Congrats CB! So happy you get to help a couple of homeowners. They are lucky to have your expertise.
Cb
Please provide the link to the new thread, can’t seem to find it
@artloversplus I don’t think she has created that thread…yet.
Just started the Grandma House thread with the address of the house that is going to be remodeled
Yay!!!
what is the uRL where pix are posted?
Go to the flip this grandma house thread, the address in is comment #18.
Google the address and you’ll find a link that has the pictures. Cb hasn’t posted anything yet herself.
Interesting article popped up in my newsfeed:
Appraisals do not keep up with the pace of price increases.
Ideally, appraisals should only lag a month or two behind. Low inventory can limit the number of comps available, however they are allowed to use one active listing as a comp.
DW fights with appraisers all the time, because now, in order to cut down on fraud and collusion, appraisers are assigned out of a pool from a location that may be far away, and they may have no familiarity or knowledge of the neighborhoods where the property is. The appraiser for my Cape house is located 60 miles from the property.
“Once again, they’re pushing prices higher artificially”
How exactly is an all-cash buyer pushing a price “artificially” higher? The market is the market. It’s all supply and demand. There’s no one to collude or conspire with in an all-cash deal. This person is an idiot.
Shocker of shockers, though, my appraisal came in at exactly the contract price. And this happens a large majority of the time. What a co-inky-dink. (Not really, of course - the price someone is willing to pay at an arms-length transaction is the value, by definition. It’s usually not hard to get an appraisal to support it.)
Yes, I do find it interesting that the majority of appraisals come in at exactly the purchcase price. Really? This house isn’t truly worth $1 dollar more or less? My sales are usually pushing the appraisal envelope. I tend to buy/flip properties that are a little special for their size, shape or location - or at least that is what I am shooting for. Hoarder House is an example, although I knew there was a same size house across the street that sold for an absurdly high price, fixed up nicely. But, the house had a tremendous amount of charm and character compared to a similar 1,300 sq ft square 1950s crackbox down the street. There’s not a box to click on the appraisal sheet for ‘charm and character’ but we all know that people will subjectively pay more for that feature.
I do agree that appraisals will come in low when values are on a steep upswing. Appraisals are easy in a development community where there are a lot of homogenous homes. But, appraisals are really difficult in older neighborhoods, such as Point Loma, where homes are completely different sitting right next to each other on the same size lot.
OK, here’s our ‘bad listing’ of the day… what agent would take these photos and actually put them on the MLS to sell a house??? I’d rather just take some pictures of the outside and leave the rest to the buyer’s imagination
44
15
Muir
9
2
1
0
7
And absolutely no description of the house. I’m going to look up the agent and make sure that I never hire that person!!!
Haha, there’s a lot of clueless agents.
My guess is there’s a story behind it… the house probably is/was a rental, and the tenants were unwilling to cooperate at all since they get probably getting the boot.
And here’s a new listing that is verging on the absurd for pricing. Not even a stellar location, although it could be used as a vacation rental. It’s a flip that is newly done… but $1,200/ square foot???
44
76
Muir
92
107
The listing on trulia says 1139 sq ft, zillow says 664 sq ft, that’s a huge discrepancy.
The description says “Separate studio with bath and additional bonus unit located in the back.” so maybe the trulia listing counts this space?
WAY too much amping up the saturation in Photoshop!
Haha, yeah, it’s like that house is in Candyland or something.
I love the description of Ocean Beach: “unique throw-back groovy vibe of vintage So Cal”
Muir Ave was sold on 3/16 this year for $650, based on the photos, I don’t think any thing was done to the house. Now an attempt to sell at $815, that is way I like on flipping.
The house my D and her BF bought this spring appraised at 25,000 over the purchase price. I can’t recall the exact number. Everyone was surprised as appraisal usually comes in at purchase price if your lucky. When they were looking a lot of offers were put in at a willingness to pay over apprised value as market was moving quickly. The weird thing is they just got their supplemental tax bill from the county and the county is basing the property tax on an appraised value 20,000 over the purchase price. They only closed the end of March. Usually property tax is based on what you paid.
In CA hot markets, I was just told that a house next to my friend’s was sold for $500,000 over the asking price of little over 1.7 million.