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  #1  
Old 09-14-2004, 09:08 AM
Rich Hahn Rich Hahn is offline
 
Join Date: May 2003
Location: Lucy's New and Improved Trailor Park, first, second and last months rent please.
State: Colorado
Professional Status: General Public
Posts: 1,254
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These aren't foreclosures
these were just yesterday

1. 700sf condo, paid $80,500 2 years ago
9/2004 appraised value $63,000
looked up 2 year old data and $80,000 was supported then. This is not a bad part of town.

2. 2 YO home. Est value $359,000. New 1st mtg $290,000 11/2003
9/2004 appraised value $265,000, 6 comps, 3 clones, 2 on same street.
one clone sale relisted $270,000 :lol:

3. 7 YO home, 'infill' Est value $300,000
according to HO appraised 1 year ago for $272,000
9/2004 appraised value $250,000
No home in this subdivsion(5,000 homes+/-) has ever sold for more then $265,000 and that was 3 years ago(list price was $350,000). Going to another subdivison means traveling some 10 miles.

4. tract home, average condition, Est value $228,000
3 clone sales $175-$195,000. 1 sale next door from June. Where they get these Est Values?

These were all reifes and
I will be getting paid for these reports not to worry.

Rich

cant wait for tomorrow's deal killers!
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  #2  
Old 09-14-2004, 09:13 AM
Bobby Bucks's Avatar
Bobby Bucks Bobby Bucks is offline
 
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Location: flyover country
State: North Dakota
Professional Status: Real Estate Agent or Broker
Posts: 5,489
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Our job is merely to report. If they purchased in the wrong neighborhood, it sounds like
a Realtor issue to me.
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  #3  
Old 09-14-2004, 10:49 AM
Dee Dee's Avatar
Dee Dee Dee Dee is offline
 
Join Date: Jan 2002
Location: Colorado
State: Colorado
Professional Status: Certified Residential Appraiser
Posts: 6,587
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Rich,

Looks like you're seeing the same thing down in Denver that I've had for over a year up here. Sure hope you can hang on to your clients because mine all dumped me for not making the deals fly or "deeply disappointing" the homeowners.

A couple of weeks ago I ran into an MB who used to be a good local client until he stopped calling me about a year ago after I came in lower than the 'needed value' on a couple of assignments. At the time he was all excited about starting to buy investment properties for himself up here and thought the slowdown was just a short-term glitch. He asked for my opinion and didn't like it when I told him I didn't think we'd hit bottom yet because there were too many listings that weren't moving, a glut in available rentals and that I thought too many homes had been overvalued over the prior year. He told me I was a pessimist and too conservative. I heard that after he dumped me he had started using another appraiser that 'understood the market'.

Anyway, I asked him what he'd been up to and he told me that he had bought 3 investment properties since we last spoke, mostly fixer-uppers that he had wanted to flip. When I asked him how it was going, he kinda looked at his feet and said, "I'm going to be filing for bankruptcy next week. All of the homes are vacant, I can't sell them for what I have into them and can't find renters."
I couldn't help it (the words just slipped right out B)), I chuckled and said, "I told you so!", and goodbye. B)

I hope that "understanding" appraiser that appraised his investment properties is ready for the lenders to review his work since it looks as if they may be going into default.
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  #4  
Old 09-14-2004, 11:43 AM
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Steve Owen Steve Owen is offline
 
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Location: Joplin, Missouri
State: Missouri
Professional Status: Certified General Appraiser
Posts: 5,409
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Quote:
He told me I was a pessimist and too conservative.
You doom and gloomers are all alike. :rofl:

I wouldn't have said "I told you so" I would have said, "Glad you were able to find an appraiser who understood the market or you wouldn't have been able to get into those properties." Might have made him start thinking.

Our job is to analyze the market and come to an opinion of value. Sounds like you've been doing your job.
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  #5  
Old 09-14-2004, 01:54 PM
Dee Dee's Avatar
Dee Dee Dee Dee is offline
 
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Location: Colorado
State: Colorado
Professional Status: Certified Residential Appraiser
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Steve,
I guess I should have been more diplomatic, but when you've been working in a market like this for a couple of years, and watched a once thriving business go down the tubes simply because you won't play the game,....well....ya just start getting ****y. I have no regrets. B)
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  #6  
Old 09-14-2004, 04:50 PM
Steve Owen's Avatar
Steve Owen Steve Owen is offline
 
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Location: Joplin, Missouri
State: Missouri
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Yeah, well, I understand, Dee Dee. My comment was not intended to imply more diplomacy, it was intended to imply giving the poor sap a way to place the blame (at least partly) on Skippy.
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  #7  
Old 09-14-2004, 05:23 PM
Dee Dee's Avatar
Dee Dee Dee Dee is offline
 
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Location: Colorado
State: Colorado
Professional Status: Certified Residential Appraiser
Posts: 6,587
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Steve,
The sheepish look that he had on his face leads me to believe that he already knew exactly what got him to where he is now, with no small amount of the blame being his own.
Sometimes you just can't save people from themselves.
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  #8  
Old 09-14-2004, 06:18 PM
Rich Hahn Rich Hahn is offline
 
Join Date: May 2003
Location: Lucy's New and Improved Trailor Park, first, second and last months rent please.
State: Colorado
Professional Status: General Public
Posts: 1,254
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Quote:
I couldn't help it (the words just slipped right out ), I chuckled and said, "I told you so!", and goodbye.
Priceless

Rich
  #9  
Old 09-14-2004, 06:27 PM
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TEL2002 TEL2002 is offline
 
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Location: Louisiana
State: Louisiana
Professional Status: Retired Appraiser
Posts: 8,156
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Those who live by the sword, die by the sword.
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