They were showing #49. We had two showings after they saw the house. Just leaving to go sign the papers right now. The appraiser is scheduled for 9 am tomorrow morning. :bowdown: Oh, please mr. appraiser! Make it a good number!!!!!!:bowdown:

So far, prayers have worked, so I'll say another for you that the appraisal goes well.

Start packing!!

Best of luck, we all have our fingers crossed. :thumbup:

Well, the appraisal came back and it was lower than our agreed upon price. But it was a number that we decided we could live with, so we came down again in price. Now we have the inspector coming on Thursday. We told them that we aren't fixing anything and that the home is sold "as is" because we had to come down again after we had already reached an agreement on price. So the only thing that can go wrong at this point is if the inspector finds something so horrendously wrong with the house that they decide to back out. But, that isn't very likely. The house is in great shape! So, we should know by Friday how everything went.....:coolsmiley:

SS,

Couldnt be happier for you, it sounds like this is a go.

Now please send some of that good luck this way! LOL;);

SS

I am so happy for you and everyone else that has sold a home in the last few months. It is a nerve racking game.....

Our home was on the market for 4 months and we received and agreed on an offer. Our contract was signed and then the bottom fell out. The buyer had a family emergency out of state and never finished that paperwork that was needed to complete the sale. After many calls , we canceled the sale as we were losing valuable time and needed to be back on the market. so here we go again...back on the market....praying to St,.Joe ...

So good luck to all.....hope all goes well for you.

Oh lord, SS. What else can happen? Good luck!!!

Good luck ss!!!
 

Gees....you sure have been thru the wringer. :ohdear:.
I am praying for you, and will be thinking about you during your inspection. I have no idea why lol, but the inspections drive me absolutely crazy :faint:. Eventho I know nothing is wrong (hopefully lol) its still very nerve wracking. Its like having a policeman driving behind me for no reason, but in my mind I hold my breath till he turns lol :1rotfl:. (hope that made sense lol).
Good luck....good luck...good luck!!!!
Jeanne :smile:

P.S. I was supposed to have two showings yesterday "cash buyers"! But one cancelled and wants to reschedule, and the other "might" come today ugh! So here we go again, get out the mop Jeanne! :evil6:

Appraisal
 

SS
According to our agent, it's terrible with the banks and the appraisals. Now they are only going back 3 mos. for comparables(there aren't any around where we live) and although our buyers only need 125K, the house MUST appraise for the sell price of 375K--WHY?? I don't get it. The appraiser is coming in 10 minutes and we are AGAIN nervous wrecks.

It's complicated. We went through this once when we where buying, where the appraisal didn't come in at the asking price. If I understand it correctly and I may not, If they are getting a Mtg rate based on say 20% down (but they are putting down more than that) and the appraisal comes in at a level to cover the Mtg + the 20% (say $157) but not the full purchase price the lender may allow them to still go with through with the sale so long as they sign a letter saying they understand that the appraisal is less than the purchase price and that the difference may be non recoverable. We did this once in CT. It was the only house within decent commute distance to Sikorsky and we wanted it and I did my own appraisal with comps pulled by the realtor and decided that in the long run it was still a good buy, and I was right we sold it three years later at a healthy profit. The problem is if they are going for a funky loan, say interest only or negative amortization then the bank won't budge. Another way to fix the problem is to sell them the appliances under a separate contract. The appraisal doesn't consider appliances as they are not a 20 year asset, I was told this when I disagreed with the appraisal as the house had all new appliances and heating system and the comps needed same replaced in a year or two. I have rambled on sorry.

Appraisals
 

It almost seems like the banks are trying to figure out how NOT to give people the money for a mortgage. Isn't it the business they are in?
This is the result of the banks lending money to people that they knew could'nt afford it and they were in cahoots with appraisers who would inflate the appraisal to justify it. They all made money and then the bottom dropped out. Now we are all paying the price.

Unfortunately the appraisers are only going back six months on comp sales, and the majority of what is selling around here are repos and auctions. Our taxable value (which is usually much lower than what an appraiser will say your house is worth) is $40 thousand dollars more than what our house just appraised at. Our buyers wanted to roll their closing costs into the sales price also, which meant that the house had to appraise for $6,100 more than the sales price. They now have to come up with their own closing costs because the house appraised for $10,000 less than the sales price that we had agreed upon. Makes no sense that our property taxes are based off of a value that the home doesn't have anymore!

Omg
 

I am so sorry for you both that you have to go thru all this aggravation. A roller coaster ride...that is NO FUN at all! My nerves are shot already, I cant imagine all this other baloney thats ahead. Good luck to you both and anyone else going thru this...keeping my fingers and toes crossed for you!

We went through quite a bit of the same thing as we sold our big old house. In NY, the property taxes continue to rise even though they too are based on "market value" as NYC sees it. Those values have declined somewhat, but they covered it by raising the rate. You can't win.
I'm gald for you that the $10,000 wasn't something to make you walk. It's only money and the aggravation you'd (maybe) have to go through to get another buyer, well it has to have a price! And the longer it goes on, the more flexible you wind up beng.
Best of luck with this one!!

My son just called me. He got a reassesment for his 2010 real estate taxes. He just bought in Dec. 09 for what we thought was a great deal $25,000 under the assesed valuation for 2009. Guess what they reduced his assesed value by $100,000. As this is his first home purchase and I was the one who did all the number crunching for him to see if it was worth it , we are both upset. It is a short commute to the most stable and largest employer in that town (Microsoft) so it should recover I hope? But $100,000 reduction on a $535,000 house is huge.
Our house only 15 min away went up by $50,000. I think these assesors need math lessons.

This may show how little I know about real estate taxes, but isn't the assessed value just a percentage of the market value?

Yes and in alot of the states it is now 100% of market value. What we have been complaining about is the way they figure market value. The appraisals for loans (new mortgages) are only going back 3 months so into the worst of the selling history and it pulls up all the loan defaults short sales and does not take into account the major differences )alot of times) between the houses they use as comps and the house they are appraising. The appraisals for taxes depend on the state and local regulations in the area. In some states they have to go back a year in others only 6 months in others it is a complicated % of change formula that is done by district. I have never lived in a place that has done it the same twice. And I have appealed my evaluation when it went up, 11 times in my 31 years of home ownership. (won 8) The tax appraisers often don't even look at the houses they are appraising they just go by the square ft of house and lot and age of home. or they just up it to match the neighbors. I live in a town of some very expensive houses and I often get raised for no reason other than someone paid 3 mil a mile away. Can you tell this is a sore point with me sorry I ran on.

SS,

I wish that you and so many others did not have to go through this frustration and aggravation.

Those foreclosures that the comps are full of often require a lot of money to be put in after closing to make them livable again. I have heard tales of foreclosures that have been completely trashed, even to the point of having plumbing fixtures and wiring yanked out. Sometimes by previous owners and sometimes when the homes are robbed of anything that can be carried out.

The comps now seem to have a bigger share than usual of "as is" sales. I heard of a house that looked wonderful on the outside and was located in a great area, but there had been a fire that had made a mess inside but did not show outside. It sold for a very low price "as is" but the real reason did not show on the outside. Buyers then expected to get other homes in the neighborhood at such a low price.

The lenders who put us into this mess with their drive-by appraisals and stated-assets loans are now refusing to acknowledge the real value of good homes that do not need extensive work or in cases like yours, do not need any work at all.

How can appraisers ignore what is obvious. You cannot comp beautifully maintained homes with homes that have been gutted or wrecked. What a mess this all is and the wrong people are being punished.

I sure hope this works out soon, SS. I wish you the best.

Boomer

Well, the inspection went fine. They want to close around the 17th of July!:pepper2::pepper2::pepper2: Things are moving along quickly now. We'll be out of here in no time!

That is wonderful...Being from the Northeast I find July to be the perfect time to switch homes. Plenty of time to settle down before winter and the holidays.

It's about time. Wwe have been dealing with a most frustrating buyer. I am very happy for you.

Yoda

Now all that packing! Just put you PC on the webcam of your favorite chair, put on some Jimmy Buffett and the packing goes ever so smoothly! (Of course pretending you are in TV and it's happy hour doesn't hurt either.

Congratulations!

Kate

CONGRATULATIONS, SS!!! Can you believe it's finally happening?? I bet your head is swimming. Best of luck to you as you start your packing and preparing for the next wonderful phase of your life. I'm so happy for you!!!:pepper2:

Congratulations!
 

Thats is great news SS!!!! Now you can really put the cleaning supplies away lol relax!!! :beer3:
You will be busy packing, but that will be fun cause you know what you are packing for!!! I'm very happy for you!!! :pepper2:

Good luck to you Yoda, most buyers are really irritating!!! I hope you have a final sale soon!

Congratulations!
 

What an ordeal - finally light at the end of the tunnel!

SS,

Wonderful news. Finally!

Boomer

You're on your way!
 

SS, Let me add with my congrats too! Thanks for sharing your journey. Here's to a smooth move!!

Hooray!
 

SS
So Happy for you! What an ordeal-finally over, Happy Packing!:beer3:

Congrats, SS. One BIG step closer to paradise!

congratulations ss!!

the long awaited day has finally arrived! Im sure you are walking on sunshine!

Oh Wow!
 

YOU SOLD? REALLY? Now I have to backtrack and read the details.


Good for you.

Finally !!!!!!!!!!!!
 

SS it's about time. I'm glad you finally got a buyer. It'll be over before you know it. As you may recall ours drug on for 13 months then wham!!! The buyer appeared.

TV awaits you with open arms. C ya at Crispers.

F16

Officially closing this coming Friday!!!!! :pepper2::pepper2::pepper2: We have to get back home and pack. Went out of town for the 4th not expecting to have to get out this week!!! Good problem to have! I'm not complaining!!!!! The Villages here we come!!!!!!!111

Good for you...that long road is finally at the end...I bet your excited. I can't wait until we sell!!!!:eclipsee_gold_cup:

CONGRATS SS!!!!!!:crap2::beer3::pepper2:

Great News!
 

Congratulations!!!

Maybe now this thread can end..... :D

I know you are thrilled to finally have the hassle over SS and wish I was going with you to The Villages. Congrats on the sale, the closing and the move.

:MOJE_whot::MOJE_whot:

I hope we're right behind you.

Yoda

Oh boy, is this week gonna fly by! We probably won't hear much from you until you're done with all your work, so best of luck with your packing and moving and I hope the closing goes well for you. Congratulations!! You're on the way to a great new adventure!!! :clap2::clap2:

Fast Close!
 

Wow, that was fast from sale to closing. Good luck to you with the packing. Remember, one step at a time, also it will be "freeing" to get rid of stuff you won't need. Congratulations!