighting to sift through. Kudos to Reggie, EZ, ummmm and the other mods that have done such a great job. Wasn't bulldog a mod right before he went away? What an odd choice if my memory serves. Oh and Freaky, he's an adequate fella. Horny really wanted to be one, now that he is a father we should give him a chance. Freaky has been on his own too long and we may need some moderation here soon. Zel sucks.

Our resident Seahawks fan ‘digger was the mod I remember upon membership. I wanna say DB41 followed him. That could have been before your lurking days. 

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54 minutes ago, NateDawg said:

Our resident Seahawks fan ‘digger was the mod I remember upon membership. I wanna say DB41 followed him. That could have been before your lurking days. 

Yeah, I knew they were both mods and know the history, or some of it anyway,  but that was before my lurking days.

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12 hours ago, NateDawg said:

He’s a first-timer here and wouldn’t know what you would have been like back in such circumstances …

I was on briefly with the old forum. I don't remember my screen name.  Crakburn was my best friend.

 

But you are correct.  I wouldn't know how he was in the circumstances lol

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15 minutes ago, Tomahawk said:

I was on briefly with the old forum. I don't remember my screen name.  Crakburn was my best friend.

Best freind in real life? Sorry for your loss. 

15 minutes ago, Tomahawk said:

But you are correct.  I wouldn't know how he was in the circumstances lol

 

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