Posted by jasonrei on September 13, 2004 at 17:31:41:
In the year 2525, if man is still alive, if woman can survive, they may find…
In the year 3535, ain’t gonna need to tell the truth, tell no lies. Everything you think, do, and say is in the pill you took today…
etc, etc.
Whats the worst home value a homeowner… - Posted by Joe (Oh)
Posted by Joe (Oh) on September 10, 2004 at 21:08:02:
Just wondering, how many of you out there been given a bogus house market value? for example, I just got a call from a lady today that’s 4 months behind on her mortgage, and I asked her, if her house was in tip-top shape, what would the house be worth? she said 104k and I looked up on the auditors website, and it says it was sold for 85k in 2002. Maybe she fibbed to me, maybe not. Perhaps she bought the house as a fixer-upper, I dunno.
So, what the biggest house-value lie you been told be a seller? and did you deal with the fibber-seller?
I’m just curious is all…
How about a NEGATIVE value - Posted by GL(ON)
Posted by GL(ON) on September 12, 2004 at 07:46:24:
This must be the worst example of an overpriced house I have seen, on a percentage basis.
The house was built in the 1870s, a nice little brick cottage. An Eastern European couple bought it in 1956. For the next 20 years they did nothing with it in the way of repairs or upkeep, just lived there and Oh yeah, they were pack rats.
Eventually the house became unlivable due to deteriorating roof etc. So they moved into an apartment.
Meanwhile they kept hording junk. The house was totally packed solid with old clothes, broken appliances etc. The yard was piled with rotting lumber, crumbling bricks, and the larger appliances.
When I looked at it 10 or 15 years ago it was a caved in wreck, a junk pile. The only thing you could do was tear it down, clear the lot and start over building a new house.
HOWEVER the property was located on the edge of town in an area NOT serviced with water or sanitary sewer. And the lot was too small to install a well and septic system, in other words if you tore down the house you couldnt get a building permit to build another one.
The house was way too far gone to fix.
I estimated that the cost to tear down and clear the lot would be $15000 to $20000 dollars and when you were done you would have a lot that you couldnt do anything with.
This is the only property that I have seen, that had no value at all and that I couldnt see a way to do anything with.
When I looked at it a friend of the family was trying to sell it for them, asking price $50,000. At the time the same house in the same location, it top shape, was worth around $70,000.
I nominate this for the most overpriced property, in terms of value vs asking price, on a percentage basis.
Re: Whats the worst home value a homeowner… - Posted by Tom-FL
Posted by Tom-FL on September 11, 2004 at 18:04:29:
It depends on exactly when in 2002 she bought it. If in January, then the house appreciated 7.59% per year, compounded monthly. If she bought it in December, the appreciation jumps to 11.58%, compounded monthly.
If we compound yearly, we can only calculate for two periods: 2002-2003 and 2004-2004. This yields 10.61%.
That’s pretty low for my area, your mileage may vary.
Re: Whats the worst home value a homeowner… - Posted by todd
Posted by todd on September 11, 2004 at 16:03:14:
Well if the house sold for 85k in 2002 doesn’t mean it wasn’t worth 90k when she bought it. 2 years at 5-7% inflation and you get close to 100k… not to mention any improvements and fix up since she bought it two years ago. She is probably close but you still need to do comps to verify price. Heck, she could brobably sell it for 105-110k with owner carry terms…
thanks for your time.
Todd
Re: Whats the worst home value a homeowner… - Posted by E.Eka
Posted by E.Eka on September 11, 2004 at 15:09:38:
She may not have lied. It doesn’t matter how much she paid for it. It all depends on what are the recent comps. Homes appreciate, which is why many people get into this business. In the DC area, it’s a hot market, homes appreciate by 20%-30% depending on the area in less than a year.
Re: Whats the worst home value a homeowner… - Posted by jasonrei
Posted by jasonrei on September 11, 2004 at 11:42:09:
I dunno, $10k differences come up frequently.
I deal with just about anyone! If a wholesaler is constantly way off, I may put him on the backburner, but I usually still run comps before I go out.
Re: Whats the worst home value a homeowner… - Posted by David Krulac
Posted by David Krulac on September 11, 2004 at 09:25:54:
the story below is not an inflated price, though I’ve seen a few. One person who at a property worth about $250,000 told me they wanted $3 million.
Here’s a couple of examples:
Went to look at a handyman’s special listed in a large metro daily newspaper as being on “THREE acres”. I looked at the house which wasn’t much and needed a ton of work and was borderline teardown. But I was most interested in the land. I asked to see the owner’s deed and roughly figured out that the property was about 1.3 acres. So I said, “Where’s your other 2 acres?” He said what do you mean? I said the ad said THREE acres. He said that that was a typo and was the newspapers fault, that it was supposed to read TREED acres. The only problem was that there were only 2 trees on the property.
Another time went to look at a house which on the left of the house was a ravine and on the right was a level grassy area. The owner said that the level grass area was his and the ravine was not his. I looked at the deed and sketched out the property using the metes and bounds on the deed. The property was shaped like a trapizoid where one parallell side was much shorter than the other. As it turned out the property included the ravine and NOT the leverl grassy area. The owner claimed that this was the first he knew of that and he had been using the grass area for a few years. (Adverse possession is 21 years and he was well short of that.)
Re: Whats the worst home value a homeowner… - Posted by Joe (Oh)
Posted by Joe (Oh) on September 11, 2004 at 16:11:33:
heheh, 3 mill for a 250k property, what a hoot.
Can’t blame them for trying 
or maybe you can?
Re: Whats the worst home value a homeowner… - Posted by Dave T
Posted by Dave T on September 11, 2004 at 19:57:28:
Remember, the question was “What do you want?”
If the seller had been asked “What do you think you can get?” or “What is the least you will take?”, he might have given an entirely different answer.
Re: Whats the worst home value a homeowner… - Posted by David Krulac
Posted by David Krulac on September 11, 2004 at 21:35:33:
no, $3million is the leats they would take.
Re: Whats the worst home value a homeowner… - Posted by Joe (Oh)
Posted by Joe (Oh) on September 11, 2004 at 21:52:26:
They might get 3 million…in 2523 >:) appreciation will get them there eventually-