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Home appraisals (2 Viewers)

I expect he'll either (a) flip it for more profit, or (b) turn it into yet another rental property.  Probably the latter.  He has four rental properties, and they'd mentioned they were selling one to help fund their new $1.1M place.  Much of his life over the last two or three decades has been consumed with the rental stuff...fixing up places, doing repairs, dealing with tenants.  He has a busy job as a top exec at a credit union, but then he layers the rental crap on top of that.  What's ultimately the most bothersome in all of this is the effect on my sister's quality of life.  She had a tiring 20 years as a second grade teacher.  But then she has him running around at all hours of the nights and weekends handling the rentals.  Instead of focusing on the two of them, BIL has been consumed with his love of money.  And now, he drags that into family matters as well and forever ruins ongoing family events.  They've got their dream home on a lake ...but through his greed that has alienated the siblings, I fear that it turns into something of a prison of loneliness and isolation for my sister.  But damn, they're getting an extra $10,000!
This makes a bit more sense now.

He is treating this as he would his business.

 
My appraisal did not go well.  I read the report, and some of the stuff wasn't even correct. 

I said the range could vary wildly from 140k to 180, and it came in at 145k.  Not happy. I could sell my house tomorrow on my own for 150k, and probably 160-170k if I actually listed it with an agent.  Over the past few months every livable house in my town have been "pending" on realtor.com within 3 days of being listed.  Silly.  

The guy listed 5 comps, 4 of which didnt even have a garage, while I have a 2 car attached garage.  Bit of a difference there.  

I knew there weren't any good comps, but damn, it's obvious the guy didnt know the market here.  

Oh, and by the way, he DID mark off for baseboards and trim not being up yet.  

 
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My appraisal did not go well.  I read the report, and some of the stuff wasn't even correct. 

I said the range could vary wildly from 140k to 180, and it came in at 145k.  Not happy. I could sell my house tomorrow on my own for 150k, and probably 160-170k if I actually listed it with an agent.  Over the past few months every livable house in my town have been "pending" on realtor.com within 3 days of being listed.  Silly.  

The guy listed 5 comps, 4 of which didnt even have a garage, while I have a 2 car attached garage.  Bit of a difference there.  

I knew there weren't any good comps, but damn, it's obvious the guy didnt know the market here.  

Oh, and by the way, he DID mark off for baseboards and trim not being up yet.  
He has to adjust for the 2 car garage.   It would be a plus value under each comp that didnt have a garage

 
He has to adjust for the 2 car garage.   It would be a plus value under each comp that didnt have a garage
Most of the comps were from almost a year ago as well.

I dont particularly care because I know I could sell easily for more than that, but I am kinda ticked because I have a feeling I am going to need the extra 10 grand or so that I was hoping to pull out of this deal.  

 
Most of the comps were from almost a year ago as well.

I dont particularly care because I know I could sell easily for more than that, but I am kinda ticked because I have a feeling I am going to need the extra 10 grand or so that I was hoping to pull out of this deal.  
I forgot.  Is this for a refi?    If yes, have the lender contest it.  Get a RE agent to get you some better comps.

 
I forgot.  Is this for a refi?    If yes, have the lender contest it.  Get a RE agent to get you some better comps.
A cash out refi.  As I mentioned there arent any good comps lately.  However, you can see plain as day that every other house regardless of style has sold for asking price within a few days.  

For example a 3 bedroom 1.5 bath ranch right down the street was just listed for 143k and was pending two days later.  

I have 4 bed 2 bath, an extra quarter acre, an extra 700 square feet, and a twice as big shed in the backyard.  

It really is a bit weird that there havent been any sales of homes like mine lately.  It's a pretty common layout.  Bilevel with attached garage.  

But seriously, these guys cant figure it out without cookie cutter comps to pick from??

 
A cash out refi.  As I mentioned there arent any good comps lately.  However, you can see plain as day that every other house regardless of style has sold for asking price within a few days.  

For example a 3 bedroom 1.5 bath ranch right down the street was just listed for 143k and was pending two days later.  

I have 4 bed 2 bath, an extra quarter acre, an extra 700 square feet, and a twice as big shed in the backyard.  

It really is a bit weird that there havent been any sales of homes like mine lately.  It's a pretty common layout.  Bilevel with attached garage.  

But seriously, these guys cant figure it out without cookie cutter comps to pick from??
Like 1 out 40 appraisers are a total joke IMO.    I'd get a RE agent to find ANY sales near you within last 3-4 months and have the lender protest using that info.

 
But today, new ballgame [Re: Sister and BIL wanting to exit ownership of a seasonal cottage shared with wife/me and other sister/BIL].  We got a letter in the mail from their attorney!  We can basically either (1) accept a 'substantially discounted' price of $270,000 as the basis to buy them out (vs. a questionable appraisal of $360,000), or (b) by law, given the joint ownership, they can force the cottage to be sold via auction ..less attorney's fees, of course.  [Cottage that's been in the family for 97 years and is the only physical legacy from our parents.]

So of course we'll accept the $270,000 to avoid losing the cottage.  I toy with quietly getting our own appraisal, or I could the realtor route.  But we have two weeks to decide.  What's so crazy is seeing them throw away any future family relationships by taking legal action on us ...over $10,000 (the additional funds over what we'd offered).  
So worked through an attorney (my wife's sister is an assistant for a small firm), and the attorney's response back was simply that we accepted the $270,000 ...and offered the suggestion that we use the same 10-year, interest free payout as done with a fourth sibling over the past several years.  The response from younger sister and jerk BIL is they "require" a full payment of their $90,000 share and closure on the deal by mid-April. We could fight, but that would rack up legal fees and/or risk a circuit court filing by them to put the cottage up for auction. :sigh:  Older sister/BIL are hesitant to dip into their savings (clearly uncomfortable about doing so), so my wife and I will have to tap some liquid funds in my retirement account.  Rather a bummer, but not too damaging, and we'd be buying out the older sis over coming years anyway.  We just thought it'd be decades for any of this to occur or that the ownership would just pass to all our children.  Just so weird to see my younger sister let her husband be such a complete a##-wipe about all this, knowing it totally destroys the family relationships with trickle effect down to all our children.   Money sure can expose the dark side of people.

 

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