Moxie Posted December 6, 2011 Share Posted December 6, 2011 The house across the street just sold at auction for less then half of what we want for ours and none of my friends are answering their phones to listen to me complain! Quote Link to comment Share on other sites More sharing options...
Jen500 Posted December 6, 2011 Share Posted December 6, 2011 :grouphug: Quote Link to comment Share on other sites More sharing options...
Blueridge Posted December 6, 2011 Share Posted December 6, 2011 :grouphug: That totally stinks, and soon we'll be in the same boat when we list our house. Quote Link to comment Share on other sites More sharing options...
Desert Rat Posted December 6, 2011 Share Posted December 6, 2011 Ugh! I'm so sorry. You can complain to me. A house was sold 2 doors down from us for 1/3 what we paid for our house 12 years ago. It's just painful. We are so stuck here! Quote Link to comment Share on other sites More sharing options...
Wendi Posted December 6, 2011 Share Posted December 6, 2011 :grouphug: I don't think our situation is quite that bad, but we are definitely upside-down on our mortgage, by probably $60,000. :001_huh: Wendi Quote Link to comment Share on other sites More sharing options...
LisaKinVA Posted December 6, 2011 Share Posted December 6, 2011 Auction homes should have *no basis* for an appraisal for your home. But, a glut of homes on the market, will. An auction home usually couldn't be sold either as a short-sale or on the foreclosure market (usually means there is a LOT wrong with it...not always, but usually). Having bid on auction homes, most of the people bidding are professionals, who intend to "flip" the home to re-sell it for a profit. In our area, professionals won't bid on a home they can't get at least for 50% of what they think they can sell it for once repairs are made. Maybe this news will brighten your mood a bit?? I'm sorry, though. I know how frustrating it can be!! We've had foreclosures included in two appraisals (one when we purchased our land, and one when we got our home loan... because it was the house next door). Appraisals *can* be challenged -- especially if they include foreclosures or auctions. Our house is going to be appraised shortly. Based upon recent sales, it should appraise for anywhere between $500,000 and $550,000. As long as we make the lower number, I'll be thrilled (considering a year ago, they said $425,000). Quote Link to comment Share on other sites More sharing options...
Moxie Posted December 6, 2011 Author Share Posted December 6, 2011 Auction homes should have *no basis* for an appraisal for your home. But, a glut of homes on the market, will. An auction home usually couldn't be sold either as a short-sale or on the foreclosure market (usually means there is a LOT wrong with it...not always, but usually). Having bid on auction homes, most of the people bidding are professionals, who intend to "flip" the home to re-sell it for a profit. In our area, professionals won't bid on a home they can't get at least for 50% of what they think they can sell it for once repairs are made. Maybe this news will brighten your mood a bit?? I'm sorry, though. I know how frustrating it can be!! We've had foreclosures included in two appraisals (one when we purchased our land, and one when we got our home loan... because it was the house next door). Appraisals *can* be challenged -- especially if they include foreclosures or auctions. Our house is going to be appraised shortly. Based upon recent sales, it should appraise for anywhere between $500,000 and $550,000. As long as we make the lower number, I'll be thrilled (considering a year ago, they said $425,000). The house was owned by a woman who passed away. Her kids live in Florida and just wanted to get rid of it. It was sold to a guy who is going to rent it out (yeah, another rental on our street :glare:) and he was the only one that bid. I think we're going to get a third realtor out here to give us an opinion and decide from there. Quote Link to comment Share on other sites More sharing options...
justamouse Posted December 6, 2011 Share Posted December 6, 2011 we sold our house after dropping the price 100k. Thankfully we bought when prices were low, so we still made it out clear, but by the skin of our teeth. Quote Link to comment Share on other sites More sharing options...
Catwoman Posted December 6, 2011 Share Posted December 6, 2011 :grouphug::grouphug::grouphug: Quote Link to comment Share on other sites More sharing options...
Carrie12345 Posted December 6, 2011 Share Posted December 6, 2011 :grouphug: My house just went up 0.7%. After being down 40%. And my taxes have gone up 45%. I feel your pain. Quote Link to comment Share on other sites More sharing options...
jenL Posted December 6, 2011 Share Posted December 6, 2011 I feel your pain. Dh and I have just decided that we need to make peace with our house, but it's a hard thing to do! Quote Link to comment Share on other sites More sharing options...
.... Posted December 6, 2011 Share Posted December 6, 2011 . Quote Link to comment Share on other sites More sharing options...
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