$100K Off The Top?

By
Real Estate Agent with GenoPetro.House IL 471.018331

I'm sorry, but I refuse to believe my primary residence (pictured) in the Forest Glen/Sauganash area of Northwest Chicago has dropped $100,000 in value since the purchase in September of 2007. Say it ain't so, Joe.

Cut me some slack, Jack. I sold it to myself. I did the comps. I know my market. Hell, I even talked my wife into it. So, wassup with the Bank Appraisal?

Just so you know, my Lender is a little reticent about allowing us to refinance right now. Something about reduced LTV (Loan to Value), a Declining Market, Back End ratios and other sundry real estate talkspeak. Oh yeah, and the fact that I'm a Realtor by occupation. A little ironic huh? I'm having my best year since 2006 but hey, The Ministry has spoken. Okay, fine. I'll play along for... another 12 months.

But I'm going on record now to my current Mortgage Holder---and you may or may not know who you are: When this whole credit crunch thing blows over.....it's HASTA LA VISTA, BABY. (and I won't be back.) No way, Jose...


ps...enjoy the extra $50,000,000,000 you just received from our favorite uncle Sammy. All I received was a letter from you saying....ah, forgetaboutit!

Geno Petro

Comments (41)

Chris Olsen
Olsen Ziegler Realty - Cleveland, OH
Broker Owner Cleveland Ohio Real Estate

Hi Geno -- Beautiful home.  We can see this kind of drops in some neighborhoods and prices, but it's the exception, not the norm, this kind of drop that is.  Reminds everyone that real estate should be viewed as a long-term investment, or a short and medium term risk.

Mar 25, 2009 09:03 AM
Sabrina Kelley
ERA Herman Group Real Estate - Woodland Park, CO
Woodland Park Colorado Mountain Homes and Land

Property taxes and appraisal values aren't lining up the way they used to.

IF you don't have to sell than hang in there. The numbers are going to get better but we still have to lay in the mud a while longer I am afraid.

Mar 25, 2009 10:09 AM
Robin Turner
Happy House Real Estate - Cocoa Beach, FL
Robin Turner

The appraisers are overly paranoid at this point. All the appraisals are coming in absurdly low.

We're seeing houses that would sell for $150K+ recently now getting contracts at $85K but the appraisals are in the mid $40's...

Mar 25, 2009 10:17 AM
Geno Petro
GenoPetro.House - Chicago, IL

" We do our best for others and ourselves..."

" Thank goodness we bought low!"

" Reminds everyone that real estate should be viewed as a long-term investment."

"...but we still have to lay in the mud a while longer I am afraid."

"- Those days are gone for good."

" Our risk factor has sky rocketed."

" Thank God I like my house."

"...seems we are a high risk along with appraisers."

 

Just goes to show, once again, that the comments are more thought out than the post subject.  

 

G.

Mar 25, 2009 11:09 AM
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Hey Geno - Welcome to Florida LOL! We have been in so deep and no one can remodify here because we are TOOOOOO upside down, their 105% program ain't gonna cut it down here, we are like 150% and 200% upside down!

Mar 25, 2009 11:40 AM
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTORĀ® - Oklahoma Investment Properties

You make me glad I'm in Oklahoma. But really, $100K in 2 years? I love Chicago and still root for the Cubs? I have to ask, is there something you are not telling us? Anyway, I'm on your side.

Mar 25, 2009 01:03 PM
Elizabeth Cooper-Golden
Huntsville Alabama Real Estate, (@ Homes Realty Group) - Huntsville, AL
Huntsville AL MLS

Can you call another lender?  That would be my first step...someone local.  I'm sure you have pulled comp's and see the value yourself?  Have the comp's ready for the appraiser!  Have their been many foreclosures in your immediate area?  I'm sure you've thought of all this but just in case I thought I would mention it, lol.

Stinks right now, nationwide sadly.  I am lucky to be in an area that is not declining.  While we aren't appreciating much, we are holding our own. 

Mar 25, 2009 01:52 PM
Geno Petro
GenoPetro.House - Chicago, IL

Yeah, I know.  And I get what it's like in other parts of the country. The thing is this is my primary Bank and there are very limited comps for my house. Plus, Jumbo anything sux right now, plus commission income, plus, the appraiser was milk toast plus...

Mar 25, 2009 02:08 PM
Barbara S. Duncan
RE/MAX Advantage - Searcy, AR
GRI, e-PRO, Executive Broker, Searcy AR

Change banks as soon as you can.  Let them know you don't like the way you do business.  I did that last year.

Mar 25, 2009 02:31 PM
League City, TX - Worrell Team, REALTORS, GRI, CNE
RE/MAX 1st Class - League City, TX

I feel your pain Geno....I can't wait for you to kiss your lender goodbye.  How nice of you to not name names....

Mar 25, 2009 02:57 PM
Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy

It's funny, my tax appraisals are going up and my bank appraisals are going down. 

Mar 25, 2009 03:30 PM
Jessica Wallace
Miami, FL

$100,000 is a steep drop in value.  That is very hard to believe.

Mar 25, 2009 03:39 PM
David Coffman
Exit Realty 1st Choice - Tucson, AZ

Welcome to the club of people "doin the right thing" and getting the shaft for doing so. Aint to many people gonna get help except the fat cat bankers from Obama. We only reward bad behavior in this country.

Let me know if I can give you a fair shake in Arizona!

Mar 25, 2009 03:58 PM
John Crosby
Real Property, Inc. - Marblehead, MA

Hey Gino! Look on the bright side it could have been down $200,000. and it's only down $100,000. 

Mar 25, 2009 04:15 PM
Roland Woodworth
eXp Realty - Clarksville, TN
eXp Realty

WoW.. This is amazing.. In our area the Local assessor projects property values to rise. ( Posted in Sundays paper )

Mar 25, 2009 04:19 PM
Rosalinda Morgan
Brookville, NY
"The Rose Lady"

I feel your pain.  We bought a second home two years ago and the value has gone down, not as drastic as yours.  But we are not selling.  We are keeping it for retirement someday.  I should have sold my current home two years ago but decided not to.  I'm sorry I didn't because now the market value has gone down tremendously and we want to sell.  We do not know what to do.

Mar 25, 2009 04:19 PM
Michael Eisenberg
eXp Realty - Bellingham, WA
Bellingham Real Estate Guy

You're hearing the banks mantra these day......... take the taxpayers dollars but don't try and help them out

Mar 25, 2009 06:07 PM
Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

short sale  the sucker!

Mar 25, 2009 11:38 PM
Mark MacKenzie
Phoenix, AZ

Welcome to the new world of real estate.

Get comfortable, we are going to be here a while. :)

Mar 26, 2009 01:38 AM
Anonymous
Geno Petro
The reluctance to uncover a true 'Comparable' is at the crux of this problem. They wont go back past 90 day Closed but avg MT is over 200 days here. My house was orig listed @ $899k and i bought it (from another Realtor) for more than $200k less than that... so I got a deal...no, i made a deal. I am my own last comp...and they wont consider anything near that number. Again, i was eventually approved but not on the terms I seeked. Anyway, i enjoyed all the comments. Im writing this from my iPhone and my fingers are tired....
Mar 26, 2009 01:53 AM
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