Upturn in the market or recession?

[dunelover]

Are you guys having any problems with appraisals?

 

[SSGA]

Regarding appraisal, ours came out ok, and would have actually been much better except that one of the comps used was a distress sell, which apparently wasn't listed as such and should have been according to those in the know?? I don't know. But, we bought a foreclosure and I think (?) the listing realtor said they were going to put a "note in the file" not to use it for a comp.

One lender we talked to said they are taking an automatic 5% off the top of appraisals in certain markets. Ouch.

 

[Smiling JOe]

SSGA, there may not be a difference between an Arm's Length Transaction and a "Distress Sale." Distress sale could mean many things. If it was a sale to a family member at a reduced price, that would not be an Arm's Length Transaction and should be taken into account by an appraiser.

I think the sales which are currently happening are at or below market price, so there doesn't seem to be a problem getting them to appraise. The only people who are currently having trouble with appraisals are the owners who are ending their ARMs (adjustable rate mortages), and have to refinance.

 

[Matt J]

Thanks guys, I guess I should have clarified my OP by saying. It seems like a lot of sales lately have been cash and I didn't know if that was people with extra money to invest, or folks who had sold a primary home, retired early, gotten a buyout, etc and decided to move here. Again, thanks for the clarification.

 

[SHELLY]

BTW, you have to have income.

:shock:

.

 

[Bobby J]

Yes Shelly it is hard to believe... The mere fogging of a mirror no longer works.

 

[InletBchDweller]

rep for this!!!!

Yes Shelly it is hard to believe... The mere fogging of a mirror no longer works.

 

[SHELLY]

Yes Shelly it is hard to believe... The mere fogging of a mirror no longer works.

The fact that one has to mention that income is a requirement to secure a real estate loan illustrates just how meshugas the market had become. :roll:

.

 

[Matt J]

The fact that one has to mention that income is a requirement to secure a real estate loan illustrates just how meshugas the market had become. :roll:

.

You have to pay those back?

 

[Bobby J]

The fact that one has to mention that income is a requirement to secure a real estate loan illustrates just how meshugas the market had become. :roll:

.

In the real world one would not have to mention the income, on a message board someone would call me out ;-).

BTW, what are your thoughts on the many properties going under contract?