All Forum Posts by: Mary Hoyt

and here's a note i just got from an appraiser who looked over the appraisal for me - before doing a cash offer (which we can only go up so high on that) we were considering having him do an independent appraisal - but I think we're trying to go conventional loan first -

here's his note:"Here is what I am seeing. I would replace the lowest adjusted value comp in his report and add the highlighted duplex below. This would at least mix it up where all the comps are not quads. I would also add one the active triplex's to the report in the place of his comp 5 or 6. If you look at the actives and pendings you can see you are getting the least expensive multilevel left in that area so I don't think the price is off by that much. I would probably end up getting closer to value with the switches but it is up to you."

ok, bill, good idea. we're hoping to sit down with him and our realtor monday to come up with a plan of action - probably making a conventional loan offer of around 55 to start with - thinking they're going to re-list around 62K - and then get another appriasal an/or have this appriaser re-do this appraisal to an as-is appraisal and then we can reserve the cash needed to do the minimum repairs and make additional repairs over time.

below is the urban dictionary's definition of hipster.

alas...i think i have been and will have to be content to remain a friend-of-hipsters with a quasi-hipster mindset (i.e. low consumerism, progressive politics, counter-culture, love of art, lit, and knowledge in general) ... i do shop almost exclusively at thrift stores, but I don't think I could pull off the "effortlessly cool" look or a sudden love for indie rock...alas...

- "Hipsters are a subculture of men and women typically in their 20's and 30's that value independent thinking, counter-culture, progressive politics, an appreciation of art and indie-rock, creativity, intelligence, and witty banter. The greatest concentrations of hipsters can be found living in the Williamsburg, Wicker Park, and Mission District neighborhoods of major cosmopolitan centers such as New York, Chicago, and San Francisco respectively. Although "hipsterism" is really a state of mind,it is also often intertwined with distinct fashion sensibilities. Hipsters reject the culturally-ignorant attitudes of mainstream consumers, and are often be seen wearing vintage and thrift store inspired fashions, tight-fitting jeans, old-school sneakers, and sometimes thick rimmed glasses. Both hipster men and women sport similar androgynous hair styles that include combinations of messy shag cuts and asymmetric side-swept bangs. Such styles are often associated with the work of creative stylists at urban salons, and are usually too "edgy" for the culturally-sheltered mainstream consumer. The "effortless cool" urban bohemian look of a hipster is exemplified in Urban Outfitters and American Apparel ads which cater towards the hipster demographic. Despite misconceptions based on their aesthetic tastes, hipsters tend to be well educated and often have liberal arts degrees, or degrees in maths and sciences, which also require certain creative analytical thinking abilities."

Ali, I love your blog. Thanks so much for the perspective...kind of discouraging news but good info nonetheless. I'm still trying to figure out what a hipster is and if I'm too old to be one.

hey, guess what! I just talked to the appriaser.

I found his cell phone online, and I know the guy!

well, i met him once two years ago. he's a realtor as well and showed us a few houses once. so he was super nice on the
phone and said he didn't mean to imply that the as-is value if only 21K - he thinks it's more like 40-45K. I agree. Selling bank still thinks it's 62K, so can't we all agree on 50K and someone give us a loan? :)

Anyways, he's happy to sit down with me and my realtor next week and discuss options in depth. He knows our hearts for the community we live in and says that our ties to the refugee community here and our desire to provide well-run, affordable housing could be helpful to share with fannie mae (maybe send a family pic like ....was it Brandon?....did recently?).

so there are options.

wishing i had 50k right now instead of 20k and could just buy it cash and then re-fi to do construction, but oh well...

let me know if you have any other thoughts/advice!!!
next move will be on mon/tues

so Bank of America was selling it for $37,000 in January? but no one bought it? (cash only i assume?) and now fannie mae wants $67,000 for it?

what does this mean...it says on the appraisal "the subject had a foreclosure on 1/3/13 with a bid amount of $36,900. the granteee as bank of america. the same day the home was transfered to fannie mae"

marie,

GREAT advice. whay type of local lender? like a credit union?

all,

i think we still have to terminate today to get our 2,000 earnest money back b/ today is the end of the financing period - we've been under contract for over 5 wees, and they already extended the financing contingency twice...

but yes, we could start fresh and keep trying....i think we have some time b/c I don't think a cash investor is going to offer 62 cash and no one can get a loan, and it may take awhile for the bank to lower to a 40-50k cash offer, which even that we can't compete with really (well, we could take more out of our 401k but then it shoots our monthly payment up b/c it's only a 5 year loan... and like i said, i just don't feel right getting a home equity loan/line of credit on our primary)...

ok, talking in circles

enjoy the live show!!

termination letter just arrive in my email - so sad.

if we lose this to a cash investor, i keep asking myself if i would try again - try to find another property and keep going through all this just to have the same thing happen again.

probably not.

i'd probably just take my toys and go home. and be very, very thankful that we have no debt besides our primary mortgage, that i get to be a stay at home mom, that we have cash in the bank....

i'm happy to email you the appraisal/inspection/construction estimate, etc if you want!

i'm running out the door to take my kids to the park (and i don't have an smartphone yet!!)...

the 38k includes mostly new roofing (there are 5 small roofs), major siding repair, re-finishing all the hardwoods (cheaper than 2 carpet installs), a replacement of a bathroom that is functional but not up to code, a replacement of a deck that is functional but not up to code. The house was being lived in as section 8 (government subsidized housing) until the bank took it back - i've looked up the section 8 standards, and apparently the inspector was being paid off or just didn't pay attention to detail....so yes, it's very rentable as-is, and there are so many very low income people around here that would be willing to rent it as-s, but we want to be good landlords, and we want to protect our investment (siding and roofing repair).. since the inspection, we also had to add on 3k of plumbing work (leak under the gravel driveway) and 3K of foundation work (additional piers needed under the house to support it well and masonry repair needed on the brick foundation)