Home appraisals

[ddr7749]

Does anyone know how selling prices of homes are stacking up against the appraisal amounts in TV? We are hoping to move the TV this year and have noticed a lot of homes have increased in price as much as 20K in the past year. I saw a post sometime back about someone's home not appraising for selling price. Thanks for any input.

[Billyworld]

As I see the prices rising, I see the marketing people employed by TV setting a price. Then comes the frenzy of multiple offers. The offers go upwards of 15 or 20k over asking price. These are most often cash offers with no contingency on financing. As a licensee, I know these houses would not appraise for that amount. That over inflated price then goes into the system to be used as a comp for the next property that is being priced for sale. From what I see at this point in time, if you plan on financing a resale, you are going to be shot down every time. There are too many cash buyers that the sellers don't need to bother dealing with people trying to obtain a loan. I am personally in the middle of a purchase (FSBO). I find this is a better way to do business. I was surprised when my Villages sales rep gave me a No Brokerage notice to sign and advised me her loyalty was with the seller and the listing agent and not with me. I would recommend using a real Realtor outside of TV that will be looking out for your interest. Unfortunately, they can not show property listed with TV. Good luck on your purchase.

[manaboutown]

Could there be a bubble within the bubble?

[billethkid]

the answer is very simple....it is not a frenzy (in my opinin).....nothing more than good old fashioned supply and demand at work.

As the baby boomer wave continues to grow and IF the developer no longer is building new.....the prices will continue to rise.

Living in TV and having the investment continuing to appreciate.....what a nice Rx that is.

[graciegirl]

yeah.:mademyday:

[jbdlfan]

Our villa appraised at $145,000 in March of this year. One is selling on our street today for over 160 with less than we have, others are over 180. It amazes me what folks are paying right now. Don't get me wrong, keep it coming!

[manaboutown]

Appreciation in Laguna Woods Village, a retirement community near me in Orange County, CA, has been going crazy. One unit sold for $124K in March 2013 and totally rehabbed is now under contract for $345K!

Like Bille wrote, I think the baby boomer population bulge is driving the remarkable appreciation in desirable retirement communities.

Too, location, location, location, as ever, is at play. A rehabbed house in my neighborhood in Corona Del Mar, CA just sold for seven times what I paid for my partially rehabbed house in 1996.

[delima2000]

We bought our house 2 years ago for 145,000.00 and got a mortgage with a PMI and just last month had it reappraised to get the PMI taken off and it appraised for 179,000.00. PMI is now off. Yeah!

[OBXNana]

We're working with a lender outside of The Village community for a new construction. Has anyone purchased a new construction that has not appraised? Our loan is in underwriting and we're within 72 hours of proceeding with a purchase in order to settle within the 30 days written into the contract. Having a house not appraise is not something we would like to see happen and wonder if anyone has an experience with a non TV lender?

[JourneyOfLife]

The US housing market has been trending up nationally. More in some places than other, but upwards.

Look at the stock market.

These are very positive signs. The US economy may be rounding the corner!

[The Buckeyes]

We closed last May on a home we had built. We used outside of the villages financing and was a little worried about the appraisal until we received a copy in the mail. The home was appraised 15k more than the purchase price!

[asianthree]

If you are using out of the bubble bank you may run into house not appraised for asking price

[Barefoot]

I am personally in the middle of a purchase (FSBO). I find this is a better way to do business. I was surprised when my Villages sales rep gave me a No Brokerage notice to sign and advised me her loyalty was with the seller and the listing agent and not with me.

If you are buying a FSBO (for sale by owner), usually no agents would be involved. The negotiations would be between you and the owner. Not sure why a Village Rep would need to give you any notices.

Most real estate agents do work for the seller of the property who pays their commission amounts. Both VLS and MLS agents. In some areas, a purchaser can "hire" an agent to work for the them, if the purchaser pays pay the commission of the selling agent. Most people decide to stay with the traditional arrangement of the sales agent being paid their commission by the seller. In that case the selling agent "your agent", still owes you honesty and full disclosure.

As far as negotiation, don't tell the selling agent your "bottom line", just quietly negotiate the best deal you can. In real life the selling and listing agents do work for the seller, however you will probably find that you've "bonded" with the selling agent, and they will gently offer positive guidance to you.