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All-In [46800]
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Appraisal is done
Mar 24, 2021, 9:48 AM
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should have the report later today.
Should know exactly where I stand on the house earliest this afternoon, latest Friday.
Please continue with your regularly scheduled brunch
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Heisman Winner [119576]
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I'm heading for my second breakfast***
Mar 24, 2021, 9:50 AM
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All-In [46800]
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That's a lot of sausage in your mouth
Mar 24, 2021, 9:53 AM
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sure the ol ticker can handle it?
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Heisman Winner [119576]
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Just shows how backwoods you are
Mar 24, 2021, 9:58 AM
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2nd bfast is for coffee and danish....
I'm actuall headed to Krispy Kreme to get my free donut of the day 
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All-TigerNet [11155]
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CU Medallion [56005]
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All-In [43577]
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This report you'll get to see
Mar 24, 2021, 9:53 AM
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assuming you paid for it.
Let's get an update on the inspection. Did you get the report? Have they asked for you to repair some stuff? If so, what? My guess is that part of the inspection will note the shocking absence of grass. Pepper thy stimulus for a pallet of sod. Hey, free pallet though!
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All-In [46800]
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No report on the report yet.
Mar 24, 2021, 9:55 AM
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Have to give the buyers enough time to see it, think it over, and provide repair requests. I expect to know sometime today. Tomorrow at the latest.
Didn't pay for this appraisal. I'm not paying their closing costs.
If it appraises at the offer amount then we will move forward and I don't have to see it.
If it appraises at less (appraised 10K less a year ago than what they offered), then I will get a copy of the report and we will go from there.
Message was edited by: FBCoachSC®
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All-In [26682]
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It’s exciting to see your personal growth during this time.
Mar 24, 2021, 10:00 AM
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If you had taken the same attitude for the inspection report, you’d have been spared much grief. But it did work out for the rest of the Lounge.
BTW, the appraisal should only need to hit the amount they are financing for bank purposes. If they are putting down the 20%, or whatever cash down, that will cover the rest.
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All-In [46800]
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Yeah that's true but I don't know of anybody who
Mar 24, 2021, 10:03 AM
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will buy a house over what it's appraised at.
For example, if the offer is 100K
They plan on putting 10% down and the house appraises at 90K, they are going to want to change the offer to 90K.
I would.
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CU Medallion [59974]
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a house 3 up from mine, they just got 50k in cash
Mar 24, 2021, 10:07 AM
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over. It happens every single day.
Now everyone on my street is dipping their toes into the market or thinking about it.
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All-In [46800]
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That's insane. I'm not paying more for something than it's
Mar 24, 2021, 10:10 AM
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worth.
Unless it's 2004 trucks
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Oculus Spirit [80978]
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A house is worth what someone will pay for it.
Mar 24, 2021, 10:25 AM
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If someone buys a house for $50K over asking, it just means the asking price was low.
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Oculus Spirit [79114]
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not really. It's worth the cost to remake it
Mar 24, 2021, 10:27 AM
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According to insurance companies. Otherwise there'd be a lot more arson cases.
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Oculus Spirit [80978]
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Land usually doesn't burn
Mar 24, 2021, 10:31 AM
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That's the value of a house.
That...and shiplap. And white paint, black stainless appliances, and barn doors.
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All-In [32588]
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. . . . and subway tile, you oaf.***
Mar 24, 2021, 12:02 PM
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All-In [26682]
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Just about anybody buying a house nowadays is buying
Mar 24, 2021, 10:11 AM
[ in reply to Yeah that's true but I don't know of anybody who ] |
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over what it’s appraised it if the list price is accurate. Sellers market and there’s hardly any inventory. As long as the appraisal isn’t coming in way the hell off, shouldn’t be an issue.
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All-In [43577]
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While true, it also depends on the specific market and price
Mar 24, 2021, 10:17 AM
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point. In some areas and at some price points, buying over ask and appraised amount is literally the only way to buy. No other alternatives. I know of a home recently sold near me....was priced at around 185k. 35 offers later, it sold for 225 with no appraisal contingency obviously meaning they had cash to cover whatever the difference was.
In the same area, you jump to 500k and not much is trading over appraised amount.
All of this being said, I can't imagine the housing market to be like that in BFE rural areas though. The demand simply cannot be that high.
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All-In [26682]
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Right, that’s why I mentioned list price has to be in-line.
Mar 24, 2021, 10:27 AM
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Usually that’s where a realtor’s research comes into play. However, in this instance...let’s see how good FBCoach did his market research to come up with a number.
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All-In [43577]
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Not looking great IMO
Mar 24, 2021, 10:29 AM
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He said it appraised for 10k less a year ago than what he was recently offered. Pretty big delta IMO on what I would guess the price point to be.
Who knows though. We can't underestimate what folks are willing to spend on a hand crafted pallet deck surrounded by fresh and elegant crush and run.
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Oculus Spirit [80978]
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Seemed like a pretty aggressive appreciation for the area***
Mar 24, 2021, 10:32 AM
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Heisman Winner [105441]
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*crusher run
Mar 24, 2021, 11:04 AM
[ in reply to Not looking great IMO ] |
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It's a common mistake perpetuated by the uninformed and has since become almost industry standard.
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Heisman Winner [135665]
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I think he was referencing the
Mar 24, 2021, 11:15 AM
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wife not the gravel
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Heisman Winner [105441]
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lutz***
Mar 24, 2021, 11:16 AM
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All-In [43577]
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your #### mouf
Mar 24, 2021, 11:16 AM
[ in reply to *crusher run ] |
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can shut.
DON'T BE TRUTHERIN ME ON CRUSH N RUN!
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Oculus Spirit [80978]
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Depends on the market
Mar 24, 2021, 10:11 AM
[ in reply to Yeah that's true but I don't know of anybody who ] |
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I'm seeing houses get bought for more than asking price a lot. Of course, it only takes a few sales like to change the value of other houses for sale in the area, subsequently changing the appraisals.
I looked at a house online in Surfside a few weeks ago and I called my realtor about it and asked if I should drive up to see it. She said not to bother--it was 2 blocks from the beach and she felt it would have multiple cash offers for over asking price. I could come and put an offer on it, but it was going to sell above asking price and she didn't feel it would appraise for what it was going to sell for.
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All-In [40656]
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This is the worst haiku I have ever read***
Mar 24, 2021, 9:54 AM
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All-In [46800]
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I don't like japanese wine***
Mar 24, 2021, 9:55 AM
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All-In [38100]
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Heisman Winner [105441]
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There once was a feller from Raleigh
Mar 24, 2021, 10:31 AM
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Who invited guys over for jollies,
They pulled out their cranks
And in a circle did yank
Silly boys and their homoerotic follies
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All-TigerNet [13764]
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This is sheer beauty***
Mar 24, 2021, 10:49 AM
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All-In [42676]
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TU is broked on OP. Or he hate me.***
Mar 24, 2021, 9:55 AM
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CU Medallion [59974]
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we be ignored yo***
Mar 24, 2021, 9:58 AM
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All-TigerNet [13764]
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Re: Appraisal is done
Mar 24, 2021, 10:20 AM
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Appraisals are the biggest scam in the realty industry. Many states have done away with them for properties listed under a certain value (say $500k or whatever, different for each state) and SC is possibly going to as well. Comps + Inspection report gives the bank everything they need to accurately assess a value.
When we sold our old house the "appraiser" was at my house for literally 20 minutes tops. He took a couple pics, used mostly pics from our listing. Then my realtor handed him a stack of comps to use in his report so he didn't even spend time researching those. He probably spent another 20 minutes filling out some premade form in his office with our info and a couple pics.
Boom. $500 or so in his pocket.
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All-In [46800]
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When we refinanced we had to be at a certain value
Mar 24, 2021, 10:44 AM
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for it to be worth it.
Lender was like, don't worry, I'll get us that amount. I know a guy.
So appraiser came in, asked me 2 questions. stayed for 5 minutes then left.
BAM, value achieved.
Realtors have their people as well. If it appraises at less they lose money on commission. Everybody is incentivized to get the highest purchase price possible except the person actually buying it.
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All-In [40656]
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Holy crap
Mar 24, 2021, 11:05 AM
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I forgot you threw thousands of dollars at a refinance like last month. Got dang you're dumb.
"what you mean, I can't take my interest rate with me?"
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All-In [46800]
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So far interest rates are lower now than when I refinanced***
Mar 24, 2021, 11:07 AM
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All-In [43577]
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He may be referencing the fees associated with
Mar 24, 2021, 11:17 AM
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a refi. Your gonna eat those.
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All-In [46800]
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Agreed, but I will make that up over the next 20 years***
Mar 24, 2021, 11:22 AM
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All-In [43577]
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NOT IF YOU SELL YOUR TRAILER DUM-DUM***
Mar 24, 2021, 11:23 AM
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All-In [40656]
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All-In [46800]
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I'm gonna have to go all tigermanac you're an idiot on this
Mar 24, 2021, 11:33 AM
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one.
Lender waived closing costs for the refinance (this was right before COVID).
So yes, even though I have to pay for closing costs on two sides, My lawyer fees on the sell and the inspection/appraisal/CL100 on the buy, I will make that money up through a 1% decrease in interest for the new loan over 20 years.
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All-In [43577]
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The only thing here is you ain't making up nuttin over 20
Mar 24, 2021, 11:54 AM
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years if you sell your dwelling.
Lemme break it down for ya.
You paid X for your total expense to refi the house.
You've said in 20 years you will have saved Y, which is more than X. You come out ahead in this scenario assuming your math is good.
Now, you sell before 20 years, you only save Z. Z is less than Y and is less than X.
This means you lose money.
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All-In [46800]
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### are you talking about?
Mar 24, 2021, 11:59 AM
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why is there an additional sale in your equation?
We refinanced current house with no fees at 20 years
Now we sell current house at X interest rate 20 year mortgage.
We buy upcoming house at Y interest rate which is less than X interest rate still at 20 year mortgage.
To sell a house you have closing costs, usually work by a real estate lawyer and commission of realtor (which I don't have) so I'll be have around 500 in closing costs from selling. Then when you buy a house you have closing costs. Usually around 2-4K depending on what's needed.
Over 20 years we pay less in interest rates than if we would have stayed in the house covering the closing costs from buying his house.
Message was edited by: FBCoachSC®
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All-In [43577]
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Ok, let's go simple here.
Mar 24, 2021, 12:06 PM
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Forget about some house you are thinking of buying. That hasn't happened.
Your current house. You refinanced recently. Do I have this correct?
Mmkay. Did you refinance for completely zero cost? By cost, I'm not talking only about out of pocket. Maybe the cost was rolled into the new loan. Was it totally free? If not, there was an expense involved in that transaction.
Ok. You say you can recoup that expense after 20 years. Sounds about right.
If you sell your current home, you have to satisfy (pay off) that loan. That loan does not transfer. Net, you've sold prior to 20 years going by so you lose money.
Buying another home in the future is in no way related to this.
Am I missing something here?
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All-In [46800]
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But you can't exclude the other purchase because
Mar 24, 2021, 12:16 PM
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that is where the money will be covered.
You're talking pre and post refinance. I'm talking pre and post selling/buying the house
Yes I'm losing money selling this close to refinancing. I'm saying that at the new house with a much lower interest rate, that amount saved will cover what I lost from selling so close to a refinance.
Message was edited by: FBCoachSC®
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Lot o points [155641]
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Dude.....***
Mar 24, 2021, 12:18 PM
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All-In [43577]
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Good lawd.
Mar 24, 2021, 12:21 PM
[ in reply to But you can't exclude the other purchase because ] |
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I guess when you buy another truck you'll make up for the loss on the Silverado as well using that logic.
I give up. Heaven help you good sir.
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All-In [46800]
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How much is being paid in interest over the course of the
Mar 24, 2021, 12:28 PM
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loan compared to how much it costs to take out the loan is the subject here. Not the price of the purchase.
If it costs me 1k to refinance, dropping my interest from 4% to 3%, I can quickly make that up over 20 years off of how much I will be saving by that drop in percentage. Now of course we add the new closing costs from selling. Still dropping 3% to 2%. That will cover the additional costs over the course of 20 years from that drop of %.
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All-In [43577]
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Mane you are good here. Solid logic.
Mar 24, 2021, 12:34 PM
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EXCEPT WHEN YOU PAY OFF THE LOAN PRIOR TO 20 YEARS THEN YOU LOSE MONEY BRUH.
Another future loan may be cheaper. It may help offset previous bad decisions. It may blow your ####. It may cure cancer. IT WILL NOT CHANGE THE FACT THAT YOU LOSE MONEY ON YOUR REFI IF YOU TURN AROUND AND SELL THE HOUSE GET THAT THROUGH YOUR THICK HAIRY UGLY JUMBO HEAD BUDDY.
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All-In [46800]
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I agree I will be losing money. I know that.
Mar 24, 2021, 12:39 PM
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Which is fine for me as long as I'm saving that amount plus some with the next mortgage. Which I will
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All-In [43577]
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WHEW.
Mar 24, 2021, 12:42 PM
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I need a nap.
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All-In [40656]
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Heisman Winner [105441]
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As I understand it, it USED to be that way but banks cannot
Mar 24, 2021, 11:11 AM
[ in reply to When we refinanced we had to be at a certain value ] |
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use specific appraisers anymore. When we refi'd someone from Charlotte came down to appraise house. Dad worked in banking and said up until '08, what you are talking about was industry standard. After '08 regulations changed that and the banks request an appraisal for a property and that goes out into some system that selects the appraiser and they are supposed to have zero clue about what the "target" value is. Now, if there are only 3 appraisers in the area, you may be able to do that if you know 2 of them.
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Oculus Spirit [97666]
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It's fairy dust really. Troo fakt...Once we applied for
Mar 24, 2021, 2:26 PM
[ in reply to Re: Appraisal is done ] |
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a home equity loan FROM OUR OWN MORTGAGE LENDER. They said there would have to be an appraisal to see if we had enough equity between what we'd paid and what the appreciation was on the house. Had to be like 20% to qualify for the awesome rate. Slam dunk for that. Their appraisal came in with our home value DROPPING and giving us 19.7% equity, just under their threshold for the good rate. We asked for the appraisal. We were never contacted. No one came inside the house, I know that, or measured the outside or anything.
Appraisal comes in and some dude literally drove by and took a picture form the road. Used the tax records (not accurate), then ran some comps of trailers and crack houses sold in a trailer park a mile and change away, and IGNORED the 5 houses that had sold for at least 10%-30% more PPSF in our neighborhood.
They said we could pay to have our own appraisal done and they would "consider it". lol. Told them to pound sand.
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