House buying

We're trying to get a house bought. Charming old 1949 house that's been added onto... on a double (or more) corner lot in the neighborhood of our choice... and for a very good price from the original owner who's still getting around well enough to move into a garden home by herself. I've been amazed at how little anybody in the process cares about how what they do affects the other parties. I know it takes time, and since we're using FHA there's beauracracy on top of the norm, but it's been waaaaaay more stressful than I ever imagined it could be.

The seller now realizes that she underpriced... and by a bunch (we made a full price offer before the realtor even listed it). So she's not willing to fix anything of significance. That's understandable to me... but it complicates the closing, in that we need to get things done before it's ours... and we need things to move along so she doesn't have any reason to back out. So I'm trying to get electrical bids and air conditioning bids and hoping that they'll take a signed painting contract as 'good faith' that we're really gonna have it painted... but it'd sure be a trick to get it done by July 1. Or probably even August 1.

Just minutes ago I heard from our agent, who's trying to get the appraisal scheduled since they haven't bothered to contact me like they said they would. I gave the appraisal people $550 this morning... and now they want the agent to send them lot dimensions, a copy of the inspection report, and a list of comps. Last week I paid $300 for the inspection, the tax office has all the lot info and what not on the website (including the assessed value that's already above the selling price), and to my mind, an appraiser oughta have an idea of what things are worth. What am I paying them for??

Why do I need to pay for a new survey when the appraisal district already knows the details of the property down to the inch? The same houses and the same fences have been in the same place since 1949. If were laying out a homesite on an acreage I'd understand... but we're not.

I thought people were supposed to get more patient as the years go by... but I musta missed class when they were teaching that!

Curt,

Buying a house can be a trying experience.

The survey is for your protection. For example, both of my neighbors had their places surveyed. The folks who fenced my lot...they built the fence 1 foot on my side of the property lines on the east side and west side of the lot. They blew it and put it 1 foot on my neighbors side on the south side of the lot. And now legally he could own that portion of the fence and control what happens on it.

The tax appraisal value of the house has nothing to do with the market appraisal value. They are not eveny remotely connected.....they may be similar but have nothing to do with each other. A house is only worth it's going value on the current market is....that's it current market value. The tax appraisal value may be higher or lower.

Good luck with the ordeal.

Kirk Constable said:

.....but it's been waaaaaay more stressful than I ever imagined it could be.

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I hear that a lot.

So I'm trying to get electrical bids and air conditioning bids and hoping that they'll take a signed painting contract as 'good faith' that we're really gonna have it painted...

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You said your dealing with FHA. If these were FHA requirements (or become required once the Appraiser does his job) it has to be done before closing. Unless someone lies and says it is done they will not close till completed. At least that is my experience. Sometimes things are different in other areas and they might escrow that money till the work is done. But I don't think so on FHA.

... and now they want the agent to send them lot dimensions, a copy of the inspection report, and a list of comps. Last week I paid $300 for the inspection, the tax office has all the lot info and what not on the website (including the assessed value that's already above the selling price), and to my mind, an appraiser oughta have an idea of what things are worth.

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I am an appraiser and I wonder who your dealing with too. Now first, they shouldn't know the value up front. Thats is what an Appraisal is, the process of determining a value. Now they might have an idea or even a close idea if they have worked in that area before. But you don't know till you have done the Appraisal. Our opinions are useless and often wrong. I have learned to keep my mouth shut till I have done my job.

BUT, I have a big problem with them asking that Realtor for Comparable Sales. That tells me they don't have access to the data in the that market. So they probably don't work there very often and that they may not know the area. As an appraiser you have to have what we call Geographic Competentcy and I instantly question theirs!

Not that this surprises me. The good and honest Appraisers are not in demand. Lender want the ones that Lie and Cheat so they get their commissions. I won't get into it here, but trust me, the Honest ones are hurting all over the Country and the dishonest are doing well.

As for the inspection report and lot dimensions. I can sort of see that. It's a case of I never have to much info. Web sites are often wrong and if there is a survey I want a copy of it too. But with the other stuff. RED FLAG.

Why do I need to pay for a new survey when the appraisal district already knows the details of the property down to the inch?

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You don't. But the Mortgage company lending you money, in this case the G'ment wants to make sure what you buying is what it is supposed to be. They can't sue the local G'ment if there is problem and the house turns out to be on the neighbors lot (and that happens) but they can sue the Surveyors Insurance company.

I thought people were supposed to get more patient as the years go by... but I musta missed class when they were teaching that!

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I do a lot of work for the Feds on another loan program. you better relax because if it follows the pattern there will be more delays.

PS I am a Home Inspector too. Got to pay the bill since Appraising is dry up.

Ken Fitzgerald said:

The tax appraisal value of the house has nothing to do with the market appraisal value. They are not eveny remotely connected.....they may be similar but have nothing to do with each other. A house is only worth it's going value on the current market is....that's it current market value. The tax appraisal value may be higher or lower.

Good luck with the ordeal.

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I know the assessed valuation isn't directly related to the market value... but around here it's a very good indicator of the actual 'selling' value... usually 10% or so lower.

It all gives me a headache and reminds me why I built the current house myself!