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They never complained about appraisers focusing on projected values on the way up, now did they? Naaaah, of course not!
Douchebags!
Dave Ramesy Radio Talk Host, said it is good time to buy houses
IS the time to buy now, or should we wait for couple years or so?
Radio talk show hosts (and television, and internet...) all know what they're talking about. They're provided with top-secret crystal balls that are never wrong. Well, almost never wrong. Well, usually never wrong.
Do I, or zillions of Patrick.net readers, think that the bottom is near? Based on what I've read, I'd say no. But it's up to you whether or not you buy now.
The important thing is that you don't blame everyone else if you become upside down. Personally, I'd wait if the prices are still out of whack.
Buy now and start to depreciate immediately.
Personally, I wouldn't buy for AT LEAST the next 24 months.
Realtors complaining? thats rich...
there are over 11,000 appraisors who could provide documented cases of fraud by Realtors.
http://appraiserspetition.com/
"The concern of this petition has to do with our "independent judgment" in performing real estate appraisals. We, the undersigned, represent a large number of licensed and certified real estate appraisers in the United States, who seek your assistance in solving a problem facing us on a daily basis. Lenders (meaning any and all of the following: banks, savings and loans, mortgage brokers, credit unions and loan officers in general; not to mention real estate agents) have individuals within their ranks, who, as a normal course of business, apply pressure on appraisers to hit or exceed a predetermined value.
This pressure comes in many forms and includes the following:
the withholding of business if we refuse to inflate values,
the withholding of business if we refuse to guarantee a predetermined value,
the withholding of business if we refuse to ignore deficiencies in the property,
refusing to pay for an appraisal that does not give them what they want,
This is the old political gameplay of attack the messenger. If you can undermine the integrity of the people making the charges against you, you can blink w/feinted innocence and continue with an all is well gameface.
Thanks zetabeos for the appraiserspettion link. I found an appraiser from my small town on there which is funny cause the NYSAR spends a lot of money on ink trying to tell people it's different here, that we had no bubble. Can't say I'm surprised though. We laughed a few years back when surprise! surprise! the appraisal on our home came out to the same odd number as our purchase price! The local realtors love stupid out of staters from the bubble zones.
I refinanced in January (and dropped my rate 2%, whoppee!). The bank loan officer told me that she didn't know who would appraise my house, that another department in the bank will send someone out to appraise and that she isn't allowed to speak with the appraiser at all (before/during/after the refi). I liked that.
There's a Realtor in my neighborhood who walked down our street this week, was telling me that houses are still selling briskly around here and gave me an estimate of what she thought I'd get (urged me to sign a six month listing). Her "estimate" was $50k over the appraisal I received in January - and she told me that the repo across the street that's in tear-down condition didn't change my home value. She was the one who approached me, and had similar conversations with my neighbors.
What a crock.
What the realtor meant was, "I will be homeless" if the house doesn't appraise for anything less than asking price.
Boycott realtors. They're high priced prostitutes and leeches on society.
Good for you. Realtors' jobs are to get you to buy a house. Period. Advice? They took a night courses to get their license, do you want someone who took a few adult education classes to advise you as to how to spend hundreds of thousands of dollars? Marketing professionals? Nah, the only thing they used to have going for them was the MLS. Now there's the internet and realtors are facing extinction.
If/when you buy, you don't need a realtor. The title company does the majority of the work. Get pre-approval for your loan, from the company of your choice. And if they have a realtor, make them reduce the price for only having one realtor.
Any questions you have see a real estate attorney. They work for YOU and can advise you accordingly.
When I sold my home in '02 I didn't use a realtor and neither did the buyer.
My major expenses were for the Real Estate Attny and I paid a fee to be listed in MLS. Of course, there was advertising in local paper.
Every Sunday was an Open House and it was trying but well worth it.
There is a recently-enacted rule that prevents mortgage brokers/bankers from choosing their appraiser. The intent is obviously to prevent fraud.
There are some side-effects that are causing real problems out there right now.
When a bank orders an appraiser, the are randomly selected from a pool of appraisers who say that they service an area. However, many appraisers are asked to work in areas where they aren't very familiar. They don't know that a specific street or area has more cache than another neighborhood within their radius search for comps.
We are fighting appraisals now, more than any time since the and of the boom in 2005...and it's not just that they are coming in a little low. Sometimes the valuation makes absolutely no sense. Adding to the problem, banks are so backed up from the refi boom that challenging an appraisal can take 2 weeks instead of 2 days.
There are people looking to sell or refinance that are being screwed by these new rules, and by appraisers who say they know an area when they really don't.
http://www.lasvegassun.com/news/2009/jun/05/realtors-complain-about-low-ball-appraisals/
Mark Stark, owner of Prudential Americana, said he thinks appraisers are focusing too much on projecting what values will be instead of what they really are.
Julie Burkart, an appraiser with Southwest Appraisal Service in Las Vegas, said everyone is surprised by the decline in values and suggested that the drop is not appraisers trying to cover themselves. They are basing their decisions on the data they have, she said.
#housing