Had an appraisal of our home to refinance......

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blu_fuz

blu_fuz

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?3 years ago our house appraised at $126,000. Since then we have stuck another $20,000 in rennovations. Just had another appraisal and it was only $106,000. Basically went $40,000 upside down on the property in only 3 years??? I'm beside myself with no words..... Good luck finding a "comp" of my house for only $106,000 because you won't find it.



The appraisal came back so low I can't even describe the feelings I have right now. We owe $119,000 on the property.
 
-GZ-

-GZ-

Member (SA)
dude! thats the nicest $106,000 house ive ever seen! if that property was down here in the big city it would fetch about 200k!!

seems to be the trend though.....my sister just had her house appraised for refinancing and it was apraised like 10k less than they paid for it....and they bought it through a foreclosure!!!!!....and they redid the bathroom and cleaned up the rest of it......

sit tight brother,,,,there will be a correction in the market in the next year or two....

by the way...how many sq ft is your place? gotta be pushin 2800 with the boom room....
 
blu_fuz

blu_fuz

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Thanks for the kind words GZ :smooch:

We are at about 2200 SQ FT with the boom room :yes: .
 
im_alan_partridge

im_alan_partridge

Member (SA)
Try and be positive, if you hadnt put the extra time and money into your home it may have been valued way lower.
Also if your place is valued x% lower than 3 years ago, all the others must be too.
 
baddboybill

baddboybill

Boomus Fidelis
I feel for you. My mom and dad bought there brand new house in 91' for $180,000. It appraised over $300,000 maybe 10 years later. My mom only got $180,000 when she sold it last year :thumbsdown: Jeannie got her house for $100,000 but I'm betting market value now it wouldn't even be half that :thumbsdown: Better off renting now a days :sadno:
 
jaetee

jaetee

Member (SA)
$40k upside down.... consider yourself lucky...

I'm over $90k upside down. We owe $181k and according to the zillow.com site It's worth about $95k. :-/

Wanna feel better about your situation???? We're both better off than this guy, who's looking at a $400k short sale! chekkitout: http://www.zillow.com/homedetails/2823-Saint-Andrews-Blvd-Tarpon-Springs-FL-34688/46970088_zpid/

That site is wicked cool. Look up your address on this site...

I'm looking to buy a new house... but going to rent this one out rather than sell.
 
blu_fuz

blu_fuz

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Well, not really $40k upside down - just $40k since our last appraisal :-O .

We owe $119,000 and appraised at $106,000 so about $13k flopped.
 
Superduper

Superduper

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Joe,

The entire country has suffered mass depreciation. So don't feel too bad. You are in good company. The better way of looking at it is... how much would rent cost? Probably better to own and be masters of your own castle, rather than rent and pay for the priviledge of temporarily residing in your castle.

All I can say is..... $119k? I'll take it. Or two...or three.....
Heck, make it FOUR!

Because......... I owe about $480k on my home! OWE! :-O :'-( :grim: :grim: :sad:
 
ford93

ford93

Member (SA)
I hate to say this but its a buyers market if you have the dough.

It sucks to invest in a home and then to be appraised for less. :thumbsdown:
 
-GZ-

-GZ-

Member (SA)
Superduper said:
Joe,

The entire country has suffered mass depreciation. So don't feel too bad. You are in good company. The better way of looking at it is... how much would rent cost? Probably better to own and be masters of your own castle, rather than rent and pay for the priviledge of temporarily residing in your castle.

All I can say is..... $119k? I'll take it. Or two...or three.....
Heck, make it FOUR!

Because......... I owe about $480k on my home! OWE! :-O :'-( :grim: :grim: :sad:
Click to expand...
Exactly....
as long as youre still able to pay your mortgage...dont sweat it...
You have a beautiful family, a great job, and a **** ton of boomers....
theres 50 milliin people in worse shape than you....
Like william devaughn said....just be thankful for what you got
 
Strānj-Bōōmbŏks

Strānj-Bōōmbŏks

Member (SA)
Looka me Joe, I live in the SAME COUNTRY as Chavez, you see me bitchin'? Hahahahahahahahaaha...
EF-YOU-SEE-KAYE CHAVEZ UP THE COLUMNS OF MORGAGNI!!! :clap: :clap: :clap: :clap: :clap: :tease: :tease: :tease: :tease: Everything's gonna be alright bro...
 
-GZ-

-GZ-

Member (SA)
go sit on YOUR deck...crack open a brewski....hook your laptop up to that m90....and bump this track
i G-U-A-R-A-N-T-E-E-E-E- you will feel like a king of all castles..............
https://www.youtube.com/watch?v=7qSION3MWDM
 
gsbadbmr

gsbadbmr

Member (SA)
I wouldn't worry about it...when i was in Vegas i saw $400 000 homes that weren't even selling for $30 000 :yes: ...plus by the looks of it by November it looks like the economy is going to go even more downhill if the currency crashes :thumbsdown: :lol:

BUY SILVER & GOLD :thumbsup:
 
ford93

ford93

Member (SA)
GS I totally :agree: with you but there also could be a chance that Government can confiscate your gold as they did back during Pres. Franklin D. Roosevelt precedency.
 
Andy_from_Perth

Andy_from_Perth

Member (SA)
house values here have stabilised over the last year or so after going nuts from around 2005

we bought our 2nd house for 400k (which i thought was a lot of $ back in 2005) & sold it in 2010 for 700k. current house we bought 1 yr ago for 855 & its probably gone down 20k..

rents are on their way up again & vacancy rates are at all time lows so i can see property values steadily increasing now after a few very flat years
 
blu_fuz

blu_fuz

Well-Known Member
Staff member
I see your point brotha's - thanks for the jam GZ, and like you guys said - It could always be worse :yes: .



Thanks for the support :smooch: - time for a brewski (just kidding, I got HAMMERED last night to drink the pain away :-O :beer2: )
 
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