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The Home Ownership Thread - Page 225

post #3361 of 5824
2 kitchens?
post #3362 of 5824
Quote:
Originally Posted by texas_jack View Post

2 kitchens?

Status quo for many Euro immigrants. Where I grew up every eye-tie and Port-a-gee house had a full kitchen in the basement.
post #3363 of 5824
Quote:
Originally Posted by RedLantern View Post

So I've been waiting almost 2 weeks to get an appraisal back for a refi that I'm trying to do. Combination of lower rate plus small cashout to keep my payment the same but get cash so I can do my kitchen reno sooner rather than later. My house is probably the biggest in the neighborhood Square footage wise. The dumbass appraiser set the floor for Square footage too high so he had to go way outside my neighborhood (to the ghetto) to find a house with comparable square footage. Appraisal came back at 375k. We were appraised last October at 480k. If I miss my lock date because we have to appeal this foolishness, it's really going to hit the fan (rates have shot up since our lock date, eliminating the benefit of continuing).

For example, our house is 2900sf 4br 2.5ba with 2 kitchens and 2 living rooms. A house 2 doors down with 4br 2ba and 2360sf sold 2 weeks ago for 460k. That house has a lot of weird stuff going on and is not as nice as my house. That house is also not used in the appraisal - I'm sure because it didn't come up for the appraiser because he set his SF floor too high during his search.

Doesn't sound like the appraiser is too sharp. Location is MUCH more important than finding a square footage match. Especially as the biggest house in the neighborhood, you will probably not expect too big of a premium over smaller homes in your immediate area, it would have been more fair for them to base it off of your neighbors' smaller homes.
post #3364 of 5824
I hate appraisers, but you can thank Dodd Frank for this. Appraisers see the purchase price before appraising on new purchases but not on refis. Also, banks can no longer select the appraiser - they are assigned from a pool.

I tried refiing. I wanted to get a $30k valuation increase because housing prices have gone way up since we bought, and we have done a lot of work to the house. House came in at what we bought it for. Appealed and pointed out some recent sales, and she just dismissed them out of hand.
post #3365 of 5824
Quote:
Originally Posted by brokencycle View Post

I hate appraisers, but you can thank Dodd Frank for this. Appraisers see the purchase price before appraising on new purchases but not on refis. Also, banks can no longer select the appraiser - they are assigned from a pool.

I tried refiing. I wanted to get a $30k valuation increase because housing prices have gone way up since we bought, and we have done a lot of work to the house. House came in at what we bought it for. Appealed and pointed out some recent sales, and she just dismissed them out of hand.

 

The bolded statement is wrong (at least in TN).  I just had the same appraiser appraise my house that did it last year.  We are going through the same bank and same loan guy for our refi.

 

We valued 15% higher in May 2015 than we did in Jan/Feb 2014.  Since it is such a new loan, any extra added on would put us close to a LTV where PMI is needed.  While we had to pay fees on our refi of a couple thousand, our rate dropped 1.125% going from a 30 to a 15 yr. fixed which will save us roughly $180K interest over the life.

post #3366 of 5824
Quote:
Originally Posted by jbarwick View Post

The bolded statement is wrong (at least in TN).  I just had the same appraiser appraise my house that did it last year.  We are going through the same bank and same loan guy for our refi.

This is a different situation. If you're doing a refi, particularly with the same bank, an appraisal within three years is more a drive by addendum to the original report and can be done by the same appraiser. I've done several real estate transactions in the last few years and banks do indeed hire randomly out of a pool.

We had our house appraised last year, about 2.5 years after we bought it. This appraiser was a fucking idiot. She came by with the county assessment and I specifically pointed out to her where it was wrong and the house actually has 400 feet more than listed and why. She measured and agreed. When her appraisal came back it lacked the extra 400 sq feet. It also had our finishing wrong (specifically said countertops were inferior laminate as compared to area comps when I have about an acre of granite) and said all main living areas are carpeted when in fact most of the place is tiled.
post #3367 of 5824
Quote:
Originally Posted by texas_jack View Post

2 kitchens?

Yep, one upstairs, one downstairs. It's actually not that uncommon for larger homes around here - especially it would seem in the mid century homes (mine is 1960). It's actually a really nice feature to have, open up all kinds of opportunities, rental, au pair, classic MIL, air bnb.
post #3368 of 5824

When we refi'd in Fall '12, our appraisal came back lower than the appraisal/purchase price in Summer of '09. I was furious since houses in our area were being sold for 15%-20% more than I paid. Turns out he completely overlooked any new construction sale and used comps that were utter crap (smaller, in other areas of town, etc). We appealed, obviously, and had him come back and do it again. He claimed new construction sales "weren't in his system."

post #3369 of 5824
Quote:
Originally Posted by ChrisGold View Post

Doesn't sound like the appraiser is too sharp. Location is MUCH more important than finding a square footage match. Especially as the biggest house in the neighborhood, you will probably not expect too big of a premium over smaller homes in your immediate area, it would have been more fair for them to base it off of your neighbors' smaller homes.
Oh yeah location where we live if you even found a $375 k home it probably wouldn't even ha,be a kitchen or even a foundation for that matter
post #3370 of 5824
Quote:
Originally Posted by englade321 View Post

Oh yeah location where we live if you even found a $375 k home it probably wouldn't even ha,be a kitchen or even a foundation for that matter

DDDDAAAAYYYYUMMMMMM!!!! BALLER IN DA HOUSE!!!!!
post #3371 of 5824
Summary for Santa cruz
The median sales price for homes in Santa cruz CA for Feb 15 to May 15 was $674,000. This represents a decline of 0.1%, or $1,000, compared to the prior quarter and an increase of 0.6% compared to the prior year. Sales prices have appreciated 19.3% over the last 5 years in Santa cruz. The average listing price for Santa cruz homes for sale on Trulia was $968,229 for the week ending May 13, which represents an increase of 3.4%, or $32,205, compared to the prior week and a decline of 0.5%, or $4,495, compared to the week ending Apr 22. Average price per square foot for Santa cruz CA was $542, an increase of 4.2% compared to the same period last year.
post #3372 of 5824
Quote:
Originally Posted by englade321 View Post

Summary for Santa cruz
The median sales price for homes in Santa cruz CA for Feb 15 to May 15 was $674,000. This represents a decline of 0.1%, or $1,000, compared to the prior quarter and an increase of 0.6% compared to the prior year. Sales prices have appreciated 19.3% over the last 5 years in Santa cruz. The average listing price for Santa cruz homes for sale on Trulia was $968,229 for the week ending May 13, which represents an increase of 3.4%, or $32,205, compared to the prior week and a decline of 0.5%, or $4,495, compared to the week ending Apr 22. Average price per square foot for Santa cruz CA was $542, an increase of 4.2% compared to the same period last year.

OHHHHHHHHHHHH SNAP!!!! SANTA CRUZ BE MAKIN IT RAIN!!!!
post #3373 of 5824
Not sure what all the middle school histrionics are about. I was just commenting on the huge disparity in home prices that are driven simply by location location . Someone seems a bit sensitive. Sorry I never meant to trigger an episode
post #3374 of 5824
Thanks for the insight - I, for one, was under the impression that real estate prices were relatively uniform across locations. I feel like my eyes have been opened up to the enormity of the world for the first time.
post #3375 of 5824
Quote:
Originally Posted by englade321 View Post

Not sure what all the middle school histrionics are about. I was just commenting on the huge disparity in home prices that are driven simply by location location . Someone seems a bit sensitive. Sorry I never meant to trigger an episode

You misread the situation. Actually you still are.
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