DFD

troyguitar wrote: ↑Wed Aug 11, 2021 11:01 am

coogles wrote:
Right now it is the norm in almost all transactions. Source: both in-laws are realtors.

Weird. Ours magically appraised for the exact price of the contract, just like it did in KY both times and in PA.

was the old way... the new way is buying for more than appraisal, like mentioned above. 'tis

Our house weirdly appraised like $10K over what we paid, why. I don't believe for a second that we got some screamin' , but maybe our realtor slipped the dude an extra $20 to make us feel like we did?

I didn't even need an appraisal on our new house. The people who bought our old one didn't need one either. This was last year September ish, I assumed the industry went back to no appraisals.

Paying over appraisal is just super to me. Seems like a great way to light money on fire.

D Griff wrote: ↑Wed Aug 11, 2021 12:24 pm

troyguitar wrote: ↑Wed Aug 11, 2021 11:01 am Weird. Ours magically appraised for the exact price of the contract, just like it did in KY both times and in PA.

was the old way... the new way is buying for more than appraisal, like mentioned above. 'tis

Our house weirdly appraised like $10K over what we paid, why. I don't believe for a second that we got some screamin' , but maybe our realtor slipped the dude an extra $20 to make us feel like we did?

In a market with quickly rising prices it's the logical conclusion, really. If the appraiser is looking at home values from sales within, let's say, the last six months, those comps from up to six months ago aren't necessarily going to reflect market values today. That doesn't mean market values today are stable or reflect the long-term value, but people will pay what they'll pay. Friends of ours just had their first kiddo and were trying to find their second house since their current place is a little 1,000 sq ft. bungalow, but they lost out on probably half a dozen homes, each one of which ended up going for over asking, in a couple instances 10s of thousands over. The realtors selling those homes looked at comps to figure out what to list those homes for, it's not like homes get listed below market value on purpose in most cases. And yet they sold for more than that due to current market conditions, crazy though they may be. Buying anything right now if you don't need to probably isn't smart, but if you need a house, you need a house.

Ugh. What a mess.

Appraisal came back on my house $22,000 under the sales price. Buyers had $3500 in appraisal gap coverage included, so it's down to $19,500 gap in sales price. Tried to challenge the appraisal. Lender said no. Setup a second appraisal, and the underwriter went to management and put a block on it.

Buyers have blown past their date on getting financing lined up. They don't seem too concerned, I feel like we're the ones pushing to get this resolved. The buyers don't want to go with another lender because they want their rate they locked in at (even though rates haven't changed...). Seller's agent has agreed to reduce their commission by 1%. Still have a gap of $14,500. I can choose to relist. I don't know what the buyers are doing. They sold their other house and have to be out by end of the month, but seem unwilling to do anything to get this done. They claim to not have the ability to throw in more, but I see their old house is selling for $14k over asking, and $50k over their purchase price in 2017.

I'm leaning towards relisting. Pain in the ass, but I think the upside is high enough to make it worth it. An extra $15k potentially if I relist and get similar offers and it appraises. Totally fucks over the current buyers, they'll have 10 days to find a place to live, but not my problem. My agent, their agent, and myself are all willing to do something to get this deal done, and they're the only ones contributing nothing.

MrH42 wrote: ↑Thu Aug 19, 2021 2:58 pm Ugh. What a mess.

Appraisal came back on my house $22,000 under the sales price. Buyers had $3500 in appraisal gap coverage included, so it's down to $19,500 gap in sales price. Tried to challenge the appraisal. Lender said no. Setup a second appraisal, and the underwriter went to management and put a block on it.

Buyers have blown past their date on getting financing lined up. They don't seem too concerned, I feel like we're the ones pushing to get this resolved. The buyers don't want to go with another lender because they want their rate they locked in at (even though rates haven't changed...). Seller's agent has agreed to reduce their commission by 1%. Still have a gap of $14,500. I can choose to relist. I don't know what the buyers are doing. They sold their other house and have to be out by end of the month, but seem unwilling to do anything to get this done. They claim to not have the ability to throw in more, but I see their old house is selling for $14k over asking, and $50k over their purchase price in 2017.

I'm leaning towards relisting. Pain in the ass, but I think the upside is high enough to make it worth it. An extra $15k potentially if I relist and get similar offers and it appraises. Totally fucks over the current buyers, they'll have 10 days to find a place to live, but not my problem. My agent, their agent, and myself are all willing to do something to get this deal done, and they're the only ones contributing nothing.

I don't see how the onus to get this resolved quickly ISN'T on the buyers. And if they're about it, and you can afford timewise to walk away and relist, then I say . It seems they've had ample time to get off their ass and to some solution but since they're seemingly not interested in doing so,

IMO...

wap wrote: ↑Thu Aug 19, 2021 3:53 pm

MrH42 wrote: ↑Thu Aug 19, 2021 2:58 pm Ugh. What a mess.

Appraisal came back on my house $22,000 under the sales price. Buyers had $3500 in appraisal gap coverage included, so it's down to $19,500 gap in sales price. Tried to challenge the appraisal. Lender said no. Setup a second appraisal, and the underwriter went to management and put a block on it.

Buyers have blown past their date on getting financing lined up. They don't seem too concerned, I feel like we're the ones pushing to get this resolved. The buyers don't want to go with another lender because they want their rate they locked in at (even though rates haven't changed...). Seller's agent has agreed to reduce their commission by 1%. Still have a gap of $14,500. I can choose to relist. I don't know what the buyers are doing. They sold their other house and have to be out by end of the month, but seem unwilling to do anything to get this done. They claim to not have the ability to throw in more, but I see their old house is selling for $14k over asking, and $50k over their purchase price in 2017.

I'm leaning towards relisting. Pain in the ass, but I think the upside is high enough to make it worth it. An extra $15k potentially if I relist and get similar offers and it appraises. Totally fucks over the current buyers, they'll have 10 days to find a place to live, but not my problem. My agent, their agent, and myself are all willing to do something to get this deal done, and they're the only ones contributing nothing.

I don't see how the onus to get this resolved quickly ISN'T on the buyers. And if they're about it, and you can afford timewise to walk away and relist, then I say . It seems they've had ample time to get off their ass and to some solution but since they're seemingly not interested in doing so,

IMO...

That's kind of my thought too. If I sold my current house, and under appraised on my new house and had a big gap on sales price, I would be scrambling so fast to try to get another lender lined up, or at least pushing the seller to get some sort of resolution.

Something tells me the emotion of the new house purchase has worn off, and they have some sort of contingency already lined up, or their real estate agent is an idiot and assuring them that I'll cave so they aren't doing anything. I'm guessing it's the latter, but I'm just in shock at how little they've done to try to shore this up.

MrH42 wrote: ↑Thu Aug 19, 2021 4:26 pm

wap wrote: ↑Thu Aug 19, 2021 3:53 pm

I don't see how the onus to get this resolved quickly ISN'T on the buyers. And if they're about it, and you can afford timewise to walk away and relist, then I say . It seems they've had ample time to get off their ass and to some solution but since they're seemingly not interested in doing so,

IMO...

That's kind of my thought too. If I sold my current house, and under appraised on my new house and had a big gap on sales price, I would be scrambling so fast to try to get another lender lined up, or at least pushing the seller to get some sort of resolution.

Something tells me the emotion of the new house purchase has worn off, and they have some sort of contingency already lined up, or their real estate agent is an idiot and assuring them that I'll cave so they aren't doing anything. I'm guessing it's the latter, but I'm just in shock at how little they've done to try to shore this up.

EXACTLY.

It's a situation, for sure.

Maybe the dude got defunded

MrH42 wrote: ↑Thu Aug 19, 2021 4:26 pm

wap wrote: ↑Thu Aug 19, 2021 3:53 pm

I don't see how the onus to get this resolved quickly ISN'T on the buyers. And if they're about it, and you can afford timewise to walk away and relist, then I say . It seems they've had ample time to get off their ass and to some solution but since they're seemingly not interested in doing so,

IMO...

That's kind of my thought too. If I sold my current house, and under appraised on my new house and had a big gap on sales price, I would be scrambling so fast to try to get another lender lined up, or at least pushing the seller to get some sort of resolution.

Something tells me the emotion of the new house purchase has worn off, and they have some sort of contingency already lined up, or their real estate agent is an idiot and assuring them that I'll cave so they aren't doing anything. I'm guessing it's the latter, but I'm just in shock at how little they've done to try to shore this up.

I think they are calling your bluff (supposedly) and if you tell them you are going to re-list then the real fire will be under their ass. I would say if you can get your attorney or agent to write a letter stating you are intent on re-listing unless they take action and see where it goes from there.

I don't think there's a set playbook for situations like these. It depends on who needs to get to closing to be able to make a financial situation work, what's happening with the seller's new house and the buyer's old house. The problem may be that you run into this appraisal issue with the next buyer as well, and so unless they have the cash to cover the difference, you're right back in the same situation. It sounds like this buyer will walk if you don't come down on price to match the appraisal, so I guess that's just the risk you have to take.

We had a somewhat similar situation in buying our current house, but we weren't desperate to get out of our old place and I think that ended up working in our (as buyers) favor. The prior owner listed the house for $430k, but looking at comps around it and knowing it still had the original HVAC from 1999, I thought it was worth $390k at most. We wrote up an offer for that amount and told the seller it was our best and only offer, and she countered at something like $425k, so we walked. Within a few days she dropped the price to $419k. A week or so went by and my wife and realtor both pushed to come back at $400k even and, although I just knew it wasn't worth that at the time, I finally caved and we wrote up an offer for $400k. It then appraised for...drum roll please...$390k on the nose. Even though we were putting down more than enough to cover the $10k gap, we changed our offer back to $390k even though my realtor thought it was a terrible idea. The owner caved.

coogles wrote: ↑Fri Aug 20, 2021 9:36 am I don't think there's a set playbook for situations like these. It depends on who needs to get to closing to be able to make a financial situation work, what's happening with the seller's new house and the buyer's old house. The problem may be that you run into this appraisal issue with the next buyer as well, and so unless they have the cash to cover the difference, you're right back in the same situation. It sounds like this buyer will walk if you don't come down on price to match the appraisal, so I guess that's just the risk you have to take.

We had a somewhat similar situation in buying our current house, but we weren't desperate to get out of our old place and I think that ended up working in our (as buyers) favor. The prior owner listed the house for $430k, but looking at comps around it and knowing it still had the original HVAC from 1999, I thought it was worth $390k at most. We wrote up an offer for that amount and told the seller it was our best and only offer, and she countered at something like $425k, so we walked. Within a few days she dropped the price to $419k. A week or so went by and my wife and realtor both pushed to come back at $400k even and, although I just knew it wasn't worth that at the time, I finally caved and we wrote up an offer for $400k. It then appraised for...drum roll please...$390k on the nose. Even though we were putting down more than enough to cover the $10k gap, we changed our offer back to $390k even though my realtor thought it was a terrible idea. The owner caved.

Well done.

MrH42 wrote: ↑Thu Aug 19, 2021 2:58 pm Ugh. What a mess.

Appraisal came back on my house $22,000 under the sales price. Buyers had $3500 in appraisal gap coverage included, so it's down to $19,500 gap in sales price. Tried to challenge the appraisal. Lender said no. Setup a second appraisal, and the underwriter went to management and put a block on it.

Buyers have blown past their date on getting financing lined up. They don't seem too concerned, I feel like we're the ones pushing to get this resolved. The buyers don't want to go with another lender because they want their rate they locked in at (even though rates haven't changed...). Seller's agent has agreed to reduce their commission by 1%. Still have a gap of $14,500. I can choose to relist. I don't know what the buyers are doing. They sold their other house and have to be out by end of the month, but seem unwilling to do anything to get this done. They claim to not have the ability to throw in more, but I see their old house is selling for $14k over asking, and $50k over their purchase price in 2017.

I'm leaning towards relisting. Pain in the ass, but I think the upside is high enough to make it worth it. An extra $15k potentially if I relist and get similar offers and it appraises. Totally fucks over the current buyers, they'll have 10 days to find a place to live, but not my problem. My agent, their agent, and myself are all willing to do something to get this deal done, and they're the only ones contributing nothing.

Put the screws to them.

coogles wrote: ↑Fri Aug 20, 2021 9:36 am I don't think there's a set playbook for situations like these. It depends on who needs to get to closing to be able to make a financial situation work, what's happening with the seller's new house and the buyer's old house. The problem may be that you run into this appraisal issue with the next buyer as well, and so unless they have the cash to cover the difference, you're right back in the same situation. It sounds like this buyer will walk if you don't come down on price to match the appraisal, so I guess that's just the risk you have to take.

We had a somewhat similar situation in buying our current house, but we weren't desperate to get out of our old place and I think that ended up working in our (as buyers) favor. The prior owner listed the house for $430k, but looking at comps around it and knowing it still had the original HVAC from 1999, I thought it was worth $390k at most. We wrote up an offer for that amount and told the seller it was our best and only offer, and she countered at something like $425k, so we walked. Within a few days she dropped the price to $419k. A week or so went by and my wife and realtor both pushed to come back at $400k even and, although I just knew it wasn't worth that at the time, I finally caved and we wrote up an offer for $400k. It then appraised for...drum roll please...$390k on the nose. Even though we were putting down more than enough to cover the $10k gap, we changed our offer back to $390k even though my realtor thought it was a terrible idea. The owner caved.

Fucking realtors are such useless pieces of

I do agree though, it just depends who needs/wants it more in any negotiation. In MrH’s case it seems like neither party cares enough to come to a deal, so perhaps just walk away?

I mean, there are costs to continuing to own the house. I’m assuming your market is the same as most where you’ll get tons of over priced offers immediately? Even an extra $10k you don’t have to cover is quite significant.

D Griff wrote: ↑Sat Aug 21, 2021 6:52 am I do agree though, it just depends who needs/wants it more in any negotiation. In MrH’s case it seems like neither party cares enough to come to a deal, so perhaps just walk away?

I mean, there are costs to continuing to own the house. I’m assuming your market is the same as most where you’ll get tons of over priced offers immediately? Even an extra $10k you don’t have to cover is quite significant.

The thing is, it's got to be limiting the buying pool when a buyer needs to nearly double the down payment in cash just to light it on fire to cover the appraisal shortfall. I can't imagine there's a ton of people with that much cash in addition to the down. We're talking like $40k right?

I know the market is nuts and money is infinite, but damn.

Well, that's over at least.

The reason they couldn't offer any more? They said they didn't have the cash at all. Their real estate agent lowered her commission by a percent point. That helps, but didn't cover much of the gap. I told them I'll delay closing and rent the house to them, but they need to try a different lender so we can get another roll of the appraisal dice.

Turns out, the wife has terrible credit and was only a point or two away from not qualifying with the current lender. Another hard pull on her credit and they probably wouldn't qualify for anything Why they were looking to upgrade homes, I have zero idea. I think I always overestimate how much of the population is smart and safe with their financials.

So I did a deep dive on my whole area, looking at all recent sales, relistings, everything. 2 out of the last 3 most recent comps underappraised, and all 3 were cheaper than mine. The reality is, there isn't a house going for $300k that size of mine ever. Everything that went for $300k+ was double the square footage. There is now twice the inventory on the market now too, it's cooled off quite a bit. And the houses that relist don't get nearly as much action, as everyone assumes there's something wrong with it. I listed for $275k, and was already at the equivalent of $285k or so. I don't think there's a chance I would get another offer at $300k now, especially now that everything is moved out and not staged anymore. So we just accepted and moved on. I was going to take down the shed in the back prior to closing, because it's on a utility easement apparently, but told them they have to deal with it.

So yes, the prospect of $300k for that house was probably a pipe dream, despite that being their offer. I'm just glad it's over. All said though, not a bad investment for my first home that I bought fresh out of school while broke as shit. Paid $175k in 2012, sold for $283k in 2021.


AS FOR THE GARAGE CAROUSEL: It's alive and kicking

- S2000: Look at these comps!

https://www.s2ki.com/forums/cars-sale-1 ... s-1209319/
https://www.s2ki.com/forums/cars-sale-1 ... s-1209093/
https://www.s2ki.com/forums/cars-sale-1 ... a-1209069/

That last one is basically my car but a little nicer. I might be listing it soon for $25k or $26k and see if someone on it.

GR86 reviews look Rumor is though, the Toyota and Subaru version will be even more different this time, and the Toyota is likely better Which is a total shame, because I love world rally blue too much to get any other color. The Subaru version is supposed to be softer than the Toyota one.



- Outback: I dented it while moving with the trailer I was using Didn't break paint on the metal, but put a big gouge in the plastic bumper. I'll keep this unless the money printer continues to go BRRRRT at the Feds and they start offering $7500 EV credit + $2500 if made in USA + $2500 if UAW made. $13,500 off a Lightning would get me to



As for the girlfriend (and probably soon to be fiancé in the next 6 months or so), she was pretty set on a new CX5. Didn't want to get one though right before the new model comes out. We were looking into leases and everything. She thinks it's a bit small though (back seats are tight for the eventual car seats). Looked into a Telluride. Too big and expensive. Test drove a 2019 Acura RDX on Saturday. That's an amazing car for the money. MSRP for $50k. This one was listed at $39k basically with 27k miles, single owner, CPO. I didn't realize it had the transmission and engine from my old Accord. That was the best part about that car. Pair it with SH-AWD, and that thing could move. Great seats, super comfortable, really well packaged. I think we're going to offer $37k for it, plus a trade in for her old Focus and see if they go for it. It's much, much nicer than the loaded mainstreamers for basically the same cash.

Well, that's over at least.

The reason they couldn't offer any more? They said they didn't have the cash at all. Their real estate agent lowered her commission by a percent point. That helps, but didn't cover much of the gap. I told them I'll delay closing and rent the house to them, but they need to try a different lender so we can get another roll of the appraisal dice.

Turns out, the wife has terrible credit and was only a point or two away from not qualifying with the current lender. Another hard pull on her credit and they probably wouldn't qualify for anything Why they were looking to upgrade homes, I have zero idea. I think I always overestimate how much of the population is smart and safe with their financials.

So I did a deep dive on my whole area, looking at all recent sales, relistings, everything. 2 out of the last 3 most recent comps underappraised, and all 3 were cheaper than mine. The reality is, there isn't a house going for $300k that size of mine ever. Everything that went for $300k+ was double the square footage. There is now twice the inventory on the market now too, it's cooled off quite a bit. And the houses that relist don't get nearly as much action, as everyone assumes there's something wrong with it. I listed for $275k, and was already at the equivalent of $285k or so. I don't think there's a chance I would get another offer at $300k now, especially now that everything is moved out and not staged anymore. So we just accepted and moved on. I was going to take down the shed in the back prior to closing, because it's on a utility easement apparently, but told them they have to deal with it.

So yes, the prospect of $300k for that house was probably a pipe dream, despite that being their offer. I'm just glad it's over. All said though, not a bad investment for my first home that I bought fresh out of school while broke as shit. Paid $175k in 2012, sold for $283k in 2021.


AS FOR THE GARAGE CAROUSEL: It's alive and kicking

- S2000: Look at these comps!

https://www.s2ki.com/forums/cars-sale-1 ... s-1209319/
https://www.s2ki.com/forums/cars-sale-1 ... s-1209093/
https://www.s2ki.com/forums/cars-sale-1 ... a-1209069/

That last one is basically my car but a little nicer. I might be listing it soon for $25k or $26k and see if someone on it.

GR86 reviews look Rumor is though, the Toyota and Subaru version will be even more different this time, and the Toyota is likely better Which is a total shame, because I love world rally blue too much to get any other color. The Subaru version is supposed to be softer than the Toyota one.



- Outback: I dented it while moving with the trailer I was using Didn't break paint on the metal, but put a big gouge in the plastic bumper. I'll keep this unless the money printer continues to go BRRRRT at the Feds and they start offering $7500 EV credit + $2500 if made in USA + $2500 if UAW made. $13,500 off a Lightning would get me to



As for the girlfriend (and probably soon to be fiancé in the next 6 months or so), she was pretty set on a new CX5. Didn't want to get one though right before the new model comes out. We were looking into leases and everything. She thinks it's a bit small though (back seats are tight for the eventual car seats). Looked into a Telluride. Too big and expensive. Test drove a 2019 Acura RDX on Saturday. That's an amazing car for the money. MSRP for $50k. This one was listed at $39k basically with 27k miles, single owner, CPO. I didn't realize it had the transmission and engine from my old Accord. That was the best part about that car. Pair it with SH-AWD, and that thing could move. Great seats, super comfortable, really well packaged. I think we're going to offer $37k for it, plus a trade in for her old Focus and see if they go for it. It's much, much nicer than the loaded mainstreamers for basically the same cash.

Solid updates

Sometimes a bird in hand is the way to go.

I think I would go ahead and sell the S2000. as you mentioned, the housing market seems to be softening slightly, cars may soon follow. Summer will soon be over as well. I would list it now, just make sure to set expectations with the future wife that you plan to buy another sports car.

I sold my Corvette for 50% more than I would've gotten one or two years ago. While a bit sad, it is truly a 5/7 feeling knowing I exited on top, particularly when I coveted something different. It is honestly quite a bit of stress off my life to have one less car to fix/maintain/worry about, and I'm happy to be able to focus on other shit.

Yeah, she knows at least 2 cars is always going to be a thing for me. She doesn't care. She suggested I sell, and wait a few years to get something I really want. I told her I'm not going with just a CVT outback for years. My soul will slowly die.

I think everyone will look back on this time period and be

"It was crazy. Everyone was stuck at home, just . Can you believe a mediocre S2000 sold for $25k?!"

I will say, if in the span of 1 year, we upgrade to a bigger house, get rid of a '01 S2000, '20 Outback, and '12 Focus, and end up with a 2022 BRZ, 2022 Lightning, and 2019 RDX, people will think we're pushing drugs. In actuality, it could all be propped up by EV credits + outrageous used car market.

MrH42 wrote:I will say, if in the span of 1 year, we upgrade to a bigger house, get rid of a '01 S2000, '20 Outback, and '12 Focus, and end up with a 2022 BRZ, 2022 Lightning, and 2019 RDX, people will think we're pushing drugs. In actuality, it could all be propped up by EV credits + outrageous used car market.

Don't forget wedding/honeymoon/baby costs. You're going to need that drug money.

MrH42 wrote: ↑Mon Aug 23, 2021 11:08 am I will say, if in the span of 1 year, we upgrade to a bigger house, get rid of a '01 S2000, '20 Outback, and '12 Focus, and end up with a 2022 BRZ, 2022 Lightning, and 2019 RDX, people will think we're pushing drugs. In actuality, it could all be propped up by EV credits + outrageous used car market.

It is always fun getting the family judgement on purchases/moves/etc.

I think most who know me were pretty shocked I sold the Corvette... sometimes it is best to end something on a high note... (see Schitt's Creek versus Family Guy for example ).

The S2000 had a pretty obvious ding on the driver door. It made me sad every time I walked up to the car, so I dropped it off to my PDR guy. He said there's a lot more than just that one, which is true. I just gave him the go-ahead to pull and fix all dents and dings, then I'm going to detail it all and make it look pretty for its pictures.

Outback got damaged messing with this trailer while moving. It also makes me sad. PDR guy said it was probably too much for him, so I'll likely just file an insurance claim and let a body shop fix it all.

So, it's not exactly my car, but we got a new ride last night

MrH42 wrote: ↑Fri Oct 08, 2021 1:53 pm So, it's not exactly my car, but we got a new ride last night

That’s an ly tall garage. Congrats !