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| paula0000 |
 Posted: Wed Feb 23, 2005 4:38 pm Post subject: What's the difference between... |
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Investing Manager
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| ...an appraisal of your house by the real estate and an appraisal by the bank...seems to be two totally different things... |
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| Benjamin |
| Posted: Wed Feb 23, 2005 5:04 pm Post subject: |
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Administrator
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At least with our house we offered less than the asking price and got the house. We then had to have the house appraised by the bank to secure the loan. They appraised it at $500 less than we were paying for it so we had to pay that part ourselves. I'm sure agents appraise the homes quite differently (and much higher) than banks.
This is a good reason if you don't HAVE to have the house to bid quite a bit under the asking price. If the agent tells you they have "Similar" offers don't budge much...I think that was a scam, because how do you know for sure??
Has anyone else had their agent say they have had similar offers (and you better bid more if you want the house) after you put in a bid? |
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| wallace6 |
| Posted: Thu Mar 03, 2005 9:21 am Post subject: What's the difference.. |
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Investing Sr. Associate
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| Realtors usually just give you a market analysis. They compare your house to others that are similar in your area and get there estimate from this. |
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| bbehr |
| Posted: Tue Sep 20, 2005 6:06 am Post subject: |
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Investing Associate
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| the bank uses appraises by looking at how much it would cost to rebuild the home using the same materials, they don't add in things like your beatiful trimmed bushes or your great landscaping, these things can have a small adjustment on a CMA in my experience determining values for homes I must see the home to finalize a price numbers on paper can only mean so much. |
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| Grimreaper |
| Posted: Tue Sep 20, 2005 6:31 am Post subject: |
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CFO
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Actually, the appraisal industry was instructed to jack up appraisal figures so that the Fed could "get da muny out" in bunches, and the only way to do that was to make sure that home prices were appraised much higher than they should have been, it didn't matter if it was the TajMajal or Jimmy's Chicken Shack, in order to get things back to par in the housing market here in my Fl locale my estimate is that home prices will fall at least 30% across the board, and some of them will fall farther than that, but only the homes of the common man, higher priced homes in the best neighborhoods will lose less value, because that's the way it is, and that's the way it always has been, even Bill O'reilly said it, "if it wasn't for da rich fokes being around to bail the lowlifes out, the fokes who lost everything in NOLA would have had even less than they had when the disaster struck!"  |
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| 1(888)SNOWPLW |
| Posted: Mon Oct 10, 2005 12:38 pm Post subject: |
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Investing Sr. Associate
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There's actually 3 ways to appraise a home I learned. The market approach cost of similar homes in the area, the replacement cost approach i.e. the cost to build a similar structure-The RE guru says that is not reliable and not often used.
Then the 3rd I think is the media sales price method, i.e the avergae sales price of similar homes in the area.
I also found out that you should ask the bank beforehand for there approved appraisors. Then contact that appraisor and talk with him first. You could say, " I'm interested in obtaining an appraisal, the value I'm looking for is X$'s. Before you complete your appraisal if you think you'll have trouble arriving at that figure please give me a call"
9 times out of 10 the appraisor shall find your figure or right near it.
That's what I have learned.
Plus, I found property for $1 dollar in a nice residential area if I agreed to build before 12 months. RE is great fun and good investments |
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| frusnak |
| Posted: Fri Nov 18, 2005 4:52 pm Post subject: |
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CFO
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we recently sold our house in florida(2004), a realtor gave us a market valuation of " MAYBE $265,000" we were located one block away from the ocean and homes in our developement did not stay on the market long! While we were considering signing with this realtor we got a newsletter from our association telling of a realtor who warned that residents in our community were selling way to low. Using the Dollars per square foot value she was recommending we should be listing for $375,000.  Needless to say we found a different realtor and sold our home for $365,00 in 2 weeks during last septembers hurricanes!!!! 
We almost got burned big time! We have sold three homes in our lives and made good money on them but never considered them as investments. Unless you're developing a multi-home community, realestate can be a sure way to lose money  |
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| InvestingMac |
| Posted: Sat Nov 19, 2005 5:15 am Post subject: |
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Investing Manager
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| Whew! You almost got sucked in by that earlier realtor. Luckily that newsletter went out. |
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| frusnak |
| Posted: Sat Nov 19, 2005 6:57 am Post subject: |
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CFO
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| InvestingMac wrote: | | Whew! You almost got sucked in by that earlier realtor. Luckily that newsletter went out. |
 Amen!!! Timing and luck are part of what it's all about  |
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