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I. Hate. My. Neighborhood.


Forum: June 2013 Playroom

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  #1  
March 28th, 2013, 07:58 PM
Mega Super Mommy
Join Date: Sep 2010
Location: Cincinnati, OH
Posts: 1,834
We've been working on refinancing our house. When we bought the house in 2009 it was appraised at $98k. We bought it for $91k. We put in a lot of work into this house (gutted and updated kitchen and almost doing the same for the bathroom, modernized the gutters, tons of landscaping, etc). Easily more than $10k. What did we get back from the appraiser? $90k.

$90k.

And all because our neighborhood sucks. A bunch of retirees dying and their homes going on quick sale in bad condition. Landlords not maintaining the properties and then unloading for $30k when they can no longer rent them because the conditions are so bad. People foreclosing and the house sitting abandoned. People just plain living like rats.

And there is absolutely nothing we can do about it . So now instead of saving $50-$70 a month (based on the estimate of appraising at $100k ) we're only saving $8. The good news is that our interest rate is very good 3.25% instead of 5.25% so we'll be saving in equity (more of our payment goes to the principle instead of interest). *sigh* Technically this is still good for us but it just wasn't what we were hoping for.
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  #2  
March 28th, 2013, 08:12 PM
hilachu's Avatar Mega Super Mommy
Join Date: Jan 2010
Location: Tonawanda, NY
Posts: 1,266
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That sucks, I'm sorry
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  #3  
March 29th, 2013, 01:49 AM
Mrs_lynn.c's Avatar Expecting#5
Join Date: Jan 2012
Location: Cincinnati,ohio
Posts: 1,049
I live in price hill and its bad here with all the beat up run down houses. You find a nice house here or there but mostly its badly maintained property and the crime rate is horrible around here!!
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  #4  
March 29th, 2013, 06:06 AM
Mega Super Mommy
Join Date: Dec 2012
Location: Northeast USA
Posts: 2,153
I am sorry. Hopefully you get some really good neighbors to move in to the area.
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  #5  
March 29th, 2013, 07:20 AM
Madison.Hailey.Zack's Avatar Mom of 2 Girls and a Boy!
Join Date: Jun 2006
Location: Michigan
Posts: 11,066
I'm sorry hon. It sucks when the price goes down. We bought our house in 07 for $170K and the house next door which is exactly like ours (uncle built both back to back) sold for $90K in 2011.
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  #6  
March 29th, 2013, 07:51 AM
Member
Join Date: Mar 2013
Posts: 44
that is happening a lot around where im from too.....its not just you don't worry. A lot of people are in the same boat as you

I hope things look up for you guys soon though.
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  #7  
March 29th, 2013, 08:47 AM
zkat's Avatar Mega Super Mommy
Join Date: Aug 2009
Posts: 3,743
Have you looked at the details of what the appraiser used to determine your value? You can actually request different sales comps and he should be excluding or adjusting short sales/foreclosures in his calculations.
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  #8  
March 30th, 2013, 10:30 AM
navywifey2003's Avatar Home Birth Mama
Join Date: Dec 2007
Location: Clovis, CA
Posts: 37,428
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That stinks I am sorry. I dont know a lot about this kind of stuff though. but it sounds like it stinks.
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  #9  
March 30th, 2013, 03:21 PM
QueenCrafty's Avatar Courtney
Join Date: May 2007
Location: North Carolina
Posts: 25,860
Quote:
Originally Posted by zkat View Post
Have you looked at the details of what the appraiser used to determine your value? You can actually request different sales comps and he should be excluding or adjusting short sales/foreclosures in his calculations.
I agree. Foreclosures and short sales technically shouldn't count as comps. We bought our fixer upper in 07 for $248 and put about $70 into it. We refinanced last year because our rate was nearly 6%. Because our loan was through Fannie Mae we were able to refi, get our rate down to 3.5%, knock 10 years off the term. But our appraisal came back at $235. That was kind of disappointing. What's worse now is that the house next door is under contract. It's bigger than ours but the list price is $199 so you know the actual sales price is going to be lower. Basically we can never move
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  #10  
March 30th, 2013, 07:12 PM
Mega Super Mommy
Join Date: Sep 2010
Location: Cincinnati, OH
Posts: 1,834
That's how we feel. We will never be able to move

From what we understand the appraiser was not factoring in foreclosures and things but we'll know more once we see the paperwork. The actual appraiser didn't submit his full report before going on vacation so our refi agent had to harass the appraisal agency to get the numbers she needed to lock in our rate. Our refi person is super pissed, lol.
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  #11  
March 30th, 2013, 09:24 PM
Super Mommy
Join Date: Jan 2009
Posts: 667
I'm sorry you have to deal with that! We are in the same boat. We have the opposite problem though. We live in a community of retirees that have nothing better to do except get together and make new stupid a** association rules. As of this month, we now can only have one dog per house and that dog can't weigh more than 40lbs. We are upside down in our house already, but with our communist run neighborhood nobody will ever want to buy our house. I hope things work out for you guys.
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  #12  
April 1st, 2013, 09:35 AM
Joanne Nicole's Avatar Mega Super Mommy
Join Date: Nov 2012
Location: Mississauga, Ontario
Posts: 1,037
We moved from one crappy market to another, just in the opposite direction. We used to live outside Phoenix - our gorgeous home that I loved so much cost us $155k and we sold it for $87k as a short sale. Then we moved to the Toronto area, and you can't buy a 3 bedroom detached house for less than a half million dollars. Literally. And these aren't even very nice houses, no where near as nice as the house we left in Arizona.

I understand what you're going through. It sucks SO bad.
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