PROPERTY VALUES
The Juggler
Posts: 49,434
still falling unfortunately. at my job we have access to avm reports that give us ideas on where appraisals will come in at (they are more accurate than the online sites people know about). it's one of the first things we do in the application process for obvious reasons.
spoke to a lady in michigan the other day. her house was worth around 100k or so about 6 years ago....pulled up her avm............$12,000. :shock: this person doesn't follow this stuff too closely so she had no idea she had lost so much equity. not a fun thing to have to tell someone their house looks to be worth less than a new car. she owes about 80k on it too.
hopefully this shit ends soon. so many people still struggling in this country.
spoke to a lady in michigan the other day. her house was worth around 100k or so about 6 years ago....pulled up her avm............$12,000. :shock: this person doesn't follow this stuff too closely so she had no idea she had lost so much equity. not a fun thing to have to tell someone their house looks to be worth less than a new car. she owes about 80k on it too.
hopefully this shit ends soon. so many people still struggling in this country.
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yeah. has nothing to do with what she can sell it for. this is just an indicator of what it would appraise for based on what other properties have sold for in her area recently.
that said, she probably couldn't get much more than 12-15k for it.
"With our thoughts we make the world"
where are the fund raisers for these people? we give so much money to the red cross for all these natural disasters, for good reasons obviously, but we have people in our own country struggling just to eat every day too.
i've read there are so many abandoned neighborhoods in the detroit area, that they're planning on leveling acres and acres of them and turning them into fields and stuff.
Appraisers comping houses and getting ridiculous values, termite inspectors passing illegal shit for FHA loans, CPA's writing letters saying a client(janitor or paperboy) making 85k inorder to get ratios to work on stated loans and so on....... What a corrupt industry.
Not to say u do this, I honestly didn't. Watching cokehead colleagues of mine take advantage if old woman and uneducated people was sickening. Also had a huge part in the debacle we are in now
no. i've never sold neg ams actually. the people who took those programs are in just as bad a shape as the lady i referenced in the op.
the industry has weeded out so many of the kinds of people you talked about though through the nmls licensing system. it's such a pain in the ass, but it has really cleaned things up.
at my company, 95% of the refi's we write are the harp programs that came out of the stimulus package a couple years ago. but you can argue whether those programs are helpful or are just extending the bubble for a few more years.
I worked at a decent size bank, and to see the corporation look the other way shocked me. It was pure greed, bunch of dudes wanting to drve fancy shit at any cost.
I hope the industry has changed like you say. The things I've seen,,,,,,
it was certainly the wild, wild, west back then man. i've been doing this since '02. i'm sure we saw all of the same kinds of stuff going on back then.
my only point here, is how sad it is for this lady and many people like her to own a house that's worth about 12k.
Looking back, it puzzles me that so many couldn't see the bubble bursting..... Or the plausible deniability tracks being laid down to save asses.
On a side note..... Greenspan is a giant douche. I remember when everyone thought of him as a genius. Yeah right. More of a ring leader
We just watched INSIDE JOB...extremely eye-opening to say the least.
The Juggler: I give props to you for being honest and telling the truth to your client. We need more people like you in the higher up positions of that industry. :thumbup:
haha...thanks. nothing else to tell her though.
Even though it was all you had to tell her, it was the most crucial piece of information she needed right now to know where she stands. That's just good work right there, Juggler.
Is she in Detroit? I work with a fellow and his wife's uncle passed away and they were handling the estate and he had bought a condo in Detroit like 2 years earlier for 200 000 grand and it was appraised at about 35 000 and it sold for about that. From what I've been reading Detroit is in rough shape.
"Life Is What Happens To You When Your Busy Making Other Plans" John Lennon
yes she's in detroit.
it's unbelievably sad.
I thought so, I live across the river in Canada, it is very sad. I guess the unemployment rate in Detroit is out of this world. I believe the latest census showed a population decline of around 20% from the the last census. It is really to bad, I hope they can turn the corner, but it seems like once the urban decay takes root it's hard to reverse.
I will say this, I've been to Detroit 1000's of time for entertainment needs and have encountered nothing but good people and have never encountered a problem, and met nothing but great people.
That must be a tough part of your job if you have to tell her that. I know the guy I know just couldn't believe it, so they had it reappraised, same answer.
"Life Is What Happens To You When Your Busy Making Other Plans" John Lennon
I feel really sorry for people when they lose such a large investment. A lot of them probably think in the future they'll sell up and enjoy retirement on the proceeds. What a messed up world we live in.
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i think detroit lost somewhere around 5% last year. nationally values were down about 4% compared to '09....this is after places like detroit lost way over 50% equity in the few years prior.
absolutely. take the appraisal to your county or city and see if the taxes can be reassessed.
walk across the street and demand they give you the information now. why wait?
thanks!
we get a form in the mail every couple of years when the reasses the property.
your neighborhood sounds like an interesting enough place.
it's about as exciting as paint drying. which IMO, isn't a bad thing.
the most interesting thing is all the mixed couples on my corner. i barely see any when i'm out and about, but i come home and there are three all living next door/across the street.
There are a lot of people around here buying vacation homes in places like Florida and Arizona...it's crazy - these vacation homes are twice the size and extravagance of their primary homes....but are being bought outright with only a fraction of the equity from their primary residence. ...If the equity in my home reaches anywhere near what it was pre-08 crash, I'm selling, retiring, and moving to Detroit
Blows me away that a house could sell for $12k. The lumber alone has gotta be worth more than that.