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Old 01-12-2010, 08:13 AM
 
93 posts, read 222,088 times
Reputation: 59

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Sellers do not realize the various ways that banks and appraisers are sinking the housing market. Prices will continue to fall as people realize how hard it is to complete a sale. I agree with the original poster; don't even bother putting your home up for sale in FL unless you're asking price is very aggressive.

We're having major appraisal issues concerning a home we're buying in So Tampa. The appraiser (from St. Pete) came in 40K lower than the agreed sale price, eventhough we have 6 comps that justify a price $30K HIGHER. The guy used fixer-uppers as comparables and ignored anything with a higher value. We've appealed for a different appraisal (by someone who at least knows the area), but the bank refused, saying that the original person would have to agree to an adjustment. What do you think the chances are that this guy will admit to a $40K misjudgement based on our comps?

We also have a friend who is interested in selling her condo... and she had no idea that banks are REQUIRING at least 40% downpayment on all condo/townhouse loans in FL. That severely reduces your number of potential buyers. Many people are still oblivious to this, and don't realize that condo and townhouse values are nowhere near bottom.

Banks have now gone to the other extreme. They are fishing for loan applications and tossing back anyone that exhibits any tinge of uncertainty. And they're going with appraisers that give them an "out". They basically only want to lend if you have a huge downpayment and are buying a forclosure/short sale.
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Old 01-12-2010, 01:50 PM
 
55 posts, read 202,239 times
Reputation: 36
Yes!!!! Very well written, you said it all my friend. Oh and thanks for putting it in writing for the future, so that I could show it to my husband = )
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