Saturday, 2nd of August 2008 at 03:00:44 PMBefore I start my letter, this is an opportunity to comment on this letter, from everyone and anyone. We need to start looking at problems and start solving. If you agree or disagree, let it be known. This letter isn’t intented for an apprisar as much as it addressed to the profession and standards of this sector.
Excuse me driver, your driving at 200 mph, and there is a cliff just a mile ahead, what are you going to do?
Dear the Apprisars of America,
Help us, the people of society that you are sworn to guide and protect from making bad decissions. You see, we want to live the American Dream, we want to live in a house that we can take pride in, providing us security, protect and a little return on our investment in the long run.
The problem is that you are telling us that the homes that we love are not good investments, that in just two weeks can depreciate 20%, which means that in a matter of months, it will be worthless. How is that possible, does that mean that no one wants pride or responsibility. That in all reality that homes are not desirable. I really think that I would like one of those homes, but you keep telling the bank and myself that we’re spending too much and that it won’t be of value in the future.
I can’t seem to believe that, our population keeps going up, more people will want a place to stay and I would have to think that these people will want a house. What are all those people going to do with their money? Live in apartments, live on the streets, I don’t understand.
You tell me that the only way property values will go up is if people sell their homes for more money then the comps. Okay, I and several that I know want to do that, we found homes that we feel are worth it, but you tell the bank that it’s not worth it and the property values in the neighborhood are going down. How does that help the situation?
Even the Stock Market has a trigger that prevents too much of a drop, a less we learned from the Great Depression, what do we have in the Housing Market? Is there a point where we say this isn’t correct? Do we wait until we reach 1950′s home prices to say that?
Please, help me to get that house I really want, I promise to take care of it, to make the payments and to live that American Dream.
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Craig,
I must be completely lucky with appraisers lately. Had a listing under contract at $294k in Arrowhead, but there were 2 same-model comps at $280k & $287k. Buyer’s agent didn’t think we’d appraise. I was hoping for $290k & forewarned the seller. I met the appraiser, & we hit it off. He took my other higher comp and we discussed the lower priced ones (both were desperation sales). I left thinking we might get $292k. Well, lucky seller, we got the full $294k!!
I had another listing (condo) under contract at $172k and wasn’t sure of comps. But I met the appraiser, made nice with him, and it appraised at the full $172k.
These both happened in late July 2008.
I did have a bad experience in May for a foreclosure purchase (I rep’d the buyer) ‘cuz the appraiser used foreclosure comps only. Came in $4k below, to my buyer’s pleasure. Turns out the lender wouldn’t perform, so we switched lenders, got another appraisal ($20k more than the 1st!), & got it closed.
It’s always been my policy with listings to attend the appraisal. Talk nicely with the appraiser and they usually listen.
Best wishes.