Lake St. Clair Fishing Forum banner
1 - 13 of 13 Posts

·
Registered
Joined
·
4,637 Posts
QUOTE(EZ Seas @ Jul 18 2009, 12:48 PM) <{POST_SNAPBACK}>We're trying to refinance and our appraisal came in ridiculously low...


Same with us Eric. Our house appraised for 30% lower than what we paid for it 6 years ago.
 

·
Registered
Joined
·
6,590 Posts
hi, welcome to the U.S. economy, and the particularly hit hard State of Michigan

values have fallen for the past 4-5 years or so and the bottom has not been seen, look for continued drops particularly in S.E. Michigan for at LEAST the next year, probably 2-3 years....

5 years ago or so was the peak, if you bought or refinanced back then you got hit with the high end, and particularly in a refi, where you wanted to take 50K out of equity, and the appraised value was pushed high to meet your demands.. you are probably seeing 40-50% less value today than back then...

i sold my home in GP five years ago, we had three offers over the list price 1 day after we listed it, we sold it for approximatly 205K, they would be LUCKY today to get 140K...... thats a big drop.....

i would say 90% of homes in the city of detroit proper are worth less than 10K

talking to mortgage people, a LARGE loan or sale price is a 90,000 to 100,000 house, thats top end in our area now...

i flipped 3 bedroom brick houses in SCS 2 and 3 years ago for about $145,000 each, today these are right around $100,000 houses.... thats a 30% drop in 2 years......

back then appraisers had some lee-way, values were rising, so if the value was pushe 5% higher than what it may have been worth, it typically didn't matter, the appraisers were told and sometimes coerced to use the three highest sales they could find....

now, they are told to use the three lowest, and even then, its not low enough....

remember, appraisers don't set or make the value.... they only report what the MARKET is doing......
 

·
Registered
Joined
·
526 Posts
QUOTE(Goose @ Jul 18 2009, 03:16 PM) <{POST_SNAPBACK}>hi, welcome to the U.S. economy, and the particularly hit hard State of Michigan

values have fallen for the past 4-5 years or so and the bottom has not been seen, look for continued drops particularly in S.E. Michigan for at LEAST the next year, probably 2-3 years....

5 years ago or so was the peak, if you bought or refinanced back then you got hit with the high end, and particularly in a refi, where you wanted to take 50K out of equity, and the appraised value was pushed high to meet your demands.. you are probably seeing 40-50% less value today than back then...

i sold my home in GP five years ago, we had three offers over the list price 1 day after we listed it, we sold it for approximatly 205K, they would be LUCKY today to get 140K...... thats a big drop.....

i would say 90% of homes in the city of detroit proper are worth less than 10K

talking to mortgage people, a LARGE loan or sale price is a 90,000 to 100,000 house, thats top end in our area now...

i flipped 3 bedroom brick houses in SCS 2 and 3 years ago for about $145,000 each, today these are right around $100,000 houses.... thats a 30% drop in 2 years......

back then appraisers had some lee-way, values were rising, so if the value was pushe 5% higher than what it may have been worth, it typically didn't matter, the appraisers were told and sometimes coerced to use the three highest sales they could find....

now, they are told to use the three lowest, and even then, its not low enough....

remember, appraisers don't set or make the value.... they only report what the MARKET is doing......

The three lowest is not right for hard working people who have done the right things and made the right choices. I know some peeps have hit hard times beyond their control due to job loss but come on ok maybe prices rose to fast I agree with that but as someone trying to sell a home not as a forecloser or fast sale it is very disheartening when you paid a fair price to build a house and put all the things you have to put in it and then they tell you what you can sell your house for is ridiculous. We had a low offer and the realtor told us thats what the other houses are selling for in the area and she didn't even acknowledge the house two doors down that sold for 3000. less than what we are asking it is all a joke its not like we are priced that high and people want a nice house and don't want to pay for it. Thats what I think they are teaching people now get it for nothing. I will stay as long as nessary but I refuse to give my house away. and of course this is my opinion I think the banks are the ones who messed up and now let everything get out of control with the houseing market. Letting people buy stuff they can't afford so now I pay the price for that!
 

·
Registered
Joined
·
9,917 Posts
Hey! Ignore that all the house values are in the crapper and still getting worse...pay no attention please...gas prices are about to go up! The economy is on the rebound, didnt ya know? We're all rich, just dont know it yet.
 

·
Registered
Joined
·
526 Posts
QUOTE(Chriznat25 @ Jul 18 2009, 04:53 PM) <{POST_SNAPBACK}>Hey! Ignore that all the house values are in the crapper and still getting worse...pay no attention please...gas prices are about to go up! The economy is on the rebound, didnt ya know? We're all rich, just dont know it yet.


LOL I just have to blow off steam it makes me sick the whole thing and yes I know we are all in it.
 

·
Registered
Joined
·
49 Posts
QUOTE(JD @ Jul 18 2009, 12:03 PM) <{POST_SNAPBACK}>heard the homes values dropped again this month?

People want a steal not just a deal these days. The a$$holes that offer 20% less use an argument that the economy is bad and the Real Estate market is unpredictable... well they are the ones that are driving the decline in values.

Is it the appraisers fault?? Well, yes and no. There has been many foreclosures, short sales within the last couple years, in some areas that's all that was selling with deep discounts. The appraisers where forced to use those comparable because they were the most recent sales but that logic if flawed for many reasons. First off, you can't get a house built today for 50% off, replacement value for insurance isn't 50% off, city's taxable values aren't 50% off.

I can't blame the Bank's for selling an asset at a discount... So who's fault is it? Chris Dodd, Barney Frank and Allen Greenspan.
 

·
Registered
Joined
·
118 Posts
I paid $245,000 for my house 6 years ago. Put roughly $40,000 into it. Want to move back to the east side (SCS) so I brought in an agent to appraise. Owe roughly $127,000, the agent says I'll be lucky if I don't have to bring a check to closing. Good times.
 

·
Registered
Joined
·
2,131 Posts
QUOTE(wvernon @ Jul 19 2009, 04:58 PM) <{POST_SNAPBACK}>I paid $245,000 for my house 6 years ago. Put roughly $40,000 into it. Want to move back to the east side (SCS) so I brought in an agent to appraise. Owe roughly $127,000, the agent says I'll be lucky if I don't have to bring a check to closing. Good times.

Big Time oouch!

Were listed with FSBO and a <agent> that put us on more syndicated partners. If the agent brings a sale we would pay 3.5% commision he gets .5% and the buyers agent gets 3%
If we sell BO Colonial title will close our deal.
 

·
Registered
Joined
·
4,568 Posts
QUOTE(justhavenfun @ Jul 18 2009, 05:46 PM) <{POST_SNAPBACK}>QUOTE(Goose @ Jul 18 2009, 03:16 PM) <{POST_SNAPBACK}>hi, welcome to the U.S. economy, and the particularly hit hard State of Michigan

values have fallen for the past 4-5 years or so and the bottom has not been seen, look for continued drops particularly in S.E. Michigan for at LEAST the next year, probably 2-3 years....

5 years ago or so was the peak, if you bought or refinanced back then you got hit with the high end, and particularly in a refi, where you wanted to take 50K out of equity, and the appraised value was pushed high to meet your demands.. you are probably seeing 40-50% less value today than back then...

i sold my home in GP five years ago, we had three offers over the list price 1 day after we listed it, we sold it for approximatly 205K, they would be LUCKY today to get 140K...... thats a big drop.....

i would say 90% of homes in the city of detroit proper are worth less than 10K

talking to mortgage people, a LARGE loan or sale price is a 90,000 to 100,000 house, thats top end in our area now...

i flipped 3 bedroom brick houses in SCS 2 and 3 years ago for about $145,000 each, today these are right around $100,000 houses.... thats a 30% drop in 2 years......

back then appraisers had some lee-way, values were rising, so if the value was pushe 5% higher than what it may have been worth, it typically didn't matter, the appraisers were told and sometimes coerced to use the three highest sales they could find....

now, they are told to use the three lowest, and even then, its not low enough....

remember, appraisers don't set or make the value.... they only report what the MARKET is doing......

The three lowest is not right for hard working people who have done the right things and made the right choices. I know some peeps have hit hard times beyond their control due to job loss but come on ok maybe prices rose to fast I agree with that but as someone trying to sell a home not as a forecloser or fast sale it is very disheartening when you paid a fair price to build a house and put all the things you have to put in it and then they tell you what you can sell your house for is ridiculous. We had a low offer and the realtor told us thats what the other houses are selling for in the area and she didn't even acknowledge the house two doors down that sold for 3000. less than what we are asking it is all a joke its not like we are priced that high and people want a nice house and don't want to pay for it. Thats what I think they are teaching people now get it for nothing. I will stay as long as nessary but I refuse to give my house away. and of course this is my opinion I think the banks are the ones who messed up and now let everything get out of control with the houseing market. Letting people buy stuff they can't afford so now I pay the price for that!

Yeah, it really sucks being a good contributing member to society. Almost makes you want to be a *uck off so everything is takin care of for you by others.
 

·
Registered
Joined
·
193 Posts
Make the best of it if you are not moving, contact that same appraiser and ask for a personal copy (not the bank one) of your appraisal in preparation for apprealing your home value at the March Board of Appeals that your city holds, you should be able to lower your taxes. A small victory, but at least it is something.
 
1 - 13 of 13 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top