Anybody else feeling unappreciated?

[Tim The Enchanter]

Hmm. I just shot 1 down that sold in May 02 for $467,500 and now supposed to be selling for $577,500. No MLS on the first sale, there is MLS for the current sale, says it's all remod, but not when. 3 + 1, just over 1,000 SF. What high prices :?:

Either way comps are closer to the $467 , and reportedly good condition and updated / upgraded. Stupid buyer? :x Swelling bubble :?: Stupid appraiser (don't think so :lol: ), scam? :twisted:

Ah well, just like

In the days of old
When knights were bold
And porta potties not invented
I'll lay this load beside the road and walk away contented. :lol:

Now I feel better.

 

[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?????

Follow up:

The 3rd one did it. Realtors and even the buyer are now accusing me of some sort of 'conspiracy'. ????

Lender's district manager sat down with LO and buyer and decided to have my 3rd appraisal reviewed. I offered to bring my workfile in to their office for the review to go through it they wanted to. I had a rough time getting the verifications on the comps from the builders site agents.

The reviewer did not take me up on that offer, but they (2 appraisers involved in the review) already called the LO this afternoon to say that my report is complete, correct and they agree with my value.

Also, the 1st one had TWO more appraisals completed on it with both coming in within $1,000 of mine. (Owners/sellers and their Realtor did NOT wnat to believe mine.)

Whew! Maybe all involved will get real now.

 

[Tim Hicks (Texas)]

Pam, I thought I cornered the market on "same borrower, low value, new purchase" assignments. After the first one, they think we are obligated to hit the next one. Boy, does that ever strain the client relationships.

 

[Mike Garrett RAA]

Since when haven't we been abused, used, and then cast off like an old prom dress? Guess it comes with the territory!

 

[Pamela Crowley (Florida)]

Another update:

Buyer is an idiot and Realtor who is the buyers agent and being paid as such is very unethical.

Realtor didn't give the buyer a copy of my appraisal and the LO had sent it to her. LO did give the buyer a copy of mine and a copy of the review.

Realtor has talked the buyer into going to a new lender and getting a new appraisal - she knows who will bring in the value wanted. This for a huge project that is showing signs of slowing down and possibly starting a decline. Nothing I can definatively show that trend yet, but there are a couple of builder spec houses are now being discounted.

Who's buying this loan???? Obviously not a lender that would use me. Buyer still has a 1st and 2nd on house in CT and a bridge loan to be able to buy here. House in CT isn't selling. Could it be a Realtor there has it over-priced? Do any Realtors read their own Ethics Rules?

:?: What buyer in their right mind would go for this????? Realtor hype prevails. :roll:

 

[Pine Tree]

And "THEY" keep talking about doing away with appraisals in the mortgage process!
Pretty difficult to save this buyer from himself! Ya wonder how he came to have the financial where withall to support all these loans across the contry! Commom sense was apparently not a factor!

I have always said that it takes more work to NOT make value than it does to "bring it in" ... This is a prime example!

 

[Kent Faver]

Hey all,

In 16 years I've never figured this out -- how do these idiotic buyers make $5,000/month (or fill in appropriate amount for your area) house payments?

Realtors and dumber than dirt buyers are pushing prices around here and the economy is flat, with absolutely no job growth or wages increases.

House sold 9/01 for $87,000, now under contract for $93,000. Seller fixed one small section of a badly cracking driveway. About $1,500 in VC repairs. Gimmeabreak.

I had another house in the area - the buyer offers list price! Duh - you are a brilliant negotiator. Plenty of supply in area, house had been on market over 60 days with no offers, nothing great about area or home - just really brilliant buyers coupled with really ethical realtors.


Kent F.

 

[The Bob]

I think part of the problem with buyers is what I call "used car syndrome". This were someone needs a car so bad, all they ask is "how much down, and how much a month". They don't care what the "cost" is. Also, compounding the problem is the incessant drum beat from the press and talking heads on CNBC about what a great deal real estate is....it never goes down. This from the same people telling us the Nasdaq at 5000 was a "good buy". I know that a good part of the strong market is from fundamentals like household formation and low supply, but how much is just a factor of record low interest rates that reduce the monthly payment and thereby push up values? Rates that could vanish overnight.