All Forum Posts by: Matthew W.

I use cozy and wave accounting 

@Joseph Weisenbloom Just curious how she is able to text you but can’t call to talk. Sounds like a scam to me. Set up an account on cozy or similar and ask her to fill out a rental application online

@ Kenneth Garrett giving them comps is a good idea.  I sure hope I am not appearing to be difficult.  I appreciate your advice and will send her the data and tell her I am a new investor and was curious for future knowledge.

@Ned Carey Thanks for the reply Ned, I did.  

Here is the reply I received. 

"A Lot of times I do not see previous sales of my subject property, like a "for sale by owner". It is required by USPAP to report all sales of the subject property within the last 3 years. If you paid below market, for your home, due to distress, that is taken into account as well as updates and market. This also helps with forming a current value."

I find this part troubling

"If you paid below market, for your home, due to distress, that is taken into account" 

I don't think this is relevant at all. Even if I did buy it below market, I do not see how that should be a contributing factor in its fair market value 2 years and 10 months later.

@Nick C. You make some great points Nick.  That was part of my worry. I bought this house from a couple who had been married 50 years and I got a very good deal on it.  Now I want to take out some equity and buy another house. 

I am new to real estate but have been in sales for a very long time and cannot think of any reason why the purchase price should have any bearing on the fair market value.  It got me wondering if there is something unique to real estate that makes the purchase price relevant. 

Thanks for your reply

@Michael Ablan Thanks Michael.  I appreciate your detail and thought it was easy to read.  My situation is similar to what you described. Thanks again for your help

@Michael Ablan thanks for the reply. I have owned it for 3 years this May

Hey Everyone,

I am getting my house appraised for a HELOC and the appraiser sent me an email asking for the amount I paid for the house. I own the home free and clear. I am curious why what I paid for the house has anything to do with what it is currently worth. If anyone can explain this to me I would greatly appreciate it.

Thanks

Matt

Hey Everyone,

I am getting my house appraised for a HELOC and the appraiser sent me an email asking for the amount I paid for the house. I own the home free and clear. I am curious why what I paid for the house has anything to do with what it is currently worth. If anyone can explain this to me I would greatly appreciate it.

Thanks

Matt