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Old 02-21-2013, 11:07 AM
 
128 posts, read 390,096 times
Reputation: 36

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Start talking to your potential selling agents now even if you don't want to list till April or May. You can have he or she start preparing the paper work, pics, etc.. You can start prepping the house now also. I can only say that the inventory low in your area judging from what we went thru with our agent last month when we were viewing for homes in that area. I really wish that there are more homes for us to see. Also, we experienced some bidding wars as well. There were multiple offers for all the homes that we submitted our offers on.
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Old 02-21-2013, 12:13 PM
 
53 posts, read 99,451 times
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All this talk of home prices going up, no inventory in AH, sales up by 30%-40%....yet my house in AH with all updates done in past 2-3 years has just been appraised at a record low and I can't refinance.
So, tell me what is wrong?
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Old 02-21-2013, 12:36 PM
 
382 posts, read 825,440 times
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Quote:
Originally Posted by Crede's Crew View Post
Also, I want to add that buyers are out looking now because the rate is climbing back up and will keep going up as Summer rolling in. Additionally, FHA is changing some of their rules. One will kick in April 1st, while the rest will will kick in on June first. Rules like you must carry MRI for as long as you have the loan and MRI rate is also going up. So you can see that buyers who wish to use FHA will rush to find a house and close before the April 1st or the June 1st dateline.
Yup, now FHA makes up 40% of the loans given out. Those folks are rushing to get deals done before April 1st when the new FHA increases and rules kick in. However, you only need to lock in the rate prior to April first to get in under the old rates.
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Old 02-21-2013, 01:34 PM
 
128 posts, read 390,096 times
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Quote:
Originally Posted by divakat View Post
Yup, now FHA makes up 40% of the loans given out. Those folks are rushing to get deals done before April 1st when the new FHA increases and rules kick in. However, you only need to lock in the rate prior to April first to get in under the old rates.
Yes, I made a boo boo there. I meant to say you can only lock in the rate once you have a contract, which means people are looking now rather than waiting till May. I just locked in my rate 2 days ago after Fannie Mae accepted our offer.
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Old 02-21-2013, 02:57 PM
 
Location: Lake Arlington Heights, IL
5,479 posts, read 12,269,902 times
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Quote:
Originally Posted by 19782009 View Post
All this talk of home prices going up, no inventory in AH, sales up by 30%-40%....yet my house in AH with all updates done in past 2-3 years has just been appraised at a record low and I can't refinance.
So, tell me what is wrong?
Same thing happened to us; our appraisal was lower in Dec 2012 than in May of 2009. Closer mentioned that to save money, many appraisers are not doing proper appraisals. Luckily didn't affect us, but was a head scratcher. I think there is a lot of CYA behavior occurring.
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Old 02-21-2013, 03:09 PM
 
53 posts, read 99,451 times
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Originally Posted by cubssoxfan View Post
Same thing happened to us; our appraisal was lower in Dec 2012 than in May of 2009. Closer mentioned that to save money, many appraisers are not doing proper appraisals. Luckily didn't affect us, but was a head scratcher. I think there is a lot of CYA behavior occurring.
Exactly what happened to us (appraisal in Jul 2009 way higher than Nov 2012), but unfortunately it did affect us. I compared my appraisal to the recent sales in my area and the appraisal was not even close to those sale amounts.
Oh, well. Lesson learned. Never pay appraisal fee up front if possible. In my case it was, I just needed to go with another bank. I trusted a private mortgage broker and got skimmed.
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Old 02-21-2013, 04:21 PM
 
97 posts, read 202,909 times
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We are almost set to list.. so by March should be good to go.

News is saying inventories haven't been this low since 1999.

Guess that's good for the builders.
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Old 02-21-2013, 04:29 PM
 
128 posts, read 390,096 times
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Quote:
Originally Posted by Schnooks View Post
News is saying inventories haven't been this low since 1999.
I heard that on our local radio during lunch.
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Old 02-22-2013, 10:07 AM
 
8 posts, read 17,181 times
Reputation: 11
We are also considering putting our house in market this spring because of a possible job transfer.

It is located a block from Lake Arlington, walking distance to grocery and dining, about 3100 sq ft, 4 beds (+1 in basement), finished basement, build in 1980s, $35,000 renavations in last 2 years (including new carpet upstairs, new hardwood flooring in first floor, new water heater, 6 panel doors, new fixtures, updated powder room etc etc etc), award wining schools.

Anybody interested? Any idea how much we should list it for?
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Old 02-22-2013, 11:37 AM
 
921 posts, read 1,096,276 times
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Quote:
Originally Posted by City-mom View Post
We are also considering putting our house in market this spring because of a possible job transfer.

It is located a block from Lake Arlington, walking distance to grocery and dining, about 3100 sq ft, 4 beds (+1 in basement), finished basement, build in 1980s, $35,000 renavations in last 2 years (including new carpet upstairs, new hardwood flooring in first floor, new water heater, 6 panel doors, new fixtures, updated powder room etc etc etc), award wining schools.

Anybody interested? Any idea how much we should list it for?
Is it in Arlington Vista subdivision?
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