Ask MetaFilter questions tagged with realty

Do I dispute a bad appraisal or get another?

tristeza — Fri, 06 Nov 2009 08:57:13 -0800

[RefiFilter]: I'm applying for a re-fi on my condo, and just got a HORRIBLE appraisal. Like, so horrible the mortgage broker AND the underwriter of the loan both are scratching their heads. Short question: do I dispute, or suck it up and blow another $500 in hopes of getting a more realistic appraisal? The appraiser used comparables with no apparent relation to my place (i.e. mine was a rebuild in 1984 on a 1904 foundation, he compared it to buildings built in the 20s and 30s), comparable sales in my neighborhood in the past 3 months have all been FAR over what he appraised mine at, I have outdoor space that almost no condos around me do, he got the # of floors in the building wrong, etc etc.

I know I can't pick an appraiser because of government regulations now, but I don't know if it's best to dispute THIS one, or just start over and request a whole new appraisal (and start new re-fi paperwork also).

I do know that homeowners typically overvalue their own property, but when a BANK and a broker both think the number is ridiculous, I feel I have some solid footing.

Any experience with this? Do appraisal disputes *ever* work, or would it be a waste of time? Did you prevail in a dispute, or spend more $ and pray for the best?

(If it helps I'm on Capitol Hill in Seattle near Seattle U)

Where to go for a Humble Retirement

Anonymous — Sat, 22 Aug 2009 08:41:29 -0800

In twenty-five years i'll be retiring with my minimal social security benefits and medicare to keep me briefly going. I've got no savings right now, but I'm almost done paying my debts. I rent. I want somewhere tiny, a bungalow with a kitchen, perhaps a tiny garden, stonking bandwidth, maybe near a lake, maybe near a wood, but really not so much. I just want to whittle sticks, greet neighbours, not climb stairs, and hack on code. I don't mind renting again until i die. Where should I move in the US, and when? (My daughter will be grown up and, touch wood, supporting herself by then. My parents will almost certainly be dead and will have left me a $100,000 or so, I imagine.

All bark so far, but afraid there will be an eventual bite... help!

Unicorn on the cob — Thu, 28 May 2009 19:01:59 -0800

[pit bull filter]: Help me sell my house. Caveat: Three large dogs next door are scaring away buyers, including one very aggressive pit bull. I believe the way these dogs are left to roam outside may also be potentially breaking the law. My house is for sale; it's offered at a decent price, kept immaculately, staged daily, and the yard is manicured.

Now, to the problem: I am getting two types of feedback from agents showing my home...

Feedback 1: Awesome house, did not like the neighborhood. Too transitional. (I have accepted that there is nothing I can do about this; location is always a huge factor.)

Feedback 2: Wife/person would not even get out of the car due to barking dogs next door OR love house, neighborhood ok, worried about potential buyer's pet/children and neighbor's dogs attacking said pet/children.

I have a privacy fence around my house except for the one side I share with a neighbor, who own a purebred pit bull, a boxer mix, and a bloodhound/pit mix of some kind. All are large and aggressive and bark regularly.

The dogs are behind a wide-set metal fence that's not even five feet tall you can see here. They run loose all day, every day, and I do not have a real relationship with the neighbors (they are renters). These neighbors are home seldom; I see them only late at night, almost never on weekends.

These dogs know me and will bark once or twice when I drive up, but when I get anywhere near the fence or a stranger pulls up, they go absolutely apeshit. The gate is automated and the dogs could easily run out as the owner is driving in.

My question is truly three-fold:

1. What can I do, on flyers, in emails and through my agent to assuage the fears of potential buyers? Example: Offer to find a contractor that will finish out the privacy fence and add this into the contract, or reduce the price by the amount it would cost to build the fence and include the contractor's information.

2. Is it even legal to have these dogs running loose, behind a minimal, gapped fence, when there are small children and dogs tethered nearby which they could easily attack? My neighbors across the street have three small girls who often cower while trying to retrieve toys and balls in the driveway where these dogs live.

3. What is the best course of action in concern to these dogs? I cannot tell the owners just to put them up when people are looking at my home; sometimes I get 10 minutes' notice about a showing, or the owners of the dogs will be at work and therefor unable to comply.

I feel as though there must be some kind of law in regard to having these dogs living outside, in the Texas heat, alone 70 percent of the time.

Homeowners, neighbors of pit bull owners, Realtors, etc: give me your best advice. I am asking because a friend who does animal rescue stated that there are specific laws regarding pit bulls and fence heights, etc. and I am unsure if I have some legal recourse in getting them properly fenced/put inside during the day/contacting the city about them, not only so I can sell my house, but for their own safety and the safety of the neighborhood.

Where to start buying a specific house?

fleacircus — Thu, 04 Dec 2008 14:55:25 -0800

We found a house we want to buy, how to get the ball rolling? So there's this house in Sacramento, CA that we found via intensive website skimming. Our finances are in order, we can meet the asking price, we've read the advice and helper books. We want to launch fighters.

Sill we're having trouble finding where to start putting things into motion. Do we need our own real estate agent who then interfaces with the selling agent? Where do we find such people, how do you really "interview" them? Should we ever personally deal with the guy on the sign in the yard? When can we see the inside of it? The books and other help threads don't really seem to be damn clear.

This is our first house, it seems like we might have skipped a step and need to go back, but we're not sure to where. We're first-time buyers and don't really have any experienced friends or relatives around to give us guidance.

So AskMe, please help a couple beyond the help of a For Dummies book.

HELP ME NAME MY COMPANY NEWSLETTER.....

boyinmiami — Wed, 15 Oct 2008 05:30:56 -0800

Help me name a newsletter!!!! Details inside. Daily newsletter ---> our consulting and advisory team is providing our brokerage company with a daily newsletter. With over 100 brokers, we need to grab their attention with a a cool and exciting title help me in figuring one out.

so far Realty bytes is winning.....i'm not a fan.

Any ideas??

Sell now, or sell later? Barbie's Malibu Dream House has got to go.

Unicorn on the cob — Mon, 29 Sep 2008 16:49:11 -0800

I've been getting my house ready to sell and am wondering if I'm crazy. Should I go ahead with it now, or wait until spring? Of course, there are mitigating factors involved. I own a house in Texas (Dallas) and have been working on getting it ready to sell... fixing things up, paint, polishing floors and the like. However, it literally feels like the end of the financial world right now. So my question is, am I doing all this in vain? Different people tell me the housing market's going to rebound at some point next year. Others tell me to get out now before the dollar turns into the peso.

The following factors are important in my decision for selling:

1. I make a decent living, but I do live paycheck to paycheck because of the house. I literally am unable to contribute to my 401k or do anything beyond make token payments against my credit card debt, which is pretty high. Basic subsistence living is it. Please don't suggest roommates, turning off services, etc. I did all that the past two years just to get by and have exhausted those options; I genuinely have tried everything and cannot get financial traction.

2. Originally I had planned to pay down that debt and wait until next year, hoping the market would improve and the value of my house would demand a better return on the investment. Traditionally, fall/holiday season isn't that great for selling a home, correct? Or am I wrong about that?

3. I have yet to pay house taxes for 2008. That means in January, the tax bill will be due. How will that affect me if I decide to sell now vs. waiting until after the first of the year?

4. My house was built in 2003, so it's still pretty new, in great shape, and on nearly an acre of land inside the city limits. Therefore, I believe I should be able to get a good asking price... but my city is also apparently flooded with foreclosures. How do I compete with that?

All of this is stressful and difficult for me to deal with, obviously, and I am totally alone in dealing with the home and yard maintenance, financial responsibilities and finding a realtor/new place to live if it sells quickly.

I feel a bit lost and overwhelmed. I'm trying to make the best decision for myself financially. I realize that jobs go away, illnesses and accidents happen, and were the scale to tip even a little, I'd be in a lot of trouble.

Any advice or anecdotes from people who have recently sold homes or know more about the real estate market than I do would be welcome. I already know to make the place immaculate/remove everything I own/allow anyone access at any time; I'm trying to work out getting a storage unit and all that jazz. I just wonder if I'm doing it at the wrong time.

Should I buy this home in a transitional neighborhood?

FlamingBore — Mon, 28 Jul 2008 09:55:42 -0800

I'm looking to buy a house. I live in Denver's Baker neighborhood and I'm a looking to stay in the area. I've been looking for about two months and I've let two places slip through my fingers that I thought were great... One went in a heartbeat and I needed to get my head around the amount of money they wanted - it was lovely, but more than I was prepared to spend at the time. The other was expensive for the location and had a few challenges, but great overall. I put in an offer of what I thought it was worth to me. On the same day (after 30 days on the market) there were two other offers presented - I was the low one.

Now I've found my dream. Truly, it's stunning. It was gutted to the studs and finished amazingly well. The problem is what's next door. There are five low/small former rental units, three of which are currently on the market for sale at just $48k. They are currently sad little places with no landscaping and just generally kind of a ghetto feel to them. The rest of the block is ok, not great, not horrid. There is one other home that's clearly been recently renovated. Gentrification is slowly moving through the neighborhood - and I'm seeing positive signs of several real estate agents buying and flipping recently.

The home is at the top of what I want to pay, but it's a great deal on a per square foot basis. The reality is that my agent and I both agree that if not for the place next door this property would have been gone within the first week on the market. It's been on the market for nearly three months.

Have any of you bought into transitioning neighborhoods - how did you fair? How likely do you think these little places are to be improved? Am I stupid for falling for this place?

What documents should a Canadian bring along when apartment-hunting in New York?

limon — Tue, 01 Jul 2008 09:58:24 -0800

Canadian moving to New York in September. Apartment-hunting in August. No credit history. Going to be a graduate student, so no fat salary either. But I can get a guarantor with ample funds, and I can pay several months in advance, if it's necessary. What documents should I bring with me to New York? Also, is this going to be impossible? How much time should I set aside for apartment hunting? (Is two-three weeks too little?) I'm looking for an affordable 1 bedroom in Washington Heights or Inwood. Any other relevant tips much appreciated.

Gaithersburg MD affordable homes?

Shane — Mon, 28 Jan 2008 12:30:55 -0800

Gaithersburg, MD: Are there any areas within an hour drive where a house with a back yard might cost under $150K (or might be reasonable to rent)? I'm searching the 'Net and have contacted a realtor friend in the area, but I'm striking out. I have a potential job offer there. An apartment won't do it for me since I have cats and dogs.

Since this is close to the combined DC/Alexandria VA/Baltimore area, I'm tempted to assume property is way too high for me.

Comments on cost of living are welcome too. It's a cool job for a non-profit, but pays only mid-30Ks.

Thanks!

How do i move to Boston on the cheap?

doppleradar — Wed, 14 Nov 2007 05:53:01 -0800

Boston Filter: Moving from Texas. Help me navigate the (seemingly) bizarre apartment market I'll be moving from Dallas to Boston around the first of the year. What's the best way to find an apartment and not get ripped off?

Reality companies/property managers to avoid? Sublet for a few months? Go through craigslist? Brokerage fees, what the hell?

How to keep inheritance fair?

tristeza — Fri, 06 Apr 2007 14:02:46 -0800

Please help me make a proposal to my family about the fate of my parents’ home that is equitable and reasonable and doesn’t make me seem like a greedy jerkface. My parents own a (kind of junky) condo in a very expensive town. They paid an incredibly low price for it, let’s say $150,000. Its market value right now, with no improvements, is about $300,000. With improvements it could sell for maybe $400,000.

This condo is the only asset my parents have, and makes up the entirety of their “estate.” No one wants it to leave the family in the foreseeable future.

My folks are moving to Florida and are considering selling the condo to my brother (who would live there) for something less than market value, and using that money to buy a place in FL. I cannot afford to “go in” with my brother to purchase it with him. It would be 100% his.

My interpretation of this is that if this happens, I am out any inheritance I might have had, and any possible profit I could have made on the place if my brother and I were co-owners and sold it at some point.

So, my question is this: what sort of compromise could I propose to my family? How could there be a share between the 3 parties that gives my parents some $ to move, gives my brother a place to live and some equity, keeps the home in the family, and doesn’t leave me totally out in the cold? Is this impossible?

Thanks, all.

Condo prices are falling (a tiny bit)

echo0720 — Mon, 16 Oct 2006 05:27:14 -0800

What do I need to know before I decide to buy a condo (in DC)? I’m considering buying a condo in DC some time in the next year or so. I’ve never owned before, but I’ve lived in the area forever, so I know the market pretty well. I also understand the financing process from start to end. What I don’t know is everything else...real estate agents, what sort of benefits/tax credits I may be eligible for (if any, I make a good amount of money), what I should be looking for when I go look at places (ideally my place will be in a renovated rowhouse, but since they’re rare, I have the feeling I’ll end up in a big ol’ condo building), and you know, other stuff that I don’t know enough to ask you about. What else do I need to learn about? Do you know of any good resources for a first time home buyer (both general and specifically to DC – again keeping in mind that I know everything I need to know about mortgages)? I know this is a really general question and I’ll be around all day if there’s anything I need to clarify or I have follow up questions. Thanks for your help!

Ethics of using a buyer's agent in home purchases?

jayder — Mon, 09 Oct 2006 18:49:16 -0800

I have a couple of questions about buyer's agents. My wife and I are interested in selling our current home and buying a new one. We don't have an agent yet, but we swore, after buying our current home and realizing that "our" agent didn't really represent us, that we would never again buy a home without a buyer's agent on our side. After seeing a home we liked while driving through a local neighborhood, my wife called the listing agent and asked him if we could tour the home. He was very nice, but when my wife told him we'd probably get an agent, he said something like, "If I show it to you when you're unrepresented by an agent, how can I be expected to give half of the commission to your agent, if that agent didn't find you the house if you end up buying it?" Maybe it was a faux-pas for us to even ask to see it while we were unrepresented, but he showed us the home (and, actually, he was very nice) and we like it.

(1) Does the fact that we discovered the home ourselves, without an agent, mean that any agent we may ultimately get would not have a claim to part of the 6% commission on houses we discovered ourselves? (I ask, not so much because we're planning to buy this particular house, but because the same agent has sent us a bunch of other listings. He does not advertise himself as a buyer's agent, and we're determined to have a buyer's agent before buying.)

(2) What provides a buyer's agent with an incentive to get you the best deal, when they presumably are paid just like any other agent -- with a percentage of the ultimate sale price? Seems like they would have a stake in you paying more, rather than less, for the property you choose.

When should I sell my house?

SheIsMighty — Fri, 20 Jan 2006 06:35:09 -0800

Question about when is the best time to put a house on the market... My husband and I will be selling our house the next few months and I've gotten conflicting reports on when is the best time to sell it. We live in CT so I know I shouldn't put it on the market now since it's so cold and ugly outside. Some people have told me that it should go on the market in March to catch the early spring house hunters. Other people have told me to wait till summer to catch the families trying to relocate while their kids are out of school. Our house is a 6 bedroom 1910 Victorian so it would appeal to familes as well as old house buffs. However, we live right next to an elementary school. Should I wait until school is out so prospective buyers (without children) won't be put off by the swarm of urchins next door? I'm afraid if I contact a realtor right now, they'll try to convince me to sell it asap even if it's not the best time.

Any suggestions? Thanks!

House buying tips?

Otis — Fri, 29 Jul 2005 05:53:03 -0800

Experienced homeowners, help out a first-time buyer. What wisdom can you impart about the home buying process? What do you wish you had done differently when buying your first home?