The first thing I would do is stop messing with Quicken Loans and call a local lender. People who work the phones/computers at quicken are merely order-takers. Find and experienced, professional local lender who you can sit down with and get answers to your questions. BTW, the down payment for FHA on that size loan should be about $2000, not $7500. Like I said, quit messing with on-line lenders.... more
There are three approaches to determination of property value: the cost approach, the market sales comparison approach, , and the income approach. These approaches are based on three aspects of value:
The value indicated by recent sales of comparable properties in the market, with adjustments for age, condition, and other characteristics
The cost of reproducing or replacing a property minus accrued depreciation
The investment value represented by the net earning power of a property based on the capitalization of the income stream.
Generally accepted procedure is to utilize as many of the three industry accepted approaches as possible in an appraisal. Choose the most appropriate as the principle method for the specific appraisal situation, and apply the other valuation approaches to support the final value estimate.
There are situations where only one or two approaches may be used. For instance, an owner-occupied residential property is not likely to produce rental income that could be capitalized into an estimate of value through use of the income approach. So, the sales comparison or cost approaches might be more appropriate. Vacant land has no cost of improvements, so the cost approach would not be an appropriate method for that situation.
Specialized properties do not typically change hands enough to generate comparative sales, so the cost or the income approach might be more appropriate in your case.... more
There is usually an "unsubscribe" button to click at the bottom of the email. I hope that helps. If you are looking to buy or sell Real Estate in the Oneonta area please look me up.
Century 21 Chesser Realty
website: www.suedarling.com... more
It is not uncommon for an appraiser to miss things or to count incorrectly though usually the things missed as much smaller than this. You can ask for an amended appraisal, pointing out what you feel are its inaccuracies. In my experience only a few of these requests are honored with a re-appraisal. But they will surely speak to the appraiser to get his take on it.... more
Unless the flooding has been properly and professionally remediated you could be entertaining a pack of trouble.....our best recommendation is to proceed with caution and take every percaution to protect your interests.
The fact that it wasn't disclosed may be an indication that the seller has something to hide....
My goodness-- usually the tax assessment is much lower than market value so you have good reason to be concerned. I have appealed two recent appraisals and WON both appeals. At the very least your agent needs to correct the inaccuracies and find comps that meet lenders standards--i.e. square footage much be within an acceptable range to the subject property and must within a certain proximity.
To close your property the taxes have to be prorated until closing. These costs are your responsiblity for as long as you own the property. A short sale is when the lender authorizes the sale indicating that the lender will accept the short fall as a loss. Thus if you have 100000 mortgage total debt including taxes and insurance and when the short sale is authorized net proceeds are 85000 . This leaves a short fall of 15,000. The bank allows the sale to close short these funds being a payoff less than full/settled amount.
Depending on the banks policy,the bank may after the short fall via a defeciency judgement other banks may just process the payoff as a settled account. Both effect your credit report but a short sale is looked more favorable than a foreclosure.
If you want more information about foreclosure/credit issues/short sales and modification please check out my web site.
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee... more