Without cheating (looking it up), tell me how much you think we sold our house (yesterday) for:
http://www.rootminus1.com/freepics/thumbnails.php?album=95
http://www.rootminus1.com/freepics/thumbnails.php?album=95
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I found the perfect gig for some extra money!!!
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FrustratedUser
Lifer
No, I don't live in your area.
My words coming out of someone else's mouth...
I swear, the real estate business, start to finish, is the most crooked fscked up industry and so filled with built-in scams and absolutely pointless fees, charges, etc, that I can't think straight.
And who pays for ALL of it?
The buyers and sellers. Everyone else is just a fscking leech.
How about this scenario:
Buyer bids $500k for a house.
Looks good on the surface, but actually has problem with rot (not obvious on casual inspection - requires test eqpt).
You assess price as $500k.
Buyer gets $500k mortgage.
Rot shows up - buyer forecloses on mortgage.
Property sells for $350k
Mortgage lender sues you for $150k.
Buyer bids $500k for a house.
Looks good on the surface, but actually has problem with rot (not obvious on casual inspection - requires test eqpt).
You assess price as $500k.
Buyer gets $500k mortgage.
Rot shows up - buyer forecloses on mortgage.
Property sells for $350k
Mortgage lender sues you for $150k.
meltdown75
Lifer
Are you sure? If so, I'd be interested in finding out where it is that property owners have to PAY for an assessor to visit their property.
Sounds a hell of a lot like an appraisal to me.
Paying to have your property assessed... wow. If that's the case, people here in Canada should have nothing to complain about since the assessment function doesn't have to be paid for *** out of their own pockets.
*** (directly, that is. since we're funded by tax dollars... i guess technically they DO pay for our services, but definitely not on a per-property, per-visit basis).
FrustratedUser
Lifer
A good inspector will find the rot.
Me as the assessor looks at report from inspection when assessing - I'm home free.
meltdown75
Lifer
i'm taking a break from my assessment duties if you want to chat with me 🙂
:heart: 😉
:heart: 😉
FrustratedUser
Lifer
:Q
Don't know what to make of that.
meltdown75
Lifer
Well, seriously... why not take some shots at a REAL LIVE assessment employee? Come on, do your best. I've heard it all 🙂
(i'm just messing with you btw. but i am an assessor. just not residential any more.)
FrustratedUser
Lifer
LOL
Yeah, just send me a PM that kills my possibly completely wrong impression of the real estate business in general, seriously.
I'm just tired of being ripped off and scammed.
BlueFlamme
Senior member
Pretty much they take your house and make the numbers work to average all the other houses in your area. The city views my 3.4 acres as being worth $80K while my neighbor is stuck with $50K for his 0.23 acres. Why? So our final assessment once you count land improvement ends up being in the same ball-park (and they can collect similar size checks).
At least this is how it goes in my city.
meltdown75
Lifer
If I knew anything about assessment practice in the USA, I might be able to comment on that.
I'm guessing that there's SOMETHING different about his property compared to yours though.
Keep in mind that assessment bodies do not benefit from out-of-whack assessments. Fairness and accuracy is pretty much the only thing that keeps us in business. If we sucked as bad as everyone says we do, we'd be out on our ass. Simple as that.
BlueFlamme
Senior member
No, the land is the same. In fact we have access to city water which they don't (neither have sewage). The house on the other side of him has 1.6 acres and is assessed at $60K for the land.
And remember, this is the assessments done by the municipalities. An assessment done by a real-estate company would come in at least 3 times higher, but the city has kept our values low because our rate per thousand is so high.
FrustratedUser
Lifer
Now pay him $200. :laugh:
Not sure if yall read my post, but I'll keep going if you want some info.
A lot of research and process goes into assessment, regardless if people think the numbers are plucked from the air. There are very strict legal guidelines that all assessors/appraisers have to follow, or else VERY heavy fines, lawsuits or the possibility of your license being pulled without possibility of renewal are imposed. In general the appraisal/assessment community is ethical and thorough, or else you get screwed.
Since the S&L scandals of the 1980s heavly legislation and licensing has been imposed on the lending/appraisal industry. The appraiser is now the sole person responsible for being ethical in performing their job. Now when the sh!t hits the fan the appraiser THE person to look at for accountability. This is taken very seriously by appraisers and appraisal firms across the nation. Though please consider that I speak from the standpoint of a fully licensed New York state professional, the most strict state in the entire country for legal guidelines. So it's only natural that I expect the utmost ethical and professional practices available for the contemporary appraisal/assessment community. I cannot say the same for other states in the union.
Frustrated User: If you paid cash out of your pocket to have an elected assessor to assess your property than you have a very unique situation that I've never seen. An assessor is an elected official that never collects fees for their work, they are paid by the municipality in which they serve. If you paid an assessor out of your pocket, you either got screwed by the assessor, the city, the town, the county or the state. If it was really and truly the elected assessor that collected the fee for assessing your property you have a VERY valid lawsuit on your hands. Though I'm still betting that terminology is getting messed up here.
Any questions about the industry can be directed to me in PM, I'll be happy to answer them. Though I won't give out the secrets. 😉
That's "common" though all appraisers have to back up their value conclusions legally, enough to hold up in court. There is a lot of work and time put into these reports, don't let the short inspection time (even if it's only external) make you perceive it's an easy "yes man" job. There are many areas where the market makes it easy to appraise a house for the value a bank is looking for because the market is extremely active and data is readily available.
Ok, then the assessment community is a whole different animal. Generally the assessors never visit the house and rely on mass collection of data from various sources. Computer models do much of the work for very uniform residential areas. The view of residential assessor is to make mass sweeping reassessment changes and then deal with the complaints afterwards. I still think you are confused as to which person came to your property. You would never pay an elected assessor a fee to assess your property, your taxes already pay for that. 😀
Hardly. So are the surveyers, lawyers, title search/update companies, loan officers, processors, home inspectors, municipality board inspectors, safety inspectors, health inspectors and a slew of other people leeches? These people provide legal services that facilitate the transaction. The transaction that needs the least amount of people involved is one that is done in strictly cash. When you need a mortgage the government comes in, with that the secondary market, and that requires a large amount of checks and balances to make sure investments are sound and all legal aspects are proper. Considering all the people involved in a real estate "leeches" just shows that you probably have a limited knowledge of real estate and it's legal guide lines (no offense). Sure it costs you money, but show me some professional services that don't.
I could talk forever about real estate, appraising and the legal aspects of the industry. It's impossible to convey years of field experience in a few posts or PMs. Though let me assure you that you arn't being ripped off and there is a lot of work that goes into assessing/appraising property. If it was such a cake walk job/industry then everyone would get into it. The reality is that it's a profession that requires a lot of time, money and constant education to do it properly. Thoes who don't do it properly always get chewed up and spit out, just like any other profession.
I'd have to know where you are located in order to make an educated guess. Even then a value that comes from my mouth is legally considered an appraisal and I can be held accountable.
That really isn't how it works. There are many methodologies used in the assessment community, and to most that arn't in "the know" they seem to be some magical process or the process of PFA (Pluck From Air), though it couldn't be further from the truth. To fully explain how it works I would need hundreds of hours and many books/reference guides to teach. Though I guess you could generalize it as that to make it as simple as humanly possible. But generally the residential assessment community will take the data that best fits the area and benefits the municipality it is representing, then they deal with challenges afterwards (like on an assessment review board that I work for in my town). Generally the assessors are accurate and inline with market values, if you don't believe it then you can hire an appraiser to prove it different.
A lot of research and process goes into assessment, regardless if people think the numbers are plucked from the air. There are very strict legal guidelines that all assessors/appraisers have to follow, or else VERY heavy fines, lawsuits or the possibility of your license being pulled without possibility of renewal are imposed. In general the appraisal/assessment community is ethical and thorough, or else you get screwed.
Since the S&L scandals of the 1980s heavly legislation and licensing has been imposed on the lending/appraisal industry. The appraiser is now the sole person responsible for being ethical in performing their job. Now when the sh!t hits the fan the appraiser THE person to look at for accountability. This is taken very seriously by appraisers and appraisal firms across the nation. Though please consider that I speak from the standpoint of a fully licensed New York state professional, the most strict state in the entire country for legal guidelines. So it's only natural that I expect the utmost ethical and professional practices available for the contemporary appraisal/assessment community. I cannot say the same for other states in the union.
Frustrated User: If you paid cash out of your pocket to have an elected assessor to assess your property than you have a very unique situation that I've never seen. An assessor is an elected official that never collects fees for their work, they are paid by the municipality in which they serve. If you paid an assessor out of your pocket, you either got screwed by the assessor, the city, the town, the county or the state. If it was really and truly the elected assessor that collected the fee for assessing your property you have a VERY valid lawsuit on your hands. Though I'm still betting that terminology is getting messed up here.
Any questions about the industry can be directed to me in PM, I'll be happy to answer them. Though I won't give out the secrets. 😉
meltdown75
Lifer
another sweet post, Sampson. :beer:
FrustratedUser
Lifer
Dude! Like I haven't already stated that Vic ....... :roll: I'm just pushing it here.
Good post Sampson. :thumbsup: But I am still not convinced it's a difficult job. Some common sense and a simple check of assessment records and that should be it.
What licensing is needed?
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