THE END IS NEAR ! - POST # 62 - (15 NOV)
Reasserting just how low on the totem pole we are, and what being a bottom feeder is all about; we will get to kiss the boot, thank heartily the victor for allowing us this grace, this esteemed contact with eminence, and experiencing the privilege of acquiesence under their guiding hand. (and for yielding a $10,000.00 worship fee for their control/power guidance).
We sold our house without a real estate involved for $20,00.00 more than we owed (on a special agreement that the buyer would pay for everything and simply give us a check for $20,000.00 to walk away) promising no other costs/expenses to us.
A VA appraiser missed the $2,800 dollar obsolete electric box fire/death danger ,
Then the appraisal came . . . $ 10,000.00 low !
So, the latest take away amount is $7,200 not $20,000... due to a low appraisal, and we have another repair estimate coming in from the home inspection yet !!!! We will be lucky to break even, (meaning we actually LOSE the three years of labor and materials for all new flooring, a new three car garage roof, air conditioning, washer/dryer, and bath remodeling, and a ugly fencing and berry bush removal two year project.... .
Back in the "bad" days for lenders, when they loaned anything to anyone.... after the foreclosures began, they realized they were left with a lot of duds. Properties that appraised for high dollars (and were lent money accordingly) were worth FAAR less in actuality. In the ensuing cleanup, the appraisers got blamed. . . so, now they intentionally under-estimate to save their asses.
Then there is the "envy judgement", a review of previous sale prices on a home, if it ramps up too high-too quick since the last time it sold (like from massive remodeling) and say, doubles in value.... the envious lender and appraiser will not allow the quick profit.
Then this story . . . I am in the market for a 200,000.00 home (but, I am a cheapskate).... I know a realtor gets 7% commission (on 200,000.00 thats 14,000 dollars), split 50/50 with the seller and buyer.
out the door this home will cost me 225,000.00 , but, what if? it happens to only appraise for 150,000.00
Then, the realtor only gets 10,500.00...... the whole end-deal costs me 180,000.00...... I save a whopping 45,000.00 !! Now if I were to cross the palm of the realtor (on the side in cash) with the missing commission (say 4,500.00) (no, lets say 5,000.00 - 6,000.00 .... for this low appraisal to happen, who would know ?
I mean, "just sayin"" . . . .