Anybody else feeling unappreciated?

[Tim Hicks (Texas)]

It been a rough week. Two sales that could not be supported by MLS data. Three refi values significantly below what they say they are worth. My name is mud in four different real estate offices and two different mortgage companies. Sales are not as brisk in this area as Realtors seem to think and property values are flat. They can't add that 10% per year like they used to. One realtor thinks I need to learn how to work with them and I am too "conservative". Duh, I am not using those sales in the other subdivison when there are plenty in the this one! Anyway, my point is that the market is flat, refi demand is high and Realtors are pushing values to get listings. Fun, ain't it.

 

[Pamela Crowley (Florida)]

Try this:

Buyer from CT needs house fast.

The first one he put in an offer on was the one I wrote about a couple of weeks ago where the Realtor used gated golf course country club sales for pricing the subject that is outside of that community. I'm $27,000 under contract price with 3 good comps within the subject subdivision.

Second one was early this week. Newer s/d, subject is 4 years old (Realtor has 2 years in MLS), one of the largest is the s/d. Best comp is in the s/d, similar in size and amenities, 2 yrs old, sold in April for $262,000. Listing of subject was $325,000, contract price of $315,000. Sorry again. 3 GOOD comps very close and I'm in at $280,000 which is top of grid.

Third one I just inspected this afternoon. In a non-gated golf course community. 6 months old sold by the builder this past March for $276,800. Owner added nothing since he bought it, lost his job and has moved the family back to parents house out-of-state. It's listed since 7/11, now at $299,900. Also has 2 separate For Rent listings for $2,195/mo and $2,495/mo. Contract written this past Wednesday for $293,000. HUH?!?!?!?!?!

This was a builder spec house, nice, no extras. Just got info from the builders site agent for new sales this past month - this one ain't gonna make it either. The additional $17,000 over what it sold for last March is the Realtors commission.

This afternoon, I asked the selling agent if I was being tested to see how far I could be pushed before my ethics break and just how did she expect me to justify this to the underwriter.

I'm apparently missing something here. Let's see.... there are a couple of builder spec houses available in this project that the buyer could move into right away but the offer is on this over-priced one?????? What the He** is going on here?????

 

[Farm Gal]

:lol: :lol:
It's the grass Pam....

what's growing on site and whatever they are smokin out back....

Actually I have seen some serious $$ in window treatments, landscaping upgrades, and etc on homes only a few months old, and if the personal tastes mesh, well I for one wouldn't walk away from NOT having to install additional towel bars, hang curtain rods, etc, if it was part of the deal...

Don't know if any of that factors in in your case, but in my area I can 'wash' an amount pretty near to the commission on 150,000 houses just for the established landscaping and 'lived in' features, IF the house otherwise looks pristine! The $$ cost of 'watering in the grass is pretty hefty, and that doesn't even count the time cost of babying it that first season 8O .

I have based this on some interviews with buyers when I started seeing that trend: seems I am not the only lazy person around! Saw it enough to convince that SOMETHING was happening, and they couldn't all be moving in next to their sister (results of the first call :roll: )

As to the other two situations: maybe we oughta rewrite Shakespeare to "fisrt we must kill all the SLIMY sales agents :twisted: :!:

 

[Pamela Crowley (Florida)]

I wish that were the case, Lee Ann. Alas.... all landscaping, etc. is included in all new building sales here. Shoot, standard equipment includes corian countertops, nice ceramic tile, surround sound systems built-in in family room and master bedroom....

Nothing added - just lived in for 4 months.

 

[Blue1]

Tim,

What'samattawityou? Hey, if you can't get the value from the house next door that sold yesterday, then just go where the values are! :lol: You gotta "work wit' us" (if yas know what we mean) :twisted: Realtors always push values.....even in my market where we are experiencing an unprecented rise in value.......you guessed it......the Realtors are STILL pushing values......

 

[Farm Gal]

Then it is ALL idiot buyer syndrome
mixed with realtors want their money and a leetle bit extra for nuttin':evil:

The first you cannot fix,

the second really should be addressed through some sort of 'ethics and sanctions at the board level'... but that's trickier than USPAP in some ways 8O

I guess we really ought to be promoting ourselves non-stop, as real live independant assessors of value:

HI I'm Annie appraiser I can tell you what the lowest price you should offer and probably get accepted, the highest you should EVER pay for this house if you were using your own money (which DUH you are) and the most probable price you all would agree on.... DON"T let the one getting the commission play with YOUR money: Hire REAL professional ME

Oh yeah thats what SOME realtors used to do wasn't it?...

Honestly I makes you wonder...

 

[Terrel L. Shields]

We have a lot of weirdness around here too. Seems a mass migration of Laotians have came upon us from Minneapolis (Mr. Lyke, what are you doing up there to insult them!) They cannot believe how cheap property is and are buying everything in sight.

A realtor told me he had averaged 21 offers pending with about 1/2 falling thru because they are not appraising out. If one buys an over priced home, all the surrounding homes take a sudden jump in price. Certainly no racism here, the impact of these minorities is a plus one on the market. They have bought dozens of poultry farms as well. I have at least twice the current year comps in my files as I did this time last year. One sold last October for $500,000 resold for $620,000 last week.

Nutzo market.

ter

 

[Frederick R. Ruffell]

Tim, Same thing here.
subject is single story, 1990 SF, built in 1923 2 bed 2 bath, original finishes in baths, 40's remodel in kitchen (pink), Gumwood trim painted over!. Sales price is $626,000. If you cross the street and go over the fence you would slide down a steep embankment/retaining wall onto a 8 lane highway (route 94). House does have a view of the coronado bridge. I know there is no way to support value as I have good COMPARABLES at 400K to 500K all +/- 15% of the subjects GLA within 3 months. Here are the comparables that the selling agent sent me (by the way she "appraised for 15 years")
1.) 5 bedroom, 2 bath, 3,005 SF, 2 story, similar view amenity, circa 1924.
2.) 6 bedroom, 5 bath, 4,154 SF, 2 story, similar view amenity, circa 1910
3.) 3 bedroom, 2.5 bath, 2700 SF, 2 story, inferior view amenity, circa 1915.

You ask if I am feeling unappreciated, how about downright insulted!!!!

 

[Frederick R. Ruffell]

Oh yeah, there was an article in the San Diego Union Tribune describing the tough time appraisers are having supporting the sales prices in this crazy market. Rates are droping again and I cannot get ahead of my workload.

 

[b r]

Tim I hear you. Received a call last Thursday from some mortgage company from Wherever, USA who wanted to know turn around time and fee. I started off by saying with a new client (especially one I've never heard of before) that it will either be COD or pay at the door. No problem he said; he'll call the borrower and tell them. He calls back 10 minutes later and asks "If the appraisal doesn't make value, will I refund the money"

My response?

"This conversation is over!" (Click)