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Just found out what my house was appraised at....im not happy

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tcunningham

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i own 2 houses that i use as rentals. one thing i have learned is that sometimes a low appraisal is a good thing. if you are just living in it or renting it out, 10k less on the appraisal is no big deal, plus, you pay less property taxes. the housing market is shit right now so the good thing is you can get that low interest rate. i know it sounds weird that the house is worth less after all the work you've doe, but without the work it might have taken a 30 or 40k loss. when the market comes back those improvements will really pay off. stick to it, you are already ahead of a shit load of other people.

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Post #16   9/28/12 6:39:14PM   

kopower

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Tell me about it dude. Bought mine for 140,000, and it was just appraised for $70,000. It's a small townhome, and it's getting tight with our son, and probably another one on the way in the next year. We are in the process of short selling right now. No other way around it for us.

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Billy Madison-

What you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in the playground is now dumber for having listened to it. I award you no props, and may the mods have mercy on your soul.


Post #17   9/28/12 7:07:14PM   

kopower

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So did you get approved for the refinance proph? There are programs out so you still can, even if your house appraised for less than what's owed. We were in the process of refinancing even with being roughly $50,000 underwater. The reason we didn't continue, was we would have lost roughly $200 renting our place out a month. I bought my place when I was single, and it was fine. Then met my wife, and it was a little tight, but manageable. Then had a kid, and things got cramped real quick. We tried everything in our power to do the right thing, but there's no way I'm throwing my money away, trying to break even, when we can afford a bigger and better place. It sucks, but I'm happy with our decision we made.

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Billy Madison-

What you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in the playground is now dumber for having listened to it. I award you no props, and may the mods have mercy on your soul.


Post #18   9/28/12 11:58:26PM   

Kpro

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Yeah, not that big of a deal unless it changes your LTV ratio and affects your interest rate or adds PMI. The closest comps were probably short sales and/or foreclosure auctions possibly also. The changes you made will be worth it when you sell it but for the lender, they just are looking at the closest recent sale in the area close to your house in the basics like square footage, bedrooms, bathrooms.

I was a mortgage broker for quite a few years, gone are the days of sending an appraiser a bottle of Jack for an extra $30k and pay stub generators.

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Post #19   9/29/12 3:33:21AM   

Adrenaline

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Don't feel bad Prophecy, I live in a van down by the river. And that van depreciated 40% when I drove it off the lot.

Post #20   9/29/12 6:47:30AM   

prophecy033

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Posted by kopower

So did you get approved for the refinance proph? There are programs out so you still can, even if your house appraised for less than what's owed. We were in the process of refinancing even with being roughly $50,000 underwater. The reason we didn't continue, was we would have lost roughly $200 renting our place out a month. I bought my place when I was single, and it was fine. Then met my wife, and it was a little tight, but manageable. Then had a kid, and things got cramped real quick. We tried everything in our power to do the right thing, but there's no way I'm throwing my money away, trying to break even, when we can afford a bigger and better place. It sucks, but I'm happy with our decision we made.

yeah, I got approved. I have a pretty good credit score (771, 774, 780) and I only owe $71,000 out of $130,000 so they would almost have to be stupid to not loan me the money. The mortgage payment is only $522.35/month. My last apartment was $825/month.

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Post #21   9/29/12 10:21:48AM   

kopower

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yeah, I got approved. I have a pretty good credit score (771, 774, 780) and I only owe $71,000 out of $130,000 so they would almost have to be stupid to not loan me the money. The mortgage payment is only $522.35/month. My last apartment was $825/month.


That's great! Sounds like you'll be able to save quite a bit of money.

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Billy Madison-

What you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in the playground is now dumber for having listened to it. I award you no props, and may the mods have mercy on your soul.


Post #22   9/29/12 10:58:14AM   

prophecy033

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Posted by kopower


yeah, I got approved. I have a pretty good credit score (771, 774, 780) and I only owe $71,000 out of $130,000 so they would almost have to be stupid to not loan me the money. The mortgage payment is only $522.35/month. My last apartment was $825/month.


That's great! Sounds like you'll be able to save quite a bit of money.

maybe a little. I got a new truck that takes up the remaining $300. I had to, I had never had anything newer than a 98 Tacoma. I got a White 2007 Nissan Frontier 4x4. It only has 49,000 miles on it. Shit, to me that's brand new

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Post #23   9/29/12 1:25:44PM   

prozacnation1978

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Nice of your dad to leave you a home.

I wish I lived in a house instead of a apartment

My dad passes away. I will get some money
And about 20 illegal guns.
He lives on a indian reservation. So he has a lot of semi automatic weapons and rifles. Hand guns.

I told him if a war starts I am running up to the reservation

I own a couple guns. Love to shoot at the range. But open field shooting at beat up cars and stuff is way better on the reservation

Post #24   10/1/12 10:00:13AM   
 
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