Mira Mesa dropping real fast, 10634 Kemerton Rd.

[an]

[quote=CA renter]Even more importantly, why is a flipped home down the street a stronger comp than the VERY SAME HOUSE that is being flipped? This is what really irks me. [/quote]They didn’t use the same house because the condition is different and the method of payment might be different. They can only compare to other houses that’s similar to show what the market would bare.

[quote=CA renter]Thanks for your input, too, recordsclerk. I’ve often wondered if and how the seller concessions are backed out. According to your post, it sounds like they are NOT backed out. Is that correct?[/quote]
The appraisal I just got have the seller concessions in it, so yes, they ARE subtracting the seller concessions from the final sale price.

[CA renter]

[quote=AN][quote=CA renter]Even more importantly, why is a flipped home down the street a stronger comp than the VERY SAME HOUSE that is being flipped? This is what really irks me. [/quote]They didn’t use the same house because the condition is different and the method of payment might be different. They can only compare to other houses that’s similar to show what the market would bare.

[quote=CA renter]Thanks for your input, too, recordsclerk. I’ve often wondered if and how the seller concessions are backed out. According to your post, it sounds like they are NOT backed out. Is that correct?[/quote]
The appraisal I just got have the seller concessions in it, so yes, they ARE subtracting the seller concessions from the final sale price.[/quote]

The method of payment should not matter. There is no better comp than the very house, itself. Add the actual cost of materials used for the upgrades/improvements, plus a reasonable about for labor (@ ~$15/hr, on average), and that’s your price.

[CA renter]

[quote=AN][quote=CA renter]Even more importantly, why is a flipped home down the street a stronger comp than the VERY SAME HOUSE that is being flipped? This is what really irks me. [/quote]They didn’t use the same house because the condition is different and the method of payment might be different. They can only compare to other houses that’s similar to show what the market would bare.

[quote=CA renter]Thanks for your input, too, recordsclerk. I’ve often wondered if and how the seller concessions are backed out. According to your post, it sounds like they are NOT backed out. Is that correct?[/quote]
The appraisal I just got have the seller concessions in it, so yes, they ARE subtracting the seller concessions from the final sale price.[/quote]

The method of payment should not matter. There is no better comp than the very house, itself. Add the actual cost of materials used for the upgrades/improvements, plus a reasonable about for labor (@ ~$15/hr, on average), and that’s your price.

[CA renter]

[quote=AN][quote=CA renter]Even more importantly, why is a flipped home down the street a stronger comp than the VERY SAME HOUSE that is being flipped? This is what really irks me. [/quote]They didn’t use the same house because the condition is different and the method of payment might be different. They can only compare to other houses that’s similar to show what the market would bare.

[quote=CA renter]Thanks for your input, too, recordsclerk. I’ve often wondered if and how the seller concessions are backed out. According to your post, it sounds like they are NOT backed out. Is that correct?[/quote]
The appraisal I just got have the seller concessions in it, so yes, they ARE subtracting the seller concessions from the final sale price.[/quote]

The method of payment should not matter. There is no better comp than the very house, itself. Add the actual cost of materials used for the upgrades/improvements, plus a reasonable about for labor (@ ~$15/hr, on average), and that’s your price.

[CA renter]

[quote=AN][quote=CA renter]Even more importantly, why is a flipped home down the street a stronger comp than the VERY SAME HOUSE that is being flipped? This is what really irks me. [/quote]They didn’t use the same house because the condition is different and the method of payment might be different. They can only compare to other houses that’s similar to show what the market would bare.

[quote=CA renter]Thanks for your input, too, recordsclerk. I’ve often wondered if and how the seller concessions are backed out. According to your post, it sounds like they are NOT backed out. Is that correct?[/quote]
The appraisal I just got have the seller concessions in it, so yes, they ARE subtracting the seller concessions from the final sale price.[/quote]

The method of payment should not matter. There is no better comp than the very house, itself. Add the actual cost of materials used for the upgrades/improvements, plus a reasonable about for labor (@ ~$15/hr, on average), and that’s your price.

[CA renter]

[quote=AN][quote=CA renter]Even more importantly, why is a flipped home down the street a stronger comp than the VERY SAME HOUSE that is being flipped? This is what really irks me. [/quote]They didn’t use the same house because the condition is different and the method of payment might be different. They can only compare to other houses that’s similar to show what the market would bare.

[quote=CA renter]Thanks for your input, too, recordsclerk. I’ve often wondered if and how the seller concessions are backed out. According to your post, it sounds like they are NOT backed out. Is that correct?[/quote]
The appraisal I just got have the seller concessions in it, so yes, they ARE subtracting the seller concessions from the final sale price.[/quote]

The method of payment should not matter. There is no better comp than the very house, itself. Add the actual cost of materials used for the upgrades/improvements, plus a reasonable about for labor (@ ~$15/hr, on average), and that’s your price.

[recordsclerk]

The method of payment should not matter, but the better deals are going to the conventional buyers or all cash buyer. Just like in this other thread the cash buyers are getting the better deals.

http://piggington.com/mira_mesa_dropping_real_fast

The banks are leaving money on the table because they are not inclined to fix the home or simply buy appliances to get the place sold. That property needed to be sold cash or to someone that can put money into an escrow account to complete the kitchen. The bank was too lazy or didn’t care enough to maximize their profits. This is where the flipper can come in cash and make money by doing what the bank refused to do.

A friend of mine recently bought a home from a traditional seller (not flipper). The house was listed for x-amount and had no offers after 30 days on the market. The seller did not want to take anything less than listed price. My friend had to offer list price + the mandatory VA amount that will be paid by seller for closing. The VA appraiser had no problem appraising the home + concession to match the offer. The other comps were either superior or sold for less. I personally think VA appraiser kick in the extra amount to make up for the concession. I’m not sure if the concessions are actually on the appraisal itself.

[recordsclerk]

The method of payment should not matter, but the better deals are going to the conventional buyers or all cash buyer. Just like in this other thread the cash buyers are getting the better deals.

http://piggington.com/mira_mesa_dropping_real_fast

The banks are leaving money on the table because they are not inclined to fix the home or simply buy appliances to get the place sold. That property needed to be sold cash or to someone that can put money into an escrow account to complete the kitchen. The bank was too lazy or didn’t care enough to maximize their profits. This is where the flipper can come in cash and make money by doing what the bank refused to do.

A friend of mine recently bought a home from a traditional seller (not flipper). The house was listed for x-amount and had no offers after 30 days on the market. The seller did not want to take anything less than listed price. My friend had to offer list price + the mandatory VA amount that will be paid by seller for closing. The VA appraiser had no problem appraising the home + concession to match the offer. The other comps were either superior or sold for less. I personally think VA appraiser kick in the extra amount to make up for the concession. I’m not sure if the concessions are actually on the appraisal itself.

[recordsclerk]

The method of payment should not matter, but the better deals are going to the conventional buyers or all cash buyer. Just like in this other thread the cash buyers are getting the better deals.

http://piggington.com/mira_mesa_dropping_real_fast

The banks are leaving money on the table because they are not inclined to fix the home or simply buy appliances to get the place sold. That property needed to be sold cash or to someone that can put money into an escrow account to complete the kitchen. The bank was too lazy or didn’t care enough to maximize their profits. This is where the flipper can come in cash and make money by doing what the bank refused to do.

A friend of mine recently bought a home from a traditional seller (not flipper). The house was listed for x-amount and had no offers after 30 days on the market. The seller did not want to take anything less than listed price. My friend had to offer list price + the mandatory VA amount that will be paid by seller for closing. The VA appraiser had no problem appraising the home + concession to match the offer. The other comps were either superior or sold for less. I personally think VA appraiser kick in the extra amount to make up for the concession. I’m not sure if the concessions are actually on the appraisal itself.

[recordsclerk]

The method of payment should not matter, but the better deals are going to the conventional buyers or all cash buyer. Just like in this other thread the cash buyers are getting the better deals.

http://piggington.com/mira_mesa_dropping_real_fast

The banks are leaving money on the table because they are not inclined to fix the home or simply buy appliances to get the place sold. That property needed to be sold cash or to someone that can put money into an escrow account to complete the kitchen. The bank was too lazy or didn’t care enough to maximize their profits. This is where the flipper can come in cash and make money by doing what the bank refused to do.

A friend of mine recently bought a home from a traditional seller (not flipper). The house was listed for x-amount and had no offers after 30 days on the market. The seller did not want to take anything less than listed price. My friend had to offer list price + the mandatory VA amount that will be paid by seller for closing. The VA appraiser had no problem appraising the home + concession to match the offer. The other comps were either superior or sold for less. I personally think VA appraiser kick in the extra amount to make up for the concession. I’m not sure if the concessions are actually on the appraisal itself.

[recordsclerk]

The method of payment should not matter, but the better deals are going to the conventional buyers or all cash buyer. Just like in this other thread the cash buyers are getting the better deals.

http://piggington.com/mira_mesa_dropping_real_fast

The banks are leaving money on the table because they are not inclined to fix the home or simply buy appliances to get the place sold. That property needed to be sold cash or to someone that can put money into an escrow account to complete the kitchen. The bank was too lazy or didn’t care enough to maximize their profits. This is where the flipper can come in cash and make money by doing what the bank refused to do.

A friend of mine recently bought a home from a traditional seller (not flipper). The house was listed for x-amount and had no offers after 30 days on the market. The seller did not want to take anything less than listed price. My friend had to offer list price + the mandatory VA amount that will be paid by seller for closing. The VA appraiser had no problem appraising the home + concession to match the offer. The other comps were either superior or sold for less. I personally think VA appraiser kick in the extra amount to make up for the concession. I’m not sure if the concessions are actually on the appraisal itself.

[an]

[quote=CA renter]The method of payment should not matter. There is no better comp than the very house, itself. Add the actual cost of materials used for the upgrades/improvements, plus a reasonable about for labor (@ ~$15/hr, on average), and that’s your price.[/quote]
Under the ideal condition, yes, the method of payment should not matter. But I’m sure you’re well aware that depending on the seller’s reason to sell the place, it definitely matter. recordsclerk described one scenario. Here are a few more: 1) a crack slab that requires a cash only offer (I’ve seen it go for ~$200k-250k below market value). Because it’s a cash only deal, the demand is VERY small. Which drives down price for that particular home (well below the market price – cost of fixing the slab). 2)A short sale. Sell don’t care what price it get sold for but they want to get out of the house, so they pick the buyer that’s most likely to be there when the deal goes through. I actually asked an appraiser this a few days ago and he did say he would add some $ amount if he uses a short sale as a comp, since SS normally sell for below market value. 3)Probate sale (I think you had personal experience with this), where the seller are out of state and they just want it SOLD. If a buyer comes in with all cash below the market value and other bids, I’m sure the seller would be incline to accept such offer. Obviously, it has to still be reasonable.

You fail to see that a move in ready house attracts a lot more buyers, which would drive up the price. So, it’s simply about supply and demand. Although it might be the exact same house, the condition is different, which would attract different amount of interests.

[an]

[quote=CA renter]The method of payment should not matter. There is no better comp than the very house, itself. Add the actual cost of materials used for the upgrades/improvements, plus a reasonable about for labor (@ ~$15/hr, on average), and that’s your price.[/quote]
Under the ideal condition, yes, the method of payment should not matter. But I’m sure you’re well aware that depending on the seller’s reason to sell the place, it definitely matter. recordsclerk described one scenario. Here are a few more: 1) a crack slab that requires a cash only offer (I’ve seen it go for ~$200k-250k below market value). Because it’s a cash only deal, the demand is VERY small. Which drives down price for that particular home (well below the market price – cost of fixing the slab). 2)A short sale. Sell don’t care what price it get sold for but they want to get out of the house, so they pick the buyer that’s most likely to be there when the deal goes through. I actually asked an appraiser this a few days ago and he did say he would add some $ amount if he uses a short sale as a comp, since SS normally sell for below market value. 3)Probate sale (I think you had personal experience with this), where the seller are out of state and they just want it SOLD. If a buyer comes in with all cash below the market value and other bids, I’m sure the seller would be incline to accept such offer. Obviously, it has to still be reasonable.

You fail to see that a move in ready house attracts a lot more buyers, which would drive up the price. So, it’s simply about supply and demand. Although it might be the exact same house, the condition is different, which would attract different amount of interests.

[an]

[quote=CA renter]The method of payment should not matter. There is no better comp than the very house, itself. Add the actual cost of materials used for the upgrades/improvements, plus a reasonable about for labor (@ ~$15/hr, on average), and that’s your price.[/quote]
Under the ideal condition, yes, the method of payment should not matter. But I’m sure you’re well aware that depending on the seller’s reason to sell the place, it definitely matter. recordsclerk described one scenario. Here are a few more: 1) a crack slab that requires a cash only offer (I’ve seen it go for ~$200k-250k below market value). Because it’s a cash only deal, the demand is VERY small. Which drives down price for that particular home (well below the market price – cost of fixing the slab). 2)A short sale. Sell don’t care what price it get sold for but they want to get out of the house, so they pick the buyer that’s most likely to be there when the deal goes through. I actually asked an appraiser this a few days ago and he did say he would add some $ amount if he uses a short sale as a comp, since SS normally sell for below market value. 3)Probate sale (I think you had personal experience with this), where the seller are out of state and they just want it SOLD. If a buyer comes in with all cash below the market value and other bids, I’m sure the seller would be incline to accept such offer. Obviously, it has to still be reasonable.

You fail to see that a move in ready house attracts a lot more buyers, which would drive up the price. So, it’s simply about supply and demand. Although it might be the exact same house, the condition is different, which would attract different amount of interests.

[an]

[quote=CA renter]The method of payment should not matter. There is no better comp than the very house, itself. Add the actual cost of materials used for the upgrades/improvements, plus a reasonable about for labor (@ ~$15/hr, on average), and that’s your price.[/quote]
Under the ideal condition, yes, the method of payment should not matter. But I’m sure you’re well aware that depending on the seller’s reason to sell the place, it definitely matter. recordsclerk described one scenario. Here are a few more: 1) a crack slab that requires a cash only offer (I’ve seen it go for ~$200k-250k below market value). Because it’s a cash only deal, the demand is VERY small. Which drives down price for that particular home (well below the market price – cost of fixing the slab). 2)A short sale. Sell don’t care what price it get sold for but they want to get out of the house, so they pick the buyer that’s most likely to be there when the deal goes through. I actually asked an appraiser this a few days ago and he did say he would add some $ amount if he uses a short sale as a comp, since SS normally sell for below market value. 3)Probate sale (I think you had personal experience with this), where the seller are out of state and they just want it SOLD. If a buyer comes in with all cash below the market value and other bids, I’m sure the seller would be incline to accept such offer. Obviously, it has to still be reasonable.

You fail to see that a move in ready house attracts a lot more buyers, which would drive up the price. So, it’s simply about supply and demand. Although it might be the exact same house, the condition is different, which would attract different amount of interests.

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