Newer Irvine listings with crazy WTF asking prices from equity sellers
- Thread starter usctrojancpa
- Start date
NEW -> Contingent Buyer Assistance Program
Banks are stickler with their appraisers. They got burned by appraisers during the bubble.
I was referring to 24 Columbus
I don't which banks you're working with but the banks I deal with rely heavily on BPOs and appraisers. Appraisers rely on computer for a large portion of the their evaluation anyways.
More cracks in the NP armor.
New listing @ 3 Sebastian asking $989Khttp://www.redfin.com/CA/Irvine/3-Sebastian-92602/home/5812921
and 23 Willow Ridge dropped their price down to $950k.http://www.redfin.com/CA/Irvine/23-Willowridge-92602/home/5813137
You can always hope this motivates the $1M+ homes at 15 Larchwood, 10 Hallwood, and 15 Willow Ridge to make a market adjustment to their prices.
My .02c:
Short sales and REOs can be incorporated into appraisals, especially when there is a dearth of other comparable sales in a given location and time frame. The appraiser can choose to weigh it less than standard arms-length sales or however they deem appropriate.
The appraisers and lenders were separated with Dodd-Frank and HVCC.
Attempts to "escalate" the issue after an appraisal report is already completed are difficult to accomplish.
I might suggest alternatively that you'd have more success via a pre-emptive strike:
Demand an appraisal with a physical inspection. Meet the appraiser. Politely ask questions about the comps that they intend to use. Ask about their familiarity with the area/neighborhood. With an appraiser coming in from Yucaipa, she might not be familiar with the nuances between Woodbridge values inside-vs-outside the loop, for instance. You can choose to allow or deny access accordingly, because once the report is completed, the lender can not ignore it.
-IR2
Irvinecommuter
New member
bones said:I don't know if mine was an isolated case, but I got screwed by a short sale in the neighborhood during a refi. The loan officer explained to me that appraisers can and will count it as a comp as they see fit (especially if there aren't many other comps in the area). My refi couldn't close and I had to switch banks and find another appraiser that didn't feel the same way
Banks are stickler with their appraisers. They got burned by appraisers during the bubble.
quattroporte
New member
OpenSky said:
I was referring to 24 Columbus
irvinehomeowner
Well-known member
I am a firm believer that short sales affect appraisal values.
If a bank will accept that price, it is some indicator of where the market is.
It's good when you are trying to buy a house, not so good when you are trying to refi or sell one.
If a bank will accept that price, it is some indicator of where the market is.
It's good when you are trying to buy a house, not so good when you are trying to refi or sell one.
Irvinecommuter
New member
Tyler Durden said:Irvinecommuter said:bones said:I don't know if mine was an isolated case, but I got screwed by a short sale in the neighborhood during a refi. The loan officer explained to me that appraisers can and will count it as a comp as they see fit (especially if there aren't many other comps in the area). My refi couldn't close and I had to switch banks and find another appraiser that didn't feel the same way
Banks are stickler with their appraisers. They got burned by appraisers during the bubble.
The banks are investing heavily in automated valuations, which would eliminate some of the ability of RE folks to "persuade" appraisers into finding values that do not foot with values in the area. Considering how bad the write offs were, is anyone surprised by the general lack of trust between banks and the appraisers they employ?
Personally - I'm all for automated valuations with an onsite appraisal upon request.
I don't which banks you're working with but the banks I deal with rely heavily on BPOs and appraisers. Appraisers rely on computer for a large portion of the their evaluation anyways.
J
jmoney74
Guest
When I did an appraisal a few years back.. there were one short sale and one foreclosure on the report. This was a time, however, when WI barely had any sales so I think the appraiser had to reach for some. He still didn't let it affect it too much.
quattroporte
New member
Case-Shiller Home Price Index Posts First Monthly Drop In One Year
http://www.zerohedge.com/news/2014-...price-index-posts-first-monthly-drop-one-year
http://www.zerohedge.com/news/2014-...price-index-posts-first-monthly-drop-one-year
iacrenter
Well-known member
iacrenter said:
More cracks in the NP armor.
New listing @ 3 Sebastian asking $989Khttp://www.redfin.com/CA/Irvine/3-Sebastian-92602/home/5812921
and 23 Willow Ridge dropped their price down to $950k.http://www.redfin.com/CA/Irvine/23-Willowridge-92602/home/5813137
You can always hope this motivates the $1M+ homes at 15 Larchwood, 10 Hallwood, and 15 Willow Ridge to make a market adjustment to their prices.
furioussugar
New member
OMG- that pic is too funny! Thanks so much for a good laugh to start the day 
irvinehomeowner
Well-known member
Read in the OC Reg that 5500+ $1m+ homes sold in 2013, the highest since 2006.
Feels bubblelicious.
Feels bubblelicious.
irvinerealtor
Well-known member
bones said:
My .02c:
Short sales and REOs can be incorporated into appraisals, especially when there is a dearth of other comparable sales in a given location and time frame. The appraiser can choose to weigh it less than standard arms-length sales or however they deem appropriate.
The appraisers and lenders were separated with Dodd-Frank and HVCC.
Attempts to "escalate" the issue after an appraisal report is already completed are difficult to accomplish.
I might suggest alternatively that you'd have more success via a pre-emptive strike:
Demand an appraisal with a physical inspection. Meet the appraiser. Politely ask questions about the comps that they intend to use. Ask about their familiarity with the area/neighborhood. With an appraiser coming in from Yucaipa, she might not be familiar with the nuances between Woodbridge values inside-vs-outside the loop, for instance. You can choose to allow or deny access accordingly, because once the report is completed, the lender can not ignore it.
-IR2