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re: Appraisals: what a crock of sh¡t...
Posted on 3/18/19 at 12:07 pm to 777Tiger
Posted on 3/18/19 at 12:07 pm to 777Tiger
quote:
inspection just defines the state of the dwelling
Yeah, like signs of water damage in the attic due to a leaky roof, faulty wiring, appliances working correctly, signs of foundation settling, plumbing performing as it should, leaky pipes, ac/heater working properly, etc. If that "really doesn't mean anything" to you when buying a house, then you probably aren't very smart. To me, that means everything. It basically tells you EVERYTHING the seller doesn't disclose in the listing.
ETA:
quote:
with a million little escape clauses for them to not have any liability
Maybe some, but I had an attorney read over the paper work I received for mine, and there were very few stipulations in general, and none regarding the roof and foundation warranties which were my two main concerns. Basically said they approved this roof/foundation, and because of that, they will pay X amount of money towards any issues that may arise within X amount of years.
This post was edited on 3/18/19 at 12:14 pm
1
Posted on 3/18/19 at 12:09 pm to Homey the Clown
quote:
you probably aren't very smart.
bought and sold quite a bit of real estate, like several million bucks worth, everything is "as is," the inspection just brings up a few potential negotiating points
Posted on 3/18/19 at 12:13 pm to SDVTiger
quote:
Many sellers won’t accept offer if going VA
A VA loan is just a type of financing. The seller is getting their money regardless of where it is coming from. It could be anything from straight Ca$H, a Wells Fargo loan, or a USAA VA Loan. It doesn't matter, it's still money. It is the lender that has to deal with the VA. Not to mention most sellers do not even know or care where the money is coming from as long as they get their money on closing.
Posted on 3/18/19 at 12:18 pm to 777Tiger
quote:
like several million bucks worth
Awesome.
But my inspection, which I paid for, came with assurances in the form of warranties. So regardless of what you bought and sold, this is how my most recent buy went. You are correct as for as the seller selling it as is, but due to the fact that I paid a company to sign off on everything, that company provided me with warranties.
Posted on 3/18/19 at 12:19 pm to jrodLSUke
Yeah sure - it’s to protect the buyer. Lol
Posted on 3/18/19 at 12:21 pm to Homey the Clown
quote:
But my inspection, which I paid for, came with assurances in the form of warranties. So regardless of what you bought and sold, this is how my most recent buy went. You are correct as for as the seller selling it as is, but due to the fact that I paid a company to sign off on everything, that company provided me with warranties.
whatever makes you sleep well at night, good luck on getting the appraiser to honor a warranty though
Posted on 3/18/19 at 12:28 pm to poochie
Assuming you requested the appraisal...You can appeal the appraisal. Also, if you know of comps near you that sold recently, you can request that these be added to the appraisal.
I would also review the comps throughly. Sometimes a comp is used that may have been part of a short sale, divorce, estate..or a brother in law deal. If you know of that and can verify...then you might be able to have it replaced.
I would also review the comps throughly. Sometimes a comp is used that may have been part of a short sale, divorce, estate..or a brother in law deal. If you know of that and can verify...then you might be able to have it replaced.
Posted on 3/18/19 at 12:35 pm to Homey the Clown
quote:That was an appliance warranty that is 450.00 for 1 year
but due to the fact that I paid a company to sign off on everything, that company provided me with warranties.
Posted on 3/18/19 at 1:03 pm to 777Tiger
quote:
good luck on getting the appraiser to honor a warranty though
Please show me where I said an appraiser provided me with a warranty. I said a licensed home inspector. Hopefully, being that you bought and sold MILLIONS of dollars worth of reality, you understand there is a difference.
Posted on 3/18/19 at 1:09 pm to Supermoto Tiger
quote:
That was an appliance warranty that is 450.00 for 1 year
No..... it wasn't. Appliances were only part of the warranties. It also includes the roof (5 year), foundation (ten year), plumbing, wiring, etc. I've never seen an "appliance warranty" cover all of that. However, the home service warranty that the seller provides does, in fact, only include appliances.
Posted on 3/18/19 at 1:12 pm to poochie
quote:
Let me preface this by saying I am neither buying, selling, or refinancing a home. And this opinion applies to appraisals when an offer has been made and accepted.
If person A is asking $350k for their house and person B agrees to that price then the bank appraiser comes back and says that the house is only worth $325k, that’s inherently incorrect. Something is worth what someone is willing to pay for it. In this case person B is willing to buy the house for $350k and therefore it’s worth is $350k.
/random sunday evening rant.
appraisals are supposed to be fair market value. Just because one person is willing to spend a certain amount doesn't really matter. That person could be insane and a huge outlier. If I'm a billionaire and want to buy the house I grew up in and offer $1MM to ensure I get it, that doesn't make the house worth $1MM.
Posted on 3/18/19 at 1:28 pm to poochie
I don't understand why they have to know the purchase price when making an appraisal. Every time ive bought or sold, that appraiser has asked for this.Seems like that would influence the appraised value more than a little.
can somebody explain the reasoning for this?
can somebody explain the reasoning for this?
Posted on 3/18/19 at 1:48 pm to poochie
Appraised value is the most likely value a large number of people would pay not the highest price 1 person might pay.
Posted on 3/18/19 at 2:00 pm to ItNeverRains
quote:
Yeah prayers buddy. Many sellers won’t accept offer if going VA, can’t say I blame them. Great product for buyers though.
That's not true at all. Where did you hear that? From what I have researched, the VA loans do have certain stipulations such as the home has to be move in ready. Meaning you can't go out and get a fixer upper or one with unfinished flooring, as an example. That's the only case where an owner would not be able to sell to a buyer financing through the VA program. The bank will not approve the loan under those guidelines.
Posted on 3/18/19 at 2:27 pm to Homey the Clown
Correction: meant to post home inspector, but mean the same, they ain’t honoring shite.
Posted on 3/18/19 at 2:53 pm to 777Tiger
quote:
they ain’t honoring shite.
I'm afraid you do not know what the frick you're talking about. Good day, sir.
Posted on 3/18/19 at 3:11 pm to Homey the Clown
Guess you’re right, only been buying and selling properties for about 40 years, have yet to lose a penny. I’ll have to get your book.
Posted on 3/18/19 at 3:16 pm to ItNeverRains
quote:This is one of the dumbest things I have heard on TD in a while and that is saying a lot. According to RESPA there are no disclosure requirements that would ever reveal the type of load to the seller. It would be, I have financing and this needs to be fixed before we close.
Yeah prayers buddy. Many sellers won’t accept offer if going VA, can’t say I blame them. Great product for buyers though.
Posted on 3/18/19 at 3:21 pm to BruslyTiger
Would it not be shown in the pre-approval letter?
This post was edited on 3/18/19 at 3:22 pm
Posted on 3/18/19 at 3:34 pm to poochie
Home inspections are more BS than appraisals. My "inspector" was more concerned that I understood what he did not inspect than what he actually did.
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