The Glade 4.0 :: View topic - Feeling homeless and penniless

Did you see it coming?

I did not see the hits coming. I chose not to refinance because I didn't have to and taking out equity merely meant I would have to pay it back later. I feel for you folks, but also feel that was one of my best decisions.

One of the guys in the office is pushing 70 and can't retire because he lost everything in the "adjustment." He came to work for the State in 2008 because the company he had worked for going on 20 years folded. He's a little pissed off at the world.

Hah, when buying our first house in 2001, I was there when the appraiser came by. He asked what we were offering. I told him, and he looked around the living room, said "That's about right," and left. Voila, appraisal for our exact asking price.

I always thought that seemed like good work if you could get it.

Aethien wrote:

It's changed a bit as a result of the housing crash.

But yes, prior to the crash they were doing tons of appraisals and just giving people whatever they wanted.

Author:	Aizle [ Mon Jan 13, 2014 5:34 pm ]
Post subject:	Feeling homeless and penniless
Had a cashiers check made today for $98,258.30 to pay off what will remain on our home loan after we sell the house tomorrow. All in all I wish the US would have handled the fiscal crisis like Iceland did instead of coddling the banks. But mostly just glad to get the whole mess behind me.

Author:	Micheal [ Mon Jan 13, 2014 5:55 pm ]
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Condolences. Not much else to say to that sucky situation.

Author:	Aethien [ Mon Jan 13, 2014 8:22 pm ]
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Oof. We're trying to avoid getting into the same boat in a few months. Very sorry to hear to hear of ... your loss, I guess, so condolences are in order.

Author:	Serienya [ Tue Jan 14, 2014 8:49 am ]
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Best of luck moving forward.

Author:	Arathain Kelvar [ Wed Jan 15, 2014 9:22 am ]
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Did you see it coming? For me, I totally called it, and still *** it up*. That's the worst. As the market peaked, I knew there would be a market adjustment. I decided I'd rather take the equity hit in a new house and not be stuck trying to sell the old one (we were planning on moving), so I sold the house around peak. I considered holding out and not buying, but the wife wanted a house and to start a family. I knew a hit was coming, but oh well. So, in AUGUST 2007 I closed on our house. I knew there would be a hit, but had no idea it would be that bad. We're not underwater, but we've pretty much lost our equity. I refinanced at 4%, and, well, yeah. The other painful thing is that the house I sold, I had purchased 2 years earlier at $215k, fixed up, sold for $280k, and it foreclosed later at $210k. Someone had a very bad experience, and I feel very badly about it. It was a very nice little house by the time I was done, too.

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Author:	Aizle [ Wed Jan 15, 2014 11:00 am ]
Post subject:	Re:
Arathain Kelvar wrote: Did you see it coming? I knew there was going to be an adjustment, but like you didn't think it was going to be nearly as bad as it was. Our intent was for this house to be our 2nd to last house, basically waiting until close to retirement to build our "dream home". But my company offered me a promotion that required us to relocate, so we had to sell it. (House isn't really in an area where it makes sense to rent)

Author:	Khross [ Wed Jan 15, 2014 11:28 am ]
Post subject:	Re: Feeling homeless and penniless
Could be worse; you could own a house in Woodbury.

Author:	Micheal [ Wed Jan 15, 2014 11:56 am ]
Post subject:
I did not see the this coming. I chose not to refinance because I didn't have to and taking out equity merely meant I would have to pay it back later. I feel for you folks, but also feel that was one of my best decisions. One of the guys in the office is pushing 70 and can't retire because he lost everything in the "adjustment." He came to work for the State in 2008 because the company he had worked for going on 20 years folded. He's a little pissed off at the world.

Author:	Arathain Kelvar [ Fri Jan 17, 2014 12:44 pm ]
Post subject:	Re:
Micheal wrote: I did not see the hits coming. I chose not to refinance because I didn't have to and taking out equity merely meant I would have to pay it back later. I feel for you folks, but also feel that was one of my best decisions. One of the guys in the office is pushing 70 and can't retire because he lost everything in the "adjustment." He came to work for the State in 2008 because the company he had worked for going on 20 years folded. He's a little pissed off at the world. The equity I lost is what I built up in flipping the other home. Which, unless I had pocketed it, was somewhat imaginary anyway (telling myself this helps....)

Author:	Hopwin [ Fri Jan 17, 2014 1:20 pm ]
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I had the opposite issue, I bought in 2009 when I thought the market was bottomed out. Two months later I got a notice from the taxman that my home value was cut another 10% which pushed me underwater.

Author:	Aizle [ Mon Jan 20, 2014 10:57 am ]
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Your tax assessment has basically nothing to do with the real value of the home or the financial implications. It really only affects your tax bill. I've never owned a house where the tax assessment reflected the real sale value. Tho most recently it's been the closest I've ever seen it. Typically you're taxed as many thousand dollars less than what the property is worth. At least in the areas I've lived. MN and TX.

Author:	Arathain Kelvar [ Mon Jan 20, 2014 11:01 am ]
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Appraisals work the same way. You'll never know the actual value of your home until you sell it. That's what it's worth.

Author:	Aethien [ Mon Jan 20, 2014 2:13 pm ]
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Hah, when buying our first house in 2001, I was there when the appraiser came by. He asked what we were offering. I told him, and he looked around the living room, said "That's about right," and left. Voila, appraisal for our exact asking price. I always thought that seemed like good work if you could get it.

Author:	Arathain Kelvar [ Tue Jan 21, 2014 8:54 am ]
Post subject:	Re:
Aethien wrote: Hah, when buying our first house in 2001, I was there when the appraiser came by. He asked what we were offering. I told him, and he looked around the living room, said "That's about right," and left. Voila, appraisal for our exact asking price. I always thought that seemed like good work if you could get it. It's changed a bit as a result of the housing crash. But yes, prior to the crash they were doing tons of appraisals and just giving people whatever they wanted.

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Author:	Serienya [ Wed Jan 22, 2014 10:57 am ]
Post subject:	Re: Re:
Arathain Kelvar wrote: Aethien wrote: Hah, when buying our first house in 2001, I was there when the appraiser came by. He asked what we were offering. I told him, and he looked around the living room, said "That's about right," and left. Voila, appraisal for our exact asking price. I always thought that seemed like good work if you could get it. It's changed a bit as a result of the housing crash. But yes, prior to the crash they were doing tons of appraisals and just giving people whatever they wanted. Yeah, my appraiser for my recent refi came back with a value way under comps in the area. The mortgage company was a little baffled. Still, it was appraised at more than the amount of the loan, so it worked out in the end... What sucks is that, under the terms of my separation agreement, I'm still paying out equity to the ex based on the 2007-2008 appraisal, which was substantially higher. No way to adjust it down. Oh well. I guess I can just say I paid good money to get rid of his dumb ***. Could have been worse.