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Wildflower

USA
4528 Posts

Posted - 08/07/2006 :  11:05:05 PM  Show Profile  Reply with Quote
Oh, yeah, definitely. Maybe even more than one inspection!

Anyway, the other worry is that many experts are predicting a real downturn in home prices. Don't want to get stuck.

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daughterofconfederate

USA
29728 Posts

Posted - 08/08/2006 :  12:26:32 PM  Show Profile  Reply with Quote
Just some FYI... If a person goes by the National Codes and Georgia Codes and for some reason the inspectors have issues or want more than what is called for, get an engineer to look it over, they can sign off on it if they see no construction issues and the inspectors will sign off as long as an engineer has signed off stating that the construction is constructed properly and safe.. this does not cost an arm and a leg and is worth it anyways.. some folks know very little about the actuall construction part and only see for what its worth to them.. the assurance is worth the 100 to 200 dollars for the engineer to come in and sometimes it shows that over kill is a wasted effort.. specially like I say, to someone who honestly does not know anything about building.. and everyone has questions about anyones work anyway wether its another builder pickin the other builders work apart, a buyer who wants a sterdy home, or to nit pick a home to get it cheaper, someone who does not agree on the choice of looks of a home, ahhh yall know what I mean.. many people do not know that these inspections are wonderful for our area and have been needed.. and then again.. the inspectors are new to all of this too and have been very open to suggestions, learning and we have no problem with them at all.. :)


We make a living by what we get, we make a life by what we give.
Sir Winston Churchill


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Wildflower

USA
4528 Posts

Posted - 08/08/2006 :  8:31:49 PM  Show Profile  Reply with Quote
Oddly enough, I had an unexpected conversation with a Real Estate Appraiser today.

She told me that a lady from Florida refused to pay for her appraisal because she didn't like the results. This lady was so dumb, that she came up here, found a house she liked, and bought it for the asking price without having an appraisal done.

She was floored to find that she overpaid by $400,000 according to the appraisal. Dumb, dumb, dumb.

I commented that it's no wonder newcomers raise prices so much. It's not just demand, it's too many people paying more than appraisal value. If enough people do that, over time the appraisals have to go upward.

She also said that so many people get mad when they want to sell their house, and the appraisal value comes back less than they think it should. They always point at how much the neighbor's house sold for down the street. She always says "one house sale does not make a market."

We had a spec home that was listed for too much in this neighborhood. It was beautiful, but I felt it was very overpriced. She told me what it sold for, which was $85,000 less than the original price. I guess someone did their homework before taking the plunge.

Good for them.

Wildflower

Sometimes I get the feeling the whole world is against me.
But deep down, I know that's not true.
Some of the smaller countries are neutral.
~Robert Orben
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MiddleAgeCrazy

USA
1435 Posts

Posted - 08/14/2006 :  07:24:44 AM  Show Profile  Reply with Quote
I can't believe some of the prices I see homes listed for, you know full well they are not worth it. An appraisal just makes good sense. I had one done in Pike County when fighting a propery tax hike and they had to accept it as evidence I was been assessed too high and I won on that basis.

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Cherry Blossom

USA
18932 Posts

Posted - 08/14/2006 :  3:01:49 PM  Show Profile  Reply with Quote
Well that is a shame, some homes in my neighborhood sold fast and for a lot, they were not any better than mine, so I'm wondering what mine might appraise for?

I'm not out to sell, so I will just worry about that when the time comes, time is money anywhere around here.

Cherry Blossom
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shucks


2145 Posts

Posted - 08/14/2006 :  3:41:29 PM  Show Profile  Reply with Quote
Wildflower, you are correct, people who come to the mountains and totally outlandish prices for homes and land are creating an artificial market price, This price dome cannot support itself and sooner or later the prices tend to collapse and value will seek their economic median point , more in line with true values and a lot of people will get caught in the middle.

While I do have some experience with this, I think appraisers can arrive at whatever figure the sales agent needs or request, just to make the sale. I think it is illegal or at the very least unethical, but it happens every day. Be careful out there home buyers, pitfalls await you.

Shucks


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Wildflower

USA
4528 Posts

Posted - 08/14/2006 :  4:01:03 PM  Show Profile  Reply with Quote
It's illegal.

In fact, an appraiser can be taken to court, according to the appraiser I recently talked to.

She said there are several points in an appraisal where they sign their name. On any of those individual points, if they have lied, they can legally be taken to court.

Wildflower

Sometimes I get the feeling the whole world is against me.
But deep down, I know that's not true.
Some of the smaller countries are neutral.
~Robert Orben
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fawn

USA
2223 Posts

Posted - 08/14/2006 :  4:28:33 PM  Show Profile  Visit fawn's Homepage  Reply with Quote
Okay...I'm curious. Why would homes here even those that are poorly constructed be "overpriced" when a comparable home in Calif. is priced 4 times that amount? I thought it was all about "supply and demand".

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Admin

USA
1484 Posts
Blairsville.com Administrator

Posted - 08/14/2006 :  4:35:55 PM  Show Profile  Visit Admin's Homepage  Reply with Quote
A post has been removed that violated our Usage Policies. For future postings, please read them to see what is allowed.


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Wildflower

USA
4528 Posts

Posted - 08/14/2006 :  4:42:14 PM  Show Profile  Reply with Quote
Fawn,

I'm not sure what you're asking.

We are talking about people paying a higher price than a home would appraise for. An appraisal is based on current prices for homes in the area.

Prices can also be inflated by a "bubble" in the market. Unusual high demand raises prices for a short time, and then they go crashing down again after the bubble is over. However, in a bubble, an appraisal will be higher to reflect that.

We did talk about someone overpaying for a house here. They paid around $700,000, but the house was only worth about $300,000 according to appraised value. She didn't get an appraisal before buying. She overpaid by $400,00, and now she's pissed off about it.

California is a whole different market. Salaries are wayyy higher in general for instance. There are more wealthy people. Plus there are a lot more people competing for homes there.

Did that clear anything up?

Wildflower

Sometimes I get the feeling the whole world is against me.
But deep down, I know that's not true.
Some of the smaller countries are neutral.
~Robert Orben
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ShadowMan

USA
4158 Posts

Posted - 08/14/2006 :  5:06:06 PM  Show Profile  Visit ShadowMan's Homepage  Reply with Quote
quote:
She didn't get an appraisal before buying.

Sounds like the real person to blame for the inflated price she paid is herself. If she wanted to fork over that much money without doing the due diligence, it's three cheers to the seller and perhaps wiser buying decisions in the future for the person that bought it.

Shadow

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fawn

USA
2223 Posts

Posted - 08/14/2006 :  6:38:46 PM  Show Profile  Visit fawn's Homepage  Reply with Quote
Sounds like this woman had more money than good sense. I'm curious though. Why did she think the home was worth what she paid for it? Is she from some area where $700,000 is the normal price for a home or is it really a terrific house but surrounded by smaller, less expensive homes?

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Wildflower

USA
4528 Posts

Posted - 08/15/2006 :  11:00:14 AM  Show Profile  Reply with Quote
She was from Florida, which has gone through a huge bubble, so her ideas of housing values were based on that.

She simply didn't know the market here, and didn't bother finding out.

She got an appraisal after she bought the house. Then she was angry at the appraiser and refused to pay her.

Dumb.

Wildflower

Sometimes I get the feeling the whole world is against me.
But deep down, I know that's not true.
Some of the smaller countries are neutral.
~Robert Orben
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Wildflower

USA
4528 Posts

Posted - 08/15/2006 :  11:04:36 AM  Show Profile  Reply with Quote
Fawn,

As an example of what the Florida market was doing . . .

Someone I know bought a 2,300 sq. ft. house in Miramar for about $155,000 in 1993.

In 2005, it appraised for $450,000.

And if they had put it on the market then, it would have sold in a matter of days like everything else was.

The market has headed south since then.

Wildflower

Sometimes I get the feeling the whole world is against me.
But deep down, I know that's not true.
Some of the smaller countries are neutral.
~Robert Orben
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daughterofconfederate

USA
29728 Posts

Posted - 08/15/2006 :  11:05:09 AM  Show Profile  Reply with Quote
Indeed! I agree.. dumb. Just like a dumb decision one to blame anything else too but their own


We make a living by what we get, we make a life by what we give.
Sir Winston Churchill


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spam4einstein


839 Posts

Posted - 08/15/2006 :  1:58:38 PM  Show Profile  Reply with Quote
I dont think its a buble here at all. I think it may be stable for a while, but we wont see much if any price dip. This place is dirt cheep to most folks buying here. Most of the US population lives in the costal crowded areas where 100k acre is the norm. This place could go up alot before an increase has any real effect on the buyers. Thats not to say it dosnt effect some that already live here, but come on folks. When your 1500sf home costs $400,000 the same house in Blairsville is $160,000 this is still a deal. And when the bulk of buyers are comfortable retirees....well, there are more of them everyday.

I tell you what I do see. Pretty mountain land goes way up into NC and some of TN. To an outsider, it's all mostly the same. People will chase value! In the last 2 years murphy land had doubled...Blairsville is barely up at all. With a somewhat limitless supply, people will start looking further out. I think 4k and acre land in Polk county TN is a way better investment than Blairsville and will increase in price alot faster, same for Andrews NC. If Blairsville gets its act to together with their downtown, we can be a signature destination, but to the outsider right now...they are looking at the lots, and there ant much difference there between us or anywhere and there is a almost limitless supply of mountain land in this regon.

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fawn

USA
2223 Posts

Posted - 08/15/2006 :  3:08:39 PM  Show Profile  Visit fawn's Homepage  Reply with Quote
I've seen very few 1500 sq ft homes in the past 6 months listed under $200,000. Most people, whether they are retirees or working, still need to sell their homes in FL or up north if they intend to buy here and live here full time. Houses are not selling like hotcakes in FL now. That is bound to have an effect on the housing market here. I agree that the Andrews area is ready to "take off". It just might not take off as quickly.

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Wildflower

USA
4528 Posts

Posted - 08/16/2006 :  09:28:37 AM  Show Profile  Reply with Quote
I can only tell you that the appraiser said that it has been a bubble.

Last year, I was sitting in Rib Country in Hayesville, waiting on a "To Go" order, when I saw two real estate agents run into each other. They both were talking about how "crazy" the market was. There was so much demand, they could hardly keep up!

Now, houses are sitting on the market a lot longer.

But it's not just us, most of the United States has been in a housing bubble, partly due to lending money to people who couldn't qualify for a mortgage easily.

A lot of people are writing that we have a "perfect storm" brewing - a slowing economy, high debt, and people who are going to default on mortgages they could barely afford. Foreclosures are already rising.

I'm just saying . . .

Wildflower

Sometimes I get the feeling the whole world is against me.
But deep down, I know that's not true.
Some of the smaller countries are neutral.
~Robert Orben
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spam4einstein


839 Posts

Posted - 08/16/2006 :  11:06:41 AM  Show Profile  Reply with Quote
There will be so many foreclosures (not too many here). It will be great for realestate investors. If there is lots of forclosure, it will reset realestate prices at a lower level as banks sell property at their cost. That is the best kind of market for a savvy investor!

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coosa creek

USA
39313 Posts

Posted - 08/17/2006 :  6:20:18 PM  Show Profile  Reply with Quote
It is difficult to build a 1500 sq. foot house for under $200,000. Lots are going sky high, the house runs about $110 a square foot, which does not count poured basement, concrete floors, septic, permits, land clearing, drive, etc. We put our last spec on the market at $189,000 and got offered $189,000. However, we do not build a cheap house nor do we skimp on the little things like some do.

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