patrick.net

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?

Bap33 says

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?

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.

The REwhores seem to have gotten a second breath. Did some bailout money go directly to the REwhores?

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.

Next!