Foreclosure in Ann Arbor>Question Details

Jeff, Other/Just Looking in Augusta Township

How are homes appraising in the area's surrounding Ann Arbor?

Asked by Jeff, Augusta Township Thu Dec 27, 2007

I am considering a company relo package that bases the company purchase price on 2 appraisals. I am concerned my house won't appraise anywhere near what I paid ( bought new in Aug 05' in Augusta Township). Is there anyway to get an idea of appraisal value before they come out?

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Jeff,

I am Caitlin Phillips with Prudential Real Estate Services and Prudential Certified Relocation Specialist, Realtor and Friend. In my large experience of negotiating contracts between buyer, realtor, and relo, we have become the experts in your exact situation.

The fall of the Lincoln School disctrict due to the Foreclosure Crisis is what I would call an actual state of emergency. The values in the Lincoln School Disctrict have fallen considerably. In approximately July 2006 the values were what is called in gambling a push. Even Steven. The steep decline began in early 2007 when a large percentage of the builder loans in that area increased interest rates dramatically per the mortgage contracts. (ARMs) Adjustable Rate Mortgage. Adjusted. Also, many people in that area with it being so new... over financed to install play structures, boats, decks. Etc. OK? Topped with the density of the community, we have Foreclosures. 48197 and 48198 contributed to a massive percentage of the foreclosures in Washtenaw County.
We as Relocation Specialists, have also seen a drastic change in the way that your corporation handles your Relocation Benefits. It really depends on your unique situation, your corporations Relocations Policy, as well as the Market information Provided to them, your market value will be determined by your Real Estate professional as well as an appraisal ordered from the Corporation whether it be the bank or your company. and then you will need to sit down and create a very well thought out pathway which is what we call an "exit strategy". This will need to include a VERY aggresive Marketing Plan.

I have been handling corporate transfers for many years, and would happy to have you request that I am allowed to visit with you, and provide an area Market Analysis and further discussion your personal questions.

I also have alot of information available to you that I do not post online about selling your home upside down, and holding on to your Relocation benefits, and then getting your home sold.

This information is provided pro bono to you in hopes of building a relationship, and then moving forward to handling the Marketing of your home. We at Prudential carry the most exposure potential possible and our office is simply wonderful to work with.

So Call Anytime, and visit my Blog both here on Trulia, and a more personal look at my BLOG http://www.AnnArborsRealMarketChat.com
http://www.CaitlinAmanda.com
I am available to come out early Sunday morning this week or one evening that works for your family next week.

I am easy to reach at 734-395-4990. You will need to request me to your RELO Counselor, ( they will appreciate the Prudential Rep)

I think my bio might be on my personal Web Site under the Presentation in the Sellers section titled " For Sellers"

I hope this information helps!
0 votes Thank Flag Link Fri Feb 20, 2009
Jeff, No real estate professional can or should take the place of an appraiser. I pulled the records on your home. There were no similar sales within Lincoln Consolidated schools during the past 90 days which would give the most accurate values. I used a range of 200 sqft more/less than the listing information back in 2004-2005. There is one home pending at $299,000.

I stand by my support for Missy. It's not often that I recommend a competitor. Take some time to get to know her by reading her blog. http://activerain.com/blogs/missycaulk

With Michigan being the highest foreclosure State in the nation, the FBI is watching appraisers and lenders like a hawk. I doubt an appraisal would be much higher unless you've done substantial improvements. Even then, you cannot expect to recover 100 percent of the money spent for work by a contractor.

May I have your permission to mail a more complete report to your home?
0 votes Thank Flag Link Thu Dec 27, 2007
Hi Jeff,
Yes, all houses are accounted for, they will take into account the adversity of the sales but they all show where the market is in some fashion. If there are not enough recent solds in your neighborhood (which there are not) they will pull from the neighboring developments. I have just pulled the records and it looks as though there are five houses for sale there now fomr $359k-229k (wow, big spread). The last sold in your sub was 7396 Madeline, it once listed for $279,900 on 12/16/2006 and finally closed on 6/18/2007 for $220,000.
In your relocation package you will be offered a particular company and a REALTOR, you can ask them if you can pick your own. They should let you select your own as long as the company does their program (my company (The Charles Reinhart Company participates in all relo programs that I know of, so you could use me if you care to). I hope I answered your questions well enough.
Good Luck Again,
Todd Lands
0 votes Thank Flag Link Thu Dec 27, 2007
Thank you for everyone's thoughts and help. For clarification, we live in the Bellemeade community which is in Lincoln Consolidated schools. On the bright side I do have a job, the downside is if I can't get any equity out of my house I won't be able to buy another.

Some more questions: Do foreclosures or bank owned sales get factored in the appraisal process? The only resales that have occurred in our community have been foreclosures (individual bankruptcy) or bank owned properties (builder bankruptcy). New home sales have been discounted but not to drastic and a new builder has come in with relatively similar pricing to when we bought. Lastly, will appraisers use mainly homes in my community or will they look to similar sized homes in communities such as Greene Farms and Creekside?

Thanks again
0 votes Thank Flag Link Thu Dec 27, 2007
I am sorry our market has change so much since you bought your house, not only do we have an over supply we have a declining market (due to job losses).The good news is you have a job! The bad news is you will be losing some money on the sale of this house. Just remember "Home is wehre the Heart is". Move, keep you income and I hope you keep a good attitude. I am fairly certian your values will have gonethe wrong way since then. Furthermore I am sure you will not be happy with the values they offer (but you may get lucky). Make sure your house is fresh and clean (treat the appraiser just like they were potential buyers). I have seen values for houses in your area go from bad to worse. Are you in Lincoln School District? There was a house in Greene Farms that recently sold for $130,000 that is 2,500 sq ft built in 2002. I am certian the seller bought it for well over $220k orginally. There are some tough times here and I am affriad it is not going to get better next year.
Good Luck, keep you chin up!
0 votes Thank Flag Link Thu Dec 27, 2007
Jeff, trulia does include information on sold homes in the home search. These do not include concessions made by the homeowner. Missy and her team would be able to give you a range in value to help you make an informed decision. She is very easy to work with. If you end up accepting the Relo offer you should be able to also select your agent.

Other factors would be the number of homes currently for sale in your immediate area. The link below contains 27 homes built in 2000 or later that are for sale in Augusta Twp.

To view additional information on each home, simply click on the underlined list number to open a whole page. Information will remain available through January 1st.
0 votes Thank Flag Link Thu Dec 27, 2007
You can use the over the net evaluation tool on http://www.KathyToth.com which graphs the houses for sale, selling times, and sold price of homes around you, with complete detail. Just go to http://www.kathytoth.com/custompages_reports.php?key=b1979 and enter your information. The market average price and days on market over time have been charted at http://www.guaranteeteam.com/boardstats.htm. Since you bought around the 2005 peak, (third graph down) you may experience an appraisal below your purchase price. Best of luck to you in your choices with regard to negotiating your relo package, choosing your agent, and your move,
0 votes Thank Flag Link Thu Dec 27, 2007
I live in Saline and have been a Realtor for 13 years. Most homes are not appraising that were purchased in 2002-2007 if you bought in those years. Since you are with relo, have you Realtor do a CMA for you first, so there will not be any surprises. If you send me you address, I will email you the homes that have sold that are similiar. We took a big hit when Pfizer moved because it brought down the values in most of the areas. You can also go into e-Washtenaw.org and look at solds in your area or go over to Augusta Township it is public record.
But, a realtor would be easier, we use the same data appraisers do.
0 votes Thank Flag Link Thu Dec 27, 2007
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