Black couple settle lawsuit as home value at $500k below real price

[ucbruin]

AI probably wouldn't be too bad for that. Much less complex than appraisals with changing market conditions and different markets.

Although umpires will be pissed....

 

[Fernando]

Okay, if you were playing consultant to a homeowner before they did the renovation, would you tell them you thought it was an overimprovement before they spend $350K or would you recommend them sell the house "as is" and go buy another one with what they want?

Thanks. Got it.

 

[Sadie]

Okay, if you were playing consultant to a homeowner before they did the renovation, would you tell them you thought it was an overimprovement before they spend $350K or would you recommend them sell the house "as is" and go buy another one with what they want?

Sometimes you do the work for yourself. But you need to be aware that you may not capture the cost of the project when you sell.

 

[Elliott]

2023 Best Mortgage Companies to Work For

2023 Best Mortgage Companies to Work For

Despite the cloudy outlook for future interest rates and housing, the employer in fifth annual ranking have supported the workers who've kept them going by providing the transparency, recognition and in some cases innovative benefits.

www.nationalmortgagenews.com

I would expect more diversity from the 50-best, maybe even a few more persons who identify as men.

 

[George Hatch]

Miller was on the verge of retiring and her daughter died of cancer during the lawsuit, then her husband died a few months after her daughter died. I'm sure all that factored into this "Alford plea" type settlement her attorneys agreed to. Unbelievable.

I didn't know any of that. Very sad situation.

 

[George Hatch]

Sometimes you do the work for yourself. But you need to be aware that you may not capture the cost of the project when you sell.

There mere existence of other such homes in the area with other such additions and none of them are selling at "original+cost" demonstrates the lack of return on those costs. But for the most part only appraisers will see that situation for what it is.

When it comes to room additions it's almost always cheaper to buy "existing" than to DIY.

 

[Tiffany Gibbons]

Okay, if you were playing consultant to a homeowner before they did the renovation, would you tell them you thought it was an overimprovement before they spend $350K or would you recommend them sell the house "as is" and go buy another one with what they want?

Nobody ever takes an appraiser's advice on anything. If fact, I've had relatives ask me my opinion about something and then just go ahead and do the complete opposite. Like don't order a new "manufactured home" built to your specifications from a dealership just because you can have a "luxury" bath and a kitchen island and you must have a NEW house, but you dont have new house money. Search for an older stick built house and add those things later. Dont add on to your home using unlicensed contractors. Don't buy a house in an open flood plain and be surprised when it floods. Don't buy a house full of mold and mildew to "flip". Don't buy the house in the airport flight path, etc. Don't buy a house you have to take out a second mortgage on to make the down payment (that was before the 2008 crash).

 

[Surf Cat]

There mere existence of other such homes in the area with other such additions and none of them are selling at "original+cost" demonstrates the lack of return on those costs. But for the most part only appraisers will see that situation for what it is.

When it comes to room additions it's almost always cheaper to buy "existing" than to DIY.

The function and flow of homes with additions is just not the same as homes originally built to that configuration.

Of course there are exceptions. The choice of contractor and when money is no object. From what I've seen, it's generally the former.

 

[ucbruin]

Nobody ever takes an appraiser's advice on anything. If fact, I've had relatives ask me my opinion about something and then just go ahead and do the complete opposite. Like don't order a new "manufactured home" built to your specifications from a dealership just because you can have a "luxury" bath and a kitchen island and you must have a NEW house, but you dont have new house money. Search for an older stick built house and add those things later. Dont add on to your home using unlicensed contractors. Don't buy a house in an open flood plain and be surprised when it floods. Don't buy a house full of mold and mildew to "flip". Don't buy the house in the airport flight path, etc. Don't buy a house you have to take out a second mortgage on to make the down payment (that was before the 2008 crash).

You have a lot of relatives....

 

[Tiffany Gibbons]

You have a lot of relatives....

Too many, lol. I moved away, so I don't know the market there anymore.