[garysears]

I recently fell out of escrow on a multi-unit property. The appraiser absolutely DID see the contract. I was told it is required but I still can’t see why the contract should have any bearing on an independent opinion of the property value.

Much as there was lender pressure to “hit the number” during the bubble, I believe there is government pressure to “hit the number” in this down market. I was told that if appraisals vary by more than some certain percent (I can’t remember exactly how much) from the contract price, they are flagged by the government as potential bad appraisals or fraudulent. I believe this is creating pressure to hit the contract number.

In my case, all three appraisal values were almost exactly the same as my contract price. Somehow evaluating the property based on comps, rental value, and replacement value each yielded almost exactly my offer amount. Based on this experience I view the appraisal as completely worthless and I am really irritated I had to pay for such garbage.

There is NO justification in my mind for appraisers to see the contract. That destroys any hint of impartiality, especially if I am correct about government pressure to “hit the contract number”.

[garysears]

90% off is doomer fantasy. It is hard to conceive how the Detroit scenario could happen to the whole nation. If it does, the places with jobs will retain much more value than places without.

I don’t have Detroit historical wage info but I found this site which shows by zipcode income and housing prices.

http://realestate.aol.com/Detroit-MI-neighborhood

Take a look on realtor.com just for fun to see what you can get for your money.

Also see this price heat map:

http://www.trulia.com/home_prices/Michigan/Detroit-heat_map/

I found a site that claimed the average (not median)city price peaked in 2003 at just under $98,000. Last August it was $11,600.

http://mjperry.blogspot.com/2009/08/average-home-price-in-detroit-falls-to.html

Here is the population data from wiki (from the census peak):

Census City Metro Region
1950 1,849,568 3,219,256 3,700,490
1960 1,670,144 4,012,607 4,660,480
1970 1,514,063 4,490,902 5,289,766
1980 1,203,368 4,387,783 5,203,269
1990 1,027,974 4,266,654 5,095,695
2000 951,270 4,441,551 5,357,538
2008* 912,062 4,425,110 5,354,225
*Estimate

[garysears]

90% off is doomer fantasy. It is hard to conceive how the Detroit scenario could happen to the whole nation. If it does, the places with jobs will retain much more value than places without.

I don’t have Detroit historical wage info but I found this site which shows by zipcode income and housing prices.

http://realestate.aol.com/Detroit-MI-neighborhood

Take a look on realtor.com just for fun to see what you can get for your money.

Also see this price heat map:

http://www.trulia.com/home_prices/Michigan/Detroit-heat_map/

I found a site that claimed the average (not median)city price peaked in 2003 at just under $98,000. Last August it was $11,600.

http://mjperry.blogspot.com/2009/08/average-home-price-in-detroit-falls-to.html

Here is the population data from wiki (from the census peak):

Census City Metro Region
1950 1,849,568 3,219,256 3,700,490
1960 1,670,144 4,012,607 4,660,480
1970 1,514,063 4,490,902 5,289,766
1980 1,203,368 4,387,783 5,203,269
1990 1,027,974 4,266,654 5,095,695
2000 951,270 4,441,551 5,357,538
2008* 912,062 4,425,110 5,354,225
*Estimate

[garysears]

90% off is doomer fantasy. It is hard to conceive how the Detroit scenario could happen to the whole nation. If it does, the places with jobs will retain much more value than places without.

I don’t have Detroit historical wage info but I found this site which shows by zipcode income and housing prices.

http://realestate.aol.com/Detroit-MI-neighborhood

Take a look on realtor.com just for fun to see what you can get for your money.

Also see this price heat map:

http://www.trulia.com/home_prices/Michigan/Detroit-heat_map/

I found a site that claimed the average (not median)city price peaked in 2003 at just under $98,000. Last August it was $11,600.

http://mjperry.blogspot.com/2009/08/average-home-price-in-detroit-falls-to.html

Here is the population data from wiki (from the census peak):

Census City Metro Region
1950 1,849,568 3,219,256 3,700,490
1960 1,670,144 4,012,607 4,660,480
1970 1,514,063 4,490,902 5,289,766
1980 1,203,368 4,387,783 5,203,269
1990 1,027,974 4,266,654 5,095,695
2000 951,270 4,441,551 5,357,538
2008* 912,062 4,425,110 5,354,225
*Estimate

[garysears]

90% off is doomer fantasy. It is hard to conceive how the Detroit scenario could happen to the whole nation. If it does, the places with jobs will retain much more value than places without.

I don’t have Detroit historical wage info but I found this site which shows by zipcode income and housing prices.

http://realestate.aol.com/Detroit-MI-neighborhood

Take a look on realtor.com just for fun to see what you can get for your money.

Also see this price heat map:

http://www.trulia.com/home_prices/Michigan/Detroit-heat_map/

I found a site that claimed the average (not median)city price peaked in 2003 at just under $98,000. Last August it was $11,600.

http://mjperry.blogspot.com/2009/08/average-home-price-in-detroit-falls-to.html

Here is the population data from wiki (from the census peak):

Census City Metro Region
1950 1,849,568 3,219,256 3,700,490
1960 1,670,144 4,012,607 4,660,480
1970 1,514,063 4,490,902 5,289,766
1980 1,203,368 4,387,783 5,203,269
1990 1,027,974 4,266,654 5,095,695
2000 951,270 4,441,551 5,357,538
2008* 912,062 4,425,110 5,354,225
*Estimate

[garysears]

90% off is doomer fantasy. It is hard to conceive how the Detroit scenario could happen to the whole nation. If it does, the places with jobs will retain much more value than places without.

I don’t have Detroit historical wage info but I found this site which shows by zipcode income and housing prices.

http://realestate.aol.com/Detroit-MI-neighborhood

Take a look on realtor.com just for fun to see what you can get for your money.

Also see this price heat map:

http://www.trulia.com/home_prices/Michigan/Detroit-heat_map/

I found a site that claimed the average (not median)city price peaked in 2003 at just under $98,000. Last August it was $11,600.

http://mjperry.blogspot.com/2009/08/average-home-price-in-detroit-falls-to.html

Here is the population data from wiki (from the census peak):

Census City Metro Region
1950 1,849,568 3,219,256 3,700,490
1960 1,670,144 4,012,607 4,660,480
1970 1,514,063 4,490,902 5,289,766
1980 1,203,368 4,387,783 5,203,269
1990 1,027,974 4,266,654 5,095,695
2000 951,270 4,441,551 5,357,538
2008* 912,062 4,425,110 5,354,225
*Estimate

[garysears]

http://earthquake.usgs.gov/earthquakes/

5.7

Date-Time
Tuesday, June 15, 2010 at 04:26:58 UTC
Monday, June 14, 2010 at 09:26:58 PM at epicenter
Time of Earthquake in other Time Zones
Location
32.698°N, 115.924°W
Depth
6.9 km (4.3 miles)
Region
SOUTHERN CALIFORNIA
Distances
8 km (5 miles) SE (124°) from Ocotillo, CA
24 km (15 miles) WSW (244°) from Seeley, CA
26 km (16 miles) ENE (70°) from Jacumba Hot Springs, CA
36 km (22 miles) WSW (254°) from El Centro, CA
43 km (27 miles) W (277°) from Mexicali, Baja California, Mexico
104 km (65 miles) E (79°) from Tijuana, Baja California, Mexico

[garysears]

http://earthquake.usgs.gov/earthquakes/

5.7

Date-Time
Tuesday, June 15, 2010 at 04:26:58 UTC
Monday, June 14, 2010 at 09:26:58 PM at epicenter
Time of Earthquake in other Time Zones
Location
32.698°N, 115.924°W
Depth
6.9 km (4.3 miles)
Region
SOUTHERN CALIFORNIA
Distances
8 km (5 miles) SE (124°) from Ocotillo, CA
24 km (15 miles) WSW (244°) from Seeley, CA
26 km (16 miles) ENE (70°) from Jacumba Hot Springs, CA
36 km (22 miles) WSW (254°) from El Centro, CA
43 km (27 miles) W (277°) from Mexicali, Baja California, Mexico
104 km (65 miles) E (79°) from Tijuana, Baja California, Mexico

[garysears]

http://earthquake.usgs.gov/earthquakes/

5.7

Date-Time
Tuesday, June 15, 2010 at 04:26:58 UTC
Monday, June 14, 2010 at 09:26:58 PM at epicenter
Time of Earthquake in other Time Zones
Location
32.698°N, 115.924°W
Depth
6.9 km (4.3 miles)
Region
SOUTHERN CALIFORNIA
Distances
8 km (5 miles) SE (124°) from Ocotillo, CA
24 km (15 miles) WSW (244°) from Seeley, CA
26 km (16 miles) ENE (70°) from Jacumba Hot Springs, CA
36 km (22 miles) WSW (254°) from El Centro, CA
43 km (27 miles) W (277°) from Mexicali, Baja California, Mexico
104 km (65 miles) E (79°) from Tijuana, Baja California, Mexico

[garysears]

http://earthquake.usgs.gov/earthquakes/

5.7

Date-Time
Tuesday, June 15, 2010 at 04:26:58 UTC
Monday, June 14, 2010 at 09:26:58 PM at epicenter
Time of Earthquake in other Time Zones
Location
32.698°N, 115.924°W
Depth
6.9 km (4.3 miles)
Region
SOUTHERN CALIFORNIA
Distances
8 km (5 miles) SE (124°) from Ocotillo, CA
24 km (15 miles) WSW (244°) from Seeley, CA
26 km (16 miles) ENE (70°) from Jacumba Hot Springs, CA
36 km (22 miles) WSW (254°) from El Centro, CA
43 km (27 miles) W (277°) from Mexicali, Baja California, Mexico
104 km (65 miles) E (79°) from Tijuana, Baja California, Mexico

[garysears]

http://earthquake.usgs.gov/earthquakes/

5.7

Date-Time
Tuesday, June 15, 2010 at 04:26:58 UTC
Monday, June 14, 2010 at 09:26:58 PM at epicenter
Time of Earthquake in other Time Zones
Location
32.698°N, 115.924°W
Depth
6.9 km (4.3 miles)
Region
SOUTHERN CALIFORNIA
Distances
8 km (5 miles) SE (124°) from Ocotillo, CA
24 km (15 miles) WSW (244°) from Seeley, CA
26 km (16 miles) ENE (70°) from Jacumba Hot Springs, CA
36 km (22 miles) WSW (254°) from El Centro, CA
43 km (27 miles) W (277°) from Mexicali, Baja California, Mexico
104 km (65 miles) E (79°) from Tijuana, Baja California, Mexico

[garysears]

I think this effectively raises the interest rate on all FHA loans by 1.5%. How is raising the minimum down payment not better? Raising the minimum down payment would save more money in the long run (if that is the goal, but I’m not sure what the real goal is here).

I wonder if the 3.5% down buyers will be quicker to walk on an underwater house when they see that extra 4k per year extra down the drain for the foreseeable future.

I think if enacted this changes the rent/buy numbers significantly for the marginal crowd (if anyone does numbers).

[garysears]

I think this effectively raises the interest rate on all FHA loans by 1.5%. How is raising the minimum down payment not better? Raising the minimum down payment would save more money in the long run (if that is the goal, but I’m not sure what the real goal is here).

I wonder if the 3.5% down buyers will be quicker to walk on an underwater house when they see that extra 4k per year extra down the drain for the foreseeable future.

I think if enacted this changes the rent/buy numbers significantly for the marginal crowd (if anyone does numbers).

[garysears]

I think this effectively raises the interest rate on all FHA loans by 1.5%. How is raising the minimum down payment not better? Raising the minimum down payment would save more money in the long run (if that is the goal, but I’m not sure what the real goal is here).

I wonder if the 3.5% down buyers will be quicker to walk on an underwater house when they see that extra 4k per year extra down the drain for the foreseeable future.

I think if enacted this changes the rent/buy numbers significantly for the marginal crowd (if anyone does numbers).

[garysears]

I think this effectively raises the interest rate on all FHA loans by 1.5%. How is raising the minimum down payment not better? Raising the minimum down payment would save more money in the long run (if that is the goal, but I’m not sure what the real goal is here).

I wonder if the 3.5% down buyers will be quicker to walk on an underwater house when they see that extra 4k per year extra down the drain for the foreseeable future.

I think if enacted this changes the rent/buy numbers significantly for the marginal crowd (if anyone does numbers).

[Author]

Posts