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Old 09-20-2013, 06:11 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,860,829 times
Reputation: 5050

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Quote:
Originally Posted by phillk6751 View Post
I know they can be costly to maintain, but i'm dead set on one...I plan on maintaining it myself, and on top of that I am really into upgrading to either salt water or UV. We will find more use in a pool than we will an open yard. I'm really also set on an Aquaponic garden as well to be self-sufficient...and have found it to work very well out here in the desert.
I advise against salt water. The upkeep is much more costly.
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Old 09-20-2013, 06:35 PM
 
12,973 posts, read 15,716,760 times
Reputation: 5478
Quote:
Originally Posted by phillk6751 View Post
Thank you...I tend to disagree a bit with the homepath/hud sales btw...I have been seeing the opposite, where they're asking like $120-140+/sq ft for something that's practically a dump when the rest of the market is asking $95-110/per for mint homes. I see a house currently (60 Megan Dr) where they're asking $246k...if you check zillow (and I know it can be off) is estimating at 168k and maybe as high as 210k at the very top end.


There was another house that 2 houses over was asking about 8k more and was absolutely beautiful with a spa and 15x30 pool (albeit a smaller lot) and the repo that was cheaper at 192k had tenants with dogs and the urine smell was so bad it was ridiculous; the garage door was busted up; and the place needed some work upstairs too...same layout, sq footage, etc...my guess it was more than 8k worth of repairs.


However I don't completely disagree, repos can definitely save you some money if you find the right one.
You are forgetting the nice thing about HUD and homepath. No appraisal. And they come down reasonably swiftly if they are over priced. The house on Megan has an identical comp at $224,900 in July..VA. So that says it even appraised. I think these guys may be taking advantage of their low down no appraisal...but it gets you a house. I woud not bid list though. I would try $235 or so and see what I get back. They are a little high.
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Old 09-20-2013, 06:37 PM
 
55 posts, read 187,325 times
Reputation: 90
I would like to have someone explain how the appraisal value is determined.I have never had an appraiser give me a logical explanation how they determine the value of a property.How can a builder decide the price of a new home and the loan value is exactly that.They create the loan and sell it to be bundled up as derivatives for the next housing bust,however a resale home is at the mercy of an appraiser, who is uses some complicated formula to decide the value of property.Why would the lenders be so much more worried about a loan on a resale home than a new home.I have been told that people who walked away from home in 2009 have repaired they credit enough to get a new home as a first time home buyer.It seems to me that the lenders created the bubble,bust the bubble and now are creating another bubble
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Old 09-20-2013, 06:52 PM
 
12,973 posts, read 15,716,760 times
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Quote:
Originally Posted by kenco80233 View Post
I would like to have someone explain how the appraisal value is determined.I have never had an appraiser give me a logical explanation how they determine the value of a property.How can a builder decide the price of a new home and the loan value is exactly that.They create the loan and sell it to be bundled up as derivatives for the next housing bust,however a resale home is at the mercy of an appraiser, who is uses some complicated formula to decide the value of property.Why would the lenders be so much more worried about a loan on a resale home than a new home.I have been told that people who walked away from home in 2009 have repaired they credit enough to get a new home as a first time home buyer.It seems to me that the lenders created the bubble,bust the bubble and now are creating another bubble
It is not all that complicated a procedure. Sometimes it is garden variety simple. Other days it is complex. To some degree it is a judgement issue. On some occasions the appraiser has no room. Three copies of an identical house have sold in the same tract in the last 90 days. Very low input...it will be somewhere close to the middle of those three houses.

No similar houses? No sales in the tract in a year? No similar tracts next door? Things get complex. And it depends on what the appraiser really thinks of the house.

What he or she tries to do is find the best comps available and correct them. There are standard factors for larger or smaller lots and 2 versus 3 garage spaces and more bedrooms. And there are also factors for older sales though that gets real tricky.

I have always marveled at new home sales. I, and virtually any RE Agent can tell you they lose about 15 to 20% of their value the instant they are sold. So you have to presume there is a deal between the builder and the mortgage company to set the value that will be loaned on a given house. Maybe money changes hands outside of the sale process. Maybe they stay non-conforming for a few years. I don't know how that magic works...but I will tell you the buyer gets had in the process...
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Old 09-21-2013, 12:25 AM
 
Location: Paranoid State
13,044 posts, read 13,779,448 times
Reputation: 15837
I'm wondering if the OP has the right real estate agent for his situation.
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Old 09-21-2013, 12:27 PM
 
2,928 posts, read 3,525,585 times
Reputation: 1882
An appraiser should be able to get comps for LV easily. It doesn't even require math but just some sleuthing which can be done on MLS. Saying otherwise is disingenuous.
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Old 09-21-2013, 05:44 PM
 
164 posts, read 259,512 times
Reputation: 265
the 60 megan house is not worth 200k+.
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Old 09-21-2013, 06:07 PM
 
12,973 posts, read 15,716,760 times
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Quote:
Originally Posted by boboluv View Post
the 60 megan house is not worth 200k+.
Watch...I would bet over $225,000

Note that I have not been in it or set eyes on it...but it looks from the pictures like a reasonable doll up. They generally go pretty high. And a similar comp of the same model increases the possibility.
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Old 09-21-2013, 06:23 PM
 
15 posts, read 44,106 times
Reputation: 31
This thread is helping to validate my decision that, if I am relocated to LV for work, I will just rent. Seems like too volatile a market and too much headache to make it worthwhile.

PatsFan
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Old 09-22-2013, 12:51 PM
 
365 posts, read 420,997 times
Reputation: 381
Appraisers are not trying to kill deals. Ive been full time appraising for 30 years. You need to support value with a minimum of 4 closings plus active and under contracts. Underwriters will not use the active listings and under contracts as primary support that has to come from closed sales. Anyone that pays out of pocket for the difference between appraised value and sale price has more money that brains. You are supporting the bubble.
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