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First question I ask of any solicitor: Do you have a solicitors permit and can I see it?
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Sep 12, 2014 01:42
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I thought that we were getting a great deal on this foreclosure, but the appraisal came in at just $5k over what we're offering. It looks like depreciation was included in the estimate, which is good, but maybe we're not getting as good of a deal as we thought. How likely is it that the numbers were fudged to be in the ballpark of our offer?
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Sep 12, 2014 06:24
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Your offer is literally the strongest evidence of the property's value, because in a real sense it represents the highest bid on the property that the sellers were able to garner. The norm is that the property is worth what you're paying for it. Deviations have to be shown based on comps being much higher or much lower, or the property being significantly different from the comps. Now, we all know that really foreclosures often go for below market value, but when there are a lot of foreclosures, market value falls to approach or meet the foreclosure prices. Don't fret about it. You appraised for at least the value of your offer, so your loan should go through, and that's really all the appraisal is for at this point.
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Sep 12, 2014 06:34
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QuarkJets posted:I thought that we were getting a great deal on this foreclosure, but the appraisal came in at just $5k over what we're offering. It looks like depreciation was included in the estimate, which is good, but maybe we're not getting as good of a deal as we thought. How likely is it that the numbers were fudged to be in the ballpark of our offer? Somehow our official appraisal came to the exact dollar of our offer. What were the odds??!! In seriousness I think the previous post is right - it's not so much that they fudge it to your offer so much as your offer fudges the appraisal. In our case, we didn't give 2 shits about the appraisal because the house was worth exactly what we paid for it to us. I guess validation was in a sense nice but I'd think you should only care a lot about the appraisal if you're planning on flipping it or otherwise you're in the real estate market somehow. You bought the house to live in, not to look at the deed.
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Sep 12, 2014 13:14
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shortspecialbus posted:Somehow our official appraisal came to the exact dollar of our offer. Pretty much the same for mine. Having seen all the comps(which were almost all a lot smaller and had no upgrades), I figured it was mostly just bullshit.
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Sep 12, 2014 15:16
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SO! It looks like our financing is going to go through in one of two methods. FHA or VA. Either way the cost is about the same, and there is no cost to refi into a VA, but it looks like we're good on the VA side. Its frustrating because being a stay at home dad is what threw a wrench in it, but by the time I make my first payment, the qualifications are met anyways..they were/are being finicky and picky. On the fridge front we found a used one for about $500. Looks like a really nice stainless steel model my wife found on CL that we're going to look at today. They only had it like 8 months (reportedly) and had a new one they liked better so lets hope that solves our fridge problem. The sellers agreed to $400 on the fridge (stingy bastards) and we're verifying the radon has been mitigated. Looks like we better start packing. WOohoo!
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Sep 12, 2014 15:49
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QuarkJets posted:I thought that we were getting a great deal on this foreclosure, but the appraisal came in at just $5k over what we're offering. It looks like depreciation was included in the estimate, which is good, but maybe we're not getting as good of a deal as we thought. How likely is it that the numbers were fudged to be in the ballpark of our offer? I thought all appraisers were picked at random from a pool and not informed of the sales price now a days?
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Sep 12, 2014 22:21
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Elephanthead posted:I thought all appraisers were picked at random from a pool and not informed of the sales price now a days? Dunno about the pool, but my appraisal (and I just had one done a couple months ago to refinance) certainly has the sale price on there. The one I had done when I bought the house did, too. I'm in California, there might be different rules in different states. Think about it. The price you agreed upon with the seller is the action of the market. To the degree to which the market is efficient (e.g., not perfectly, but substantially so) the agreed-upon price is the action of the market determining the price. To withhold that information from the appraiser is to make their appraisal far less accurate (particularly since most homes are at least moderately unique). Leperflesh fucked around with this message at 22:28 on Sep 12, 2014 |
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Sep 12, 2014 22:25
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QuarkJets posted:I thought that we were getting a great deal on this foreclosure, but the appraisal came in at just $5k over what we're offering. It looks like depreciation was included in the estimate, which is good, but maybe we're not getting as good of a deal as we thought. How likely is it that the numbers were fudged to be in the ballpark of our offer? Your house is worth what the highest bidder is willing to pay for it. You're the highest bidder. The market is actually much, much better at determining property values than any individual appraiser.
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Sep 12, 2014 23:51
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The appraisal is for the lender. They're protecting their interest in the property, and are just confirming they're going to be able to minimize their losses when you default. Hence, if you bid $750k on a $250k house with $250k comps, $750k is not the best indicator of the value, it's just what a retard tried to pay using the lender's money.
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Sep 13, 2014 02:25
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Elephanthead posted:I thought all appraisers were picked at random from a pool and not informed of the sales price now a days? Mine had the sales price right on there and showed our price/sqft versus the price/sqft for all of the comps.
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Sep 13, 2014 03:54
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uwaeve posted:The appraisal is for the lender. They're protecting their interest in the property, and are just confirming they're going to be able to minimize their losses when you default. Hence, if you bid $750k on a $250k house with $250k comps, $750k is not the best indicator of the value, it's just what a retard tried to pay using the lender's money. Yeah. A house is worth whatever someone is willing to pay. Provided that person has their own cash. Outside of that, it's worth no more than the appraiser thinks it's worth.
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Sep 13, 2014 03:58
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Elephanthead posted:I thought all appraisers were picked at random from a pool and not informed of the sales price now a days? They're required to review the purchase contract. Using an appraisal management company to assign based on a pool is common, but not required.
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Sep 14, 2014 19:14
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SO we found a used fridge for $500. I'm not too thrilled about the fridge, but whatever, we need one to live there. On top of that we have to sell our electric dryer and get a gas. Another expense. Yes. Oh and a microwave. Homeownership!  At least we are still closing on the 24th, yay.
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Sep 15, 2014 18:15
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Jastiger posted:SO we found a used fridge for $500. I'm not too thrilled about the fridge, but whatever, we need one to live there. You can buy new, boring, no water/ice maker fridges for ~$350. Is this a really nice used one?
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Sep 15, 2014 19:57
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Inverse Icarus posted:You can buy new, boring, no water/ice maker fridges for ~$350. It was a mid range one for when it was made. Stainless Steel (meh), water and ice dispenser. 26 cu. ft. I mean, its nice enough, but I'm the kind of guy who would rather go without and then get what he REALLY wants rather than settle. My wife wants it so. We're getting it.
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Sep 15, 2014 20:03
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Jastiger posted:My wife wants it so. Happy wife happy life.
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Sep 15, 2014 20:32
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Inverse Icarus posted:Happy wife happy life.
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Sep 16, 2014 03:49
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bah. All you mofo's like "bloo bloo its just a fridge" can eat it. This is becoming a huge stress point for us since we literally need to find a fridge before we move in, and the one we had found is too big. We really should have fought for more cash for a replacement. Its becoming a headache.
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Sep 16, 2014 04:59
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If I never hear about your loving fridge again, it'll be too soon. If it's a "huge stress point" then just go and buy a goddamn fridge for gently caress's sake.
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Sep 16, 2014 05:04
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Jastiger posted:bah. All you mofo's like "bloo bloo its just a fridge" can eat it. This is becoming a huge stress point for us since we literally need to find a fridge before we move in, and the one we had found is too big. We really should have fought for more cash for a replacement. Its becoming a headache. Have you considered measuring the spot you want the fridge in and then searching online for a fridge that fits that measurement* and buying that one? That is what we did. What I didn't do was measure the room we wanted to put the last minute costco couch purchase in until it was too late and I had to return the couch. loving 10 inches on both sides. One end is in the fireplace and the other is blocking the only backdoor that isn't in our bedroom. That couch was nice, too. All the employees called it "the comfy couch" as we were buying it. * OR SMALLER!
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Sep 16, 2014 05:43
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Jastiger posted:bah. All you mofo's like "bloo bloo its just a fridge" can eat it. This is becoming a huge stress point for us since we literally need to find a fridge before we move in, and the one we had found is too big. We really should have fought for more cash for a replacement. Its becoming a headache. You are either suffering from "house poor" or "lack of perspective", I am not sure which.
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Sep 16, 2014 06:01
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Jastiger posted:On top of that we have to sell our electric dryer and get a gas. Another expense. Yes. I get that gas dryers costs less to operate in the long run, but have to? Worst case scenario is like 50 bucks in materials from Home Depot and a couple hours of work to wire up the dryer you already own.
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Sep 16, 2014 06:01
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Unless his breaker panel is already maxed out or not located nearby to the laundry closet. In that case just trading up for a gas dryer will be much cheaper.
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Sep 16, 2014 06:14
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SlapActionJackson posted:Unless his breaker panel is already maxed out or not located nearby to the laundry closet. In that case just trading up for a gas dryer will be much cheaper. Both of these things are true. The breaker box is totally maxed out and it'd require another box. The wiring isn't TERRIBLY far away, but...at this point the costs may be just breaking even. El Jebus posted:Have you considered measuring the spot you want the fridge in and then searching online for a fridge that fits that measurement* and buying that one? That is what we did. What I didn't do was measure the room we wanted to put the last minute costco couch purchase in until it was too late and I had to return the couch. loving 10 inches on both sides. One end is in the fireplace and the other is blocking the only backdoor that isn't in our bedroom. That couch was nice, too. All the employees called it "the comfy couch" as we were buying it. Once we get back into the house it'll be no problem. We're just trying to get one BEFORE we take possession so it could potentially be covered under the home warranty. Its not like OMG WE'RE GONNA DIE unless we have a fridge, but its a very minor minor thing that is a headache because of the uniqueness of an item. Was talking about it more as a learning experience for others and as an explanation as to why I took it so seriously before. In the grand scheme of things is a fridge a huge expense? Well, no. But goddam, do you care if you don't have one.
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Sep 16, 2014 06:44
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Jastiger posted:Both of these things are true. The breaker box is totally maxed out and it'd require another box. The wiring isn't TERRIBLY far away, but...at this point the costs may be just breaking even. a. home warranties are stupid as poo poo b. buy a loving fridge, they're like $300-700.
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Sep 16, 2014 08:51
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Jastiger posted:Once we get back into the house it'll be no problem. We're just trying to get one BEFORE we take possession so it could potentially be covered under the home warranty. The house that I'm buying doesn't come with a fridge. After we close, we're planning to go buy one and put it in the house. And then we'll have a fridge. If you're really getting this frustrated over a very simple and easy to solve problem, like buying a fridge, then maybe you should consider not buying a house where you're going to have to frequently deal with these kinds of expenses. And don't ever, ever have kids Jastiger posted:It was a mid range one for when it was made. Stainless Steel (meh), water and ice dispenser. 26 cu. ft. I mean, its nice enough, but I'm the kind of guy who would rather go without and then get what he REALLY wants rather than settle. For real? Are you really unable to afford the extra $100-200 to get the fridge that you really want, and that's causing you stress? How the gently caress are you able to afford buying a house if chipping in an extra $200 to buy a better fridge is going to break the bank? How are you going to afford real expenses that could appear in a few years, or possibly even next week?
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Sep 16, 2014 11:15
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So we're a week away from closing and still moving forward with everything. An attorney somewhere needs to file a piece of paper (just an affirmation) that he forgot to file during the foreclosing proceedings, and then we can have title insurance, which lets us get financing. But I'd like to be ready in case things don't work out What happens if the closing date comes and the REO bank still hasn't finished clearing the title for title insurance purposes? How often do REO banks extend closing dates for poo poo that they're supposed to have taken care of before listing the property? Our title officer told us some horror stories about houses with serious title defects that wind up in multi-year limbo while people try to sort poo poo out, but the purchase contract just sort of lingers on somehow. So I guess this is a thing? How does home insurance work in a scenario where a home sale falls through? Our mortgage provider is making us get home insurance, and we're on the cusp of buying a plan. Am I on the hook for any insurance premiums if the purchase contract is aborted? QuarkJets fucked around with this message at 11:23 on Sep 16, 2014 |
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Sep 16, 2014 11:21
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Jastiger posted:Both of these things are true. The breaker box is totally maxed out and it'd require another box. The wiring isn't TERRIBLY far away, but...at this point the costs may be just breaking even. Presumably you'd get at least half way home by swapping out the breaker dedicated (I hope) to the existing gas dryer hookup. If there really isn't any more space, you'd have to start looking for another one to reclaim, but maybe tracing all of your wiring doesn't sound quite as appealing as it does to me.
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Sep 16, 2014 13:53
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Jastiger posted:bah. All you mofo's like "bloo bloo its just a fridge" can eat it. This is becoming a huge stress point for us since we literally need to find a fridge before we move in, and the one we had found is too big. We really should have fought for more cash for a replacement. Its becoming a headache. So I was on your side, if there are sides, at least, up until about now. I think it was a good idea to push the sellers for it because it's bullshit and I don't agree with the people who say $100 isn't worth making at least a bit of a stink over, but at this point you need to cut your loving losses and just accept that you're going to buy a fridge and it won't be on the home warranty. If you buy a *new* fridge, it'll have its own loving warranty and probably last you 20 years anyways because that's what fridges do. You got money from the seller, now relax and just buy the drat fridge you want.
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Sep 16, 2014 14:25
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Also read your home warranty carefully, it's likely to say something like: $300 deductible. KITCHEN REFRIGERATOR w/Ice Maker (requires Platinum or Diamond plan) INCLUDED: All components and parts, including integral freezer unit, except: EXCLUDED: Racks - Shelves - ice crushers, beverage dispensers and their respective equipment - Water lines and valve to ice maker - Interior thermal shells - Freezers which are not an integral part of the refrigerator - Food spoilage - Door seals - Lighting and handles - Units moved out of the kitchen. - Audio/Visual Components and Inter Connection Equipment Maximum payment including diagnosis and service calls is $400 All appliances must be as conveyed by the contract. This is literally what I've found home warranties to be. High deductibles, laughably low payouts, and exclusion of most of the things you'd expect to go wrong. I mean they're in the business to make money. e: I just read you wrote "potentially" covered. It's likely to not be covered if not conveyed with the property and if it is the coverage will be poo poo. You may want to research this before it becomes A HUGE HEADACHE. uwaeve fucked around with this message at 14:49 on Sep 16, 2014 |
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Sep 16, 2014 14:46
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uwaeve posted:warranty Yeah, the warranty that came with our house is largely worthless, although the sellers were able to use it for a water heater (and importantly the labor.) There's almost no way it would be covered by the fridge no matter what you do at this point, and it's not going to help all that much anyways, especially for something like a fridge that doesn't have labor.
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Sep 16, 2014 15:00
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QuarkJets posted:
You'll just want to call the insurance company and let them know that the policy needs to be cancelled. So long as you haven't gone past the policy start date, you should get back the full refund. Antifreeze Head posted:Presumably you'd get at least half way home by swapping out the breaker dedicated (I hope) to the existing gas dryer hookup. If there really isn't any more space, you'd have to start looking for another one to reclaim, but maybe tracing all of your wiring doesn't sound quite as appealing as it does to me. We're looking at having someone come estimate how much it would cost. I've done a little research and its possible to add a dual breaker to one and have it dedicated to the dryer. It'd be a few hundred likely, and that may be the way to go. Otherwise its new panel and everything which is closer to a grand from what I'm reading. I kind of figured that on the warranty, which is too bad. I am in the camp of sucking it up, buying a nice new one that'll last, and be done with it. I want to at least have a comparable fridge though, so we'll have to suss out what kind we're going to get.
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Sep 16, 2014 15:15
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Jastiger posted:We're looking at having someone come estimate how much it would cost. I've done a little research and its possible to add a dual breaker to one and have it dedicated to the dryer. It'd be a few hundred likely, and that may be the way to go. Otherwise its new panel and everything which is closer to a grand from what I'm reading. Just don't buy a new dryer until you are in the place and can post pics of the area where you want the dryer and of the panel. You can probably get this done without bringing anyone in for a cost of, like I say, 50 bucks and a couple hours of your time. Depending on when your house was built, it may even already have the electric hookup there as sometimes both are installed because the builder just finds it easier that way.
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Sep 16, 2014 15:57
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Antifreeze Head posted:Just don't buy a new dryer until you are in the place and can post pics of the area where you want the dryer and of the panel. You can probably get this done without bringing anyone in for a cost of, like I say, 50 bucks and a couple hours of your time. A good idea. The area where the Washer and Dryer go are already predetermined. The washer area has the piping ready to go, and to the left in the corner is a copper gas line that extends out pretty far, about 6 inches from the wall. Clearly the spot for the dryer. The panel is in the basement, but since its a split level home, the basement happens to be directly behind where the dryer would sit, but on the far basement wall is the breaker box. We'd have to wire across the entire basement, but only go through one wall, presumably next to where the existing gas line is. You can see it, and there is no other wiring to the room besides the one that goes to the Washer-too far away for a dryer to reach. I am not an electrician, but...you can't split off of the one 220v line for the Washer and have it work for the Dryer can you? That'll flip the breaker, right?
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Sep 16, 2014 16:09
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Jastiger posted:
Not if you don't run both at the same time 
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Sep 16, 2014 16:11
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Most washers are a regular 120v 3 prong plug and dryers want 240v with a 4 prong plug. I am interested in the results of someone trying to make the dryer work off the washer's power supply, but wouldn't recommend you try it. Running the wire probably isn't that big of a problem - someone ran it once, you just have to run the new line in that same spot. Since it is in the basement, you probably have reasonable access to the line for most of its run. That said, you almost certainly cannot use the existing line, the wires in it will be too thin. You may want to run it all by the stickied electrical thread in DIY, they will have more to say once you get pics.
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Sep 16, 2014 16:33
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You people with your luxurious dryers.  We use a fan. 
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Sep 16, 2014 16:50
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Gas dryers are awesome just buy a loving gas dryer. I got a used one like seven years ago and it's worked perfectly since then. Running 220 when you already have a hookup is nuts. If you already have an electric dryer then sell it on craigslist and use the money to offset the cost of the gas dryer. Seriously guys, dealing with home appliances just isn't this difficult. They are interchangeable pieces of hardware that almost every home has, there is a brisk exchange of used ones, and there are new ones for sale from dozens of outlets for every size, need, and in a broad price range. Do you wring your hands and spend literally weeks dealing with every $600 purchase in your life? Because if you do, homeownership is not for you.
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Sep 16, 2014 20:06
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So I think Jastiger is in Fort Walton Beach, Florida
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Sep 17, 2014 05:47
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