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Old 10-14-2010, 04:12 PM
 
Location: Cape Coral
5,503 posts, read 6,520,343 times
Reputation: 2235

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What is more accurate, an appraisal done by the mortgage bank or the Lee County assessment?
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Old 10-14-2010, 04:31 PM
 
1 posts, read 1,147 times
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Quote:
Originally Posted by bgcty1 View Post
Well, I am glad to see that the southwest florida real estate professional have learned their lessons of the dangers of over-inflating property values. I moved here in the tail end of the boom, bought what I could, and got burned. These real estate people and the banks were never forced to account for what they did, forcing real estate, and creating a hysteria over property that was significantly over priced for the area.
Today, I looked at a piece of property that I was interested in, has been sitting on the market for almost two years, well surprise, surprise, the house was listed by a firm that did not learn its lesson, the asking price was 220,000 and the appraised value by the Lee county tax office is setting squarely at 115,000 dollars over 100,000 dollars over valued. Then they follow this fact up, with the fact, that there have been several offers, however, no buyer could get financing! Wow, imagine that, no bank wants to finance a property that is not worth the money.....
Well, my advice to all of you contemplating a move to Florida, do not buy real estate, let it crash and burn, these people have not learned their lessons, wait until the we truly hit the bottom, rent a year, and be keen and unscrupulous renter, these realtors helped create, and banks help create this mess both statewide, and nationally, let them squirm now as there is no business to be had........
There has always been a dis-connect between appraised values, tax appraised values, and market values. If you want to "blame" someone for the real estate bubble, blame a Republican mounted deregulation drive and laize-fair business environment that allowed and encouraged rampant mortgage fraud, from the bottom and the top. A GOOD Realtor is there to protect your interest in YOUR choice of property regradless of current market value. A GOOD realtor should be advising you get an appraisal, shop around, get a home inspection, work with contractors licensed in their field, etc. A GOOD realtor is there to advise you of your options and be "the source of the source" for referalls, mortgage brokers, service people, and the like. A Realtor, good or bad, cannot set the price!!! We are not a socialist or communist country. Buyers and Sellers set the price, not the Realtor.
And, Having a property listed at a value different from tax value is totally meaningless. It is negotiations between buyer and seller that set a market price and SET THE MARKET. Perhaps it was folks like you that ran in and bought anything they saw that REALLY drove the market into a bubble. I worked with my clients to shop carefully and pay attention to new listings and unlisted properties to find the best deals in an overheated market.
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Old 10-14-2010, 06:05 PM
 
Location: on the edge of Sanity
14,267 posts, read 16,951,344 times
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Quote:
Originally Posted by faithfulFrank View Post
An appraiser doesn't go into homes down there? That is nuts!
They do a complete walkthrough up here, checking the plumbing, electrical panel box, basement, kitchen, everything.
Of course, it is not a home inspection, more of a check to see what type and Amp service you have, cabinets, copper or PVC plumbing, finished basement or not, etc...
There is no way an accurate assessment could be done without going inside a house.

Frank
Are you are confusing county tax appraisers with bank appraisers? If I hired an appraiser to give me an accurate assessment, then he would check all the things you mentioned. Also, if you apply for a mortgage, the bank sends an appraiser to the home too. However, the county tax assessment is based on the size, age and condition of the homes in the area. If a house has a new kitchen with granite countertops and new appliances, those upgrades won't be considered in a tax assessment.

I remember when I owned a home in NH and one year the city made an appointment with me to assess the home, so I think you're right. (or not!) I've been in Florida for so long that my memory is a little fuzzy. All that sun can melt your brain cells - or it could be because I'm a lot older.

Today I made an offer that is considerably more than the 2010 tax appraisal and I bet it still will be declined. I'll know tomorrow.
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Old 10-14-2010, 08:15 PM
 
Location: Cape Coral
5,503 posts, read 6,520,343 times
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Quote:
Originally Posted by ChrisNymanWeller View Post
If you want to "blame" someone for the real estate bubble, blame a Republican mounted deregulation drive and laize-fair business environment that allowed and encouraged rampant mortgage fraud
I call BS. The banks were forced to make loans through regulation of the Community Redevelopment act. The banking industry is the most regulated industry there is. You can blame Barney Frank and Chris Dodd if you want.
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Old 10-14-2010, 10:49 PM
 
Location: Fort Myers FL/ Ottawa ON
1,210 posts, read 2,999,849 times
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I suspect red and blue both share a bit of the blame, but tearing down the wall between investment and community banking, outlawing redlining and then encouraging freddie and fannie to take the junk off the bank balance sheets and repackage it as so called secure bonds to be sold as super safe investments around the world, with the rating agencies in Wall street's pocket, that really got the ball rolling.
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Old 10-15-2010, 12:08 AM
 
Location: on the edge of Sanity
14,267 posts, read 16,951,344 times
Reputation: 7945
Quote:
Originally Posted by rikoshaprl View Post
I call BS. The banks were forced to make loans through regulation of the Community Redevelopment act. The banking industry is the most regulated industry there is. You can blame Barney Frank and Chris Dodd if you want.
Really? Regarding the housing bubble that burst, I'd like to ask why we elected a Republican POTUS in Nov 2000 who had the support of a Republican controlled Congress for 6 years, and they did nothing to stop it? The most loans during the housing boom were made between 2001 and 2007 and subprime lending was at its peak from 2003 to 2006.

If you have 6.5 minutes, watch President Bush's speech in May 2002 promoting home ownership, encouraging low income families to buy houses, talk about removing all the barriers keeping people from buying homes, even if they have poor credit. He proposed removing all the "fine print" from mortgage applications and "making the rules simpler" and "expand capital to buyers." he said it was a "chance to empower people." These are not my words.

[youtube]kNqQx7sjoS8[/youtube]
[URL]http://www.youtube.com/watch?v=kNqQx7sjoS8[/URL]
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Old 10-15-2010, 12:25 AM
 
Location: The Conterminous United States
22,576 posts, read 49,502,866 times
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I clearly stated that a county assessor does not go into the home so they cannot see any inside improvements. An appraiser hired by the bank or mortgage company goes inside the property, evaluates it, and uses comps.
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Old 10-15-2010, 06:52 AM
 
Location: Cape Coral, FL
964 posts, read 1,878,307 times
Reputation: 590
Quote:
Originally Posted by hiknapster View Post
I clearly stated that a county assessor does not go into the home so they cannot see any inside improvements. An appraiser hired by the bank or mortgage company goes inside the property, evaluates it, and uses comps.
I don't think we can say this with 100% validity, as I've got 2 examples in PA where the appraiser never stepped foot in my home....
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Old 10-15-2010, 07:57 AM
 
Location: Cape Coral
5,503 posts, read 6,520,343 times
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Just Nancy, This conversation doesn't really belong in this thread. I'll debate you privately if you like.
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Old 10-15-2010, 08:26 AM
 
Location: Sarasota, Florida
807 posts, read 2,940,156 times
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Quote:
Originally Posted by hiknapster View Post
I clearly stated that a county assessor does not go into the home so they cannot see any inside improvements. An appraiser hired by the bank or mortgage company goes inside the property, evaluates it, and uses comps.
hmmm... I can tell you that when I sold my home in Citrus Co. (central Fl.) 2 1/2 years ago, I paid for an appraisal that came back at the sales price but the lender thought the number was too high and said they would send their own appraiser out. No one ever showed up when scheduled but they said it was done (???) and it was $10k less than the one I paid for. I said I had seen no one and they said they had done a "drive by" which meant they only checked comps so too bad for me. Comps on a 5 bedroom, 3 bath home on 2 1/2 acres in Citrus Co. were not to be found (I looked) so I know they just pulled a reduced number out of the air.

Their appraiser never came within 50 miles of the property.
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