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Bap33
2009 Dec 8, 8:54am
ok update time:
1) The place had a for sale sign placed on Thursday, but no MLS listing and no know price at the office number, they said he was out for the day and price was not set yet.
2) Then on Friday it was listed for sale for $229K.
3) Friday noon, I went to my lender and asked if I could have the FHA appraiser do an appraisal on the home before I put an offer, they said yep, but you will need to do another one if your offer is accepted. I said fine, and ordered the appraisal by the lady that does the FHA appraisals here (as I was told by the lender)
4) Firday noon I asked my REpro to gain me access so I could make sure the home was still in good shape. Did not happen.
5) Monday, gained access and walked the home, it still looked ok, with some sheetrock craks in the ceiling from water damage, but nothing really bad. Told my REpro I will be making an offer based on the FHA appraisal I am getting done. My REpro was less than happy with my approach, even expressing how I may be trowing away my $300. I explained to her that for a $170K deal, spending $300 aint a biggie. My REpro said she intended to do a BPO on the place to see how it comes in , in her opinion.
6) Tuesday . about 2 mins ago . My REpro called to tell me she had finally spoke with the listing agent and that he told her he already had TWO full-price offers on the table. She then said I should go ahead and cancell my appraisal. I told her, "nah. the appraisal should be done, and I already paid for it, so I will have it." I told her that I did not believe the other agent, and that even if there are two offers for full price, I gaurentee they do not sell for that price. She was not happy with my distrust of the other REwhore, but I really have no care about that.
and so, I shall be getting the results of my appraisal, and I'll get back to you.
One thing that happened that I did not like, the lending office told the lady what my offer was going to be and what the house was listed at. I think it would be better if done as a blind appraisal. I was really suprized when they suggested that they even use LISTING prices to "set comps". How friggin stupid is that?
elliemae
2009 Dec 8, 9:49am
One thing that happened that I did not like, the lending office told the lady what my offer was going to be and what the house was listed at. I think it would be better if done as a blind appraisal. I was really suprized when they suggested that they even use LISTING prices to “set compsâ€. How friggin stupid is that?
This is what happened during the bubble. They'd state the sales price and then the appraiser had to make it so. With blind appraisals these days, that's harder to make happen. However, if your appraiser is good it won't matter.
But it kinda sounds like you're getting screwed on this deal, if the listing realwhore is dictating to your realwhore. I don't know as I'd have an appraisal done for the offer - I'd offer what I felt was reasonable and make the offer contingent upon the appraisal coming in at that amount. But I'm cheap.
Bap33
2009 Dec 8, 12:40pm
The REwhores seem to have gotten a second breath. Did some bailout money go directly to the REwhores?
Bap33
2009 Dec 11, 1:22pm
ok, it looks like I am not a player in this one.
The apraisal came back at $208K. It is a $170K house. Listing is $229 and is pending "at full price after muliple offers". The comps used were absolutly ridiculous, but the excuse I was given was "they have to be 3 to 6 months ago - max." Well ... incase anyone was paying attention , there was a friggin forclosure blockage about that time, creating a big lag in comps. Frggin stupid.
The listing agent broke a few CAR rules too. Oh well.
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Went and got all loaned qualed (again), put together an offer (with wife, on our anniversary today) and shall now keep you all abreast of things as they go.
So far: REwhore suggested I not go FHA, but instead go convetional. The reason given was thet the bank would pick a conventional loan offer over an FHA loan offer. I asked why. She said "it costs the seller if the buyer goes FHA." I said, "huh ?"
I told her to write up two offers then, one at FHA for $170K and one at Conventional. I suggested she find out how much it saves the seller if I go convetional and lower my offer by twice that amount. Still waiting for that amount to be known. Funny thing, the LENDER said the REwhore was on crack about the banks giving a crap about a home not meeting FHA standards, and the LENDER said the whole thing is about avoiding inspections and disclosures tied to inspections. We shall see what happens.
And so it begins. Hop on in and share wisdom as you see fit.
REO in 95388, 2,400 sqft, 4-2-ranch built in 74, acre, at the end of 5 homes-on-acre cul-de-sac, 70's pool, alluminum windows, two fireplaces, clean, no shop, no outbuildings, good well.
$170K is my offer