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Home Buying in Lake Bluff : Real Estate Advice

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Activity 2
Sat Sep 12, 2009
Tiselle answered:
Zillow give $380K on my home. (it cost us $310K to build in 2001-02). Appraisal (for cashout refinance)came in at $300K for appraisal. Couple month later need rental credit to buy another property due to job transfer, the appraisal came in at $260K. And we can sell it in 1 second at $400K if we wanted. In other word, can't count on anything, just expect the worse from appraiser. The property we are buying is listed at $410K, (Zillow est. this one at $480K) we bid up to $485K, the appraisal came in at $430K. The bank said they will sell it to us for $450K as at $430K there is a bidder with full cash.. So we put $20K extra to obtain the property and finance %80 of the $430K. ... more
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Fri Mar 21, 2008
Phil answered:
Financial claps in the markets... it will get much worse. I would expect 1995 level housing prices would be the bottom! We'll get there maybe by 2012, more likely 2015. Housing, financials, most markets have become irrationally exuberant over the last 20 years and very complicated. ... more
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