muck Posted June 30, 2008 Author Share Posted June 30, 2008 Dunnow any of that but do know from recent experience that appraisers (especially ones hired by banks) are in general assuming about 20% lower value than a year ago for just about every property in the Atlanta area. Fair or not that's what I've seen. Having done upgrades will help. New construction won't matter. The only thing that will is recent SALES of comperable homes in your area. In other words, if people near you are still getting "deals" you may be in trouble. However, if recent sales in your area for comperable homes are higher than what you paid you'll have a better shot at a good appraisal. I just wanted you to be prepared in advance for the real possibility of paying for an appraisal that doesn't end up helping your deal at all. ETA - the cash payment portion will help too but won't really affect the appraisal. I will (probably) be waiting on a house close to us to sell before starting the process ... most are a little bit bigger (1-2 extra bedrooms, 1-2 extra bathrooms) and 50-100% higher prices than I think our house is worth ... and none are on property that is anywhere near as nice as ours ... Regardless, nothing is happening this week... Sorry for being cranky. Quote Link to comment Share on other sites More sharing options...
Atlanta Cracker Posted July 1, 2008 Share Posted July 1, 2008 I will (probably) be waiting on a house close to us to sell before starting the process ... most are a little bit bigger (1-2 extra bedrooms, 1-2 extra bathrooms) and 50-100% higher prices than I think our house is worth ... and none are on property that is anywhere near as nice as ours ... Regardless, nothing is happening this week... Sorry for being cranky. Didn't bother me at all. I've just seen a lot of people go into the process with misguided expectations and end up disappointed or mad. The bottom line on the appraisal comes down to what the bank thinks they can get for the property if you bail tomorrow and in this environment they are being VERY conservative with that. As long as that looks good you should be ok. You would think that a bank holding someone's mortgage would be more apt to update the deal to current rates, etc if they have paid on time but I can assure you from experience this is not the case. Banks are refusing to refinance deals that would allow the homeowner to afford the mortgage and avoid foreclosure because they are being conservative on appraisals. It's in that arena right now. Corrections are painful. Quote Link to comment Share on other sites More sharing options...
H8tank Posted July 2, 2008 Share Posted July 2, 2008 Here are some excellent plans. Quote Link to comment Share on other sites More sharing options...
TheShiznit Posted July 2, 2008 Share Posted July 2, 2008 Here are some excellent plans. LOL...he saved .3% over tha going average rate. The bank even confirms it was in accordance with bank policy...not to mention he does all his investing with the financial services arm of the bank...so he is a preferred customer. Quote Link to comment Share on other sites More sharing options...
alexgaddis Posted July 3, 2008 Share Posted July 3, 2008 Here are some excellent plans. Thats it, I am not voting for him now... Quote Link to comment Share on other sites More sharing options...
H8tank Posted July 3, 2008 Share Posted July 3, 2008 Hope, change! As a state senator, the presumptive Democratic presidential nominee coauthored an Illinois law creating a new pool of tax credits for developers. As a US senator, he pressed for increased federal subsidies. And as a presidential candidate, he has campaigned on a promise to create an Affordable Housing Trust Fund that could give developers an estimated $500 million a year. But a Globe review found that thousands of apartments across Chicago that had been built with local, state, and federal subsidies - including several hundred in Obama's former district - deteriorated so completely that they were no longer habitable. Grove Parc and several other prominent failures were developed and managed by Obama’s close friends and political supporters. Those people profited from the subsidies even as many of Obama’s constituents suffered. Tenants lost their homes; surrounding neighborhoods were blighted. http://www.boston.com/news/nation/articles...licy/?page=full Quote Link to comment Share on other sites More sharing options...
TheShiznit Posted July 4, 2008 Share Posted July 4, 2008 Hope, change! http://www.boston.com/news/nation/articles...licy/?page=full Yes those affable close friends and political supporters that remain nameless. That is code in journalism for making crap up...or they would have reported the names. Quote Link to comment Share on other sites More sharing options...
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