Real Estate Market

[ken800]

Originally Posted by captainsling

This what I thought but didn’t want to look like an idiot if I was wrong. I tried to recommend a previous appraiser on my own build and the bank refused. Said it had to go into a pool.

I think my point is misunderstood: I will order an appraisal separate from their pool as well as a home inspection. Both have to be made available to them, in writing, 3 days prior to close for any consideration. They, of course, will use their pool (which I'm paying for as well). I know their pool appraisers aren't going to bite the hand that feeds them so there's little chance the pool comes in "low". My agent and I (who is also a mortgage broker) have combed the agreements carefully and there aren't any waivers or gotchas in there so my worst-case is a $3K option fee loss. If their pool and my appraiser are way far apart then we have a discussion at that point. I know they are under no legal obligation to accept my appraisal over theirs but, again, if the market has tanked and this becomes acrimonious, I lose my option and move on.

There is a waiver option form in my packet but I've politely declined that part of the agreement where I would waive receipt or review so I could avoid "delaying closing".

[captainsling]

I guess I don’t understand paying for another appraisal if you don’t have to. You could always protest their appraisal off not satisfied with it and ask their appraiser to revisit the appraisal for such and such reason. We did this on our build and they came way up after reviewing the issues we pointed out that we’re different from the comps they used.

[Chad_E]

Originally Posted by captainsling

I guess I don’t understand paying for another appraisal if you don’t have to. You could always protest their appraisal off not satisfied with it and ask their appraiser to revisit the appraisal for such and such reason. We did this on our build and they came way up after reviewing the issues we pointed out that we’re different from the comps they used.

We did the same. With the help of a realtor friend, we pulled comps that more than justified our build. For example: The original appraiser was comparing our 50x90 shop to those cheap carport kits you can buy. That's not exactly what I had built. Even the bank was surprised by the initial appraisal result and stated the appraiser seemed to be out of touch with the local market.

[jdg13]

I work for a company that does land development. It's slowed down some, but the big players are still building as fast as they can. We haven't had near as many requests to look at little random tracts from the smaller developers. One thing I have noticed is there are less giant lots being put into land plans and more "starter homes" on small lots and even some manufactured home developments as of recent. Going to be interesting to see where the industry goes.

[Bill]

Originally Posted by Jason Fry

While we were talking real estate market, what’s the current status on over priced land that’s been on the market a while? Say a property that’s been on the market 200 days priced at 125K. Is that kind of thing where you should come in at 75 in “today’s market”?


Sent from my iPhone using Tapatalk

There’s only 1 way to know- have a Realtor prepare an offer for $75k. The worst the seller can do is laugh. And come back with a counter offer.

You don’t know what’s going on in the seller’s life.


Sent from my iPhone using Tapatalk

[W E H]

Originally Posted by ken800

I think my point is misunderstood: I will order an appraisal separate from their pool as well as a home inspection. Both have to be made available to them, in writing, 3 days prior to close for any consideration. They, of course, will use their pool (which I'm paying for as well). I know their pool appraisers aren't going to bite the hand that feeds them so there's little chance the pool comes in "low". My agent and I (who is also a mortgage broker) have combed the agreements carefully and there aren't any waivers or gotchas in there so my worst-case is a $3K option fee loss. If their pool and my appraiser are way far apart then we have a discussion at that point. I know they are under no legal obligation to accept my appraisal over theirs but, again, if the market has tanked and this becomes acrimonious, I lose my option and move on.

There is a waiver option form in my packet but I've politely declined that part of the agreement where I would waive receipt or review so I could avoid "delaying closing".

are you actually hoping for a much lower appraised value than your agreed purchase price so you can get a better deal from the builder?

[tpack]

'30 Year Mortgage Rates Are Going To 10%'-What The FED Doesn’t Want You To Know About Interest Rates - YouTube