 Is this a good time to buy house / condo in Conneticut? |
| or are the prices expected to still come down? Do you think prices of Condos and townhouses will coem down, too?... |
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 Is It ok to Tag Along With a House Inspector While He/She Is Inspecting Your Future House? |
Buying a house and need an inspection. (Cincinnati, Ohio) A friend said that their house inspector did not want them to be there because he might get distracted.
Is that the norm.? Or ... |
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 A subprime borrower preparing for refinance? |
| When I bought my house a year ago I was a subprime borrower. I have a mortgage through Option One a known predatory lender. However I have made all my payments on time and havnt had one problem. In ... |
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 How much rent should this family pay? |
How much rent should this family of 7 pay?
Here's the family:
- A couple in their early 40s
- 4 kids (aged 4 - 13)
- 1 baby (5 months)
They're ... |
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 Want to put in a back up offer on a house that is pending sale now? |
| We found a house that we like, but someone else put an offer on it last week (almost 2 weeks ago) Is it too late for us to put up a back up offer?... |
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 Should i withdraw money from my 401k for closong costs? |
i need to come up with $4500 for closing costs and my only resource is my 401k. is it wise to do this and just deal with the penalties and fees that come along with it?
Additional Details<... |
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 Should I move? |
| I am fed up with the way my landlord talks to me. I am moving. The rent here is cheep. I have a one bedroom for $750/mo- which is cheep in New York. I think she has a screw loose and I dont feel ... |
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 I private rent a house which I have lived in with present landlords for 2.5 years? |
| They have recently issued me with a new type of contract which lists all the things that I am responsible for. This includes keeping the guttering clear! (I did see them prior to receiving the new ... |
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 Can the landlord come in and show your apartment to someone without you being there ? |
Hi there,
I just got a call from my landlord. He said someone is interested in buying the apartment/condo and they will be coming to check it out. I told him sure, I am avaialble after ... |
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 Where do I find people that share same interes with me? |
| How do I know to know people that share the same interes with me. That like to socialize, come to my house, that accept my invitations, that love food, that is willing to share. I have come to the ... |
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 How do I get out of this home before I lose it and buy cheaper one? |
| I just did a so called mortgage modification and payment went up from $2400 to $3100. We were already having trouble, how can we pay more. Can we get out before foreclosure and find someting else? W... |
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 Can a Realtor lower commission because of his error? |
| Here's the deal... we have "sold" our condo and we are closing at the end of the month. The buyers just did an inspection which turned out to be very unannounced- the buyer's ... |
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 Legal Advisers only! !! pLEASE ANSWER VERY IMPORTANT!? |
| Me and my 2 friends leased an apartment together, broke the lease and now owe the company 2,500. Its now preventing myself from leasing my own apartment, and they dont even plan on paying it because ... |
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 Ok im a first time home buyer? |
| here is the deal me and my husband have put a offer on the house for 150,000 when the orginal price is 144,900 we have to beat out 5 people on the deal i will admit all the walls have to be torn down ... |
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 How do I find out who owns a piece of land? |
| In the republic of Ireland. A field next to a house that I am looking at, nobody seems to know who owns it.... |
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 How much monthly income do you have to make to try to get a home loan on a 485000. home? |
| i noticed a forclosure in my area and called on it they said 485000.dolars , i said thanks and hung up discouraged ,and i got to wondering ,what the calculations on that amount would be ,concitering ... |
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sosickofred | I recently bought a house and was disappointed to find out I paid exactly the appraised value of the house.? |
Is this unusual? I thought in this market I would be paying less but that was not the case. My coworker said I should have bought the house and already had equity in it. IS that true? Don't get me wrong...I love the house but I just thought you generally pay less than the appraised value. |
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financing_loans
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Oh hell ive heard this question all the time. Ive been doing mortgages for 15 well now 16 years. Ive had an appraiser come in at 20K above the sales price, and I was pissed. The seller found some reason not to close.
Most smart loan officers are going to tell the appraiser. I need value. We cant tell them what to do but most good appraisers arent going to totally mess up the sale.
On all my purchase transactions I want the value to come in exactly what the sales price is or maybe a couple thousand over. But never more then 3%.
Your appraisal might not be a true indication of value. You have to remember thats what you paid for it. If somebody was willing to pay 5K more for it, they would have taken that. You bought the house at a true indication of value, and most appraisers wont go against the market. |
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Beverly S
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I have been doing mortgage loans for 22 years. Most time what happens is when we order the appraisal we send the contract with the order. 99% of the time the home appraises for exactly the sales price. This is the appraiser being careful- he doesn't need it to appraise for more so he gives the value needed. You generally pay less than the sales price- maybe that's what you were thinking. |
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Doctor Deth
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it's up to you to find out the appraised value before you bid - there are no guarantees at getting the seller to sell for less than it's worth - just so long as you don;t overpay |
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Adam A
 |
first things first....appraised value and market value are NOT the same thing.
an appraisal is simply one mans or womans opinion of value...they have absolutely no influence on the actual value... market value is determined solely by what a buyer is willing to pay
when a lender hires an appraiser to valuate a property for the purpose of a new mortgage, that appraisers job is to verify that the property is at least worth the MORTGAGE AMOUNT, not the purchase price. That being said, I'd be willing to wager that if you called 5 different appraisers out to do independent appraisals, you would end up with 5 different values.
it isn't uncommon for a property to be worth more that it appraised for when financed...
i think your coworker is misinformed and that you did fine...if you want to know for sure...have your agent pull some recent MLS comps of similar homes that have sold since you bought yours. |
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mex99b1084
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the appraised value of a house is a general guideline, not set in stone. a banker friend of mine recently did a deal with a person buying a house 15,000 over the appraised value. it all depends on what the house is worth to you and what it is worth to the seller. you probably could have bid lower for the house and still gotten it but then again maybe not. if you are happy with the house then don't worry about it, in a few years it will probably have a higher appraised value and you'll be paying more in taxes. thats where the appraised value means something |
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fredo
 |
A lot of time the appraised value is what you paid or essentially the market price. That was the case when we bought our home in 2005. It really depends on the appraiser and who hired them.
You generally need a nice down payment to have instant equity. |
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mrsknowitall
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Sometime when you finance a house, the appraiser will appraise the property at or just above the amount you are borrowing on the house. This one, saves on property tax until its reassessed and two give the bank what it needs to lend you the money without going over board. You might want to check and see if that may be the case. You can always get an independant appraisal at your own fee and have the actual value of your home that way. |
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Mark My Word
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You pay what its worth to you. The seller sells at what value its worth to himself. You can make a lower offer and it might be accepted. At the same time someone might make a higher that appraised offer, and someone comes in and bumps it even higher and gets it. |
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caribman
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Not generally. Depends on the market and the age of the appraisal. If the appraisal was say six months old and the mkt is declining then u expect to pay less. |
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