[5-DayForum] Homes with Little Equity

[Woody Hogg]

Appraisals are based on past sales and are an opinion of value.  As long
as the appraisal has valid comps it would be hard to prove negligence.
When the market changes as it has in most places, the updated data
should reflect the lower value as a history of what has taken place.  It
would be interesting to hear what an appraiser might think of the 5 day
sale.  Sometimes they do not feel an auction is receiving a fair market
value and may reflect that in their comments.  Any thoughts?
 
Woody

-----Original Message-----
From:
5-dayforum-bounces+whogg=erawoodyhogg.com at mailman.howtosellyourhomein5da
ys.com
[mailto:5-dayforum-bounces+whogg=erawoodyhogg.com at mailman.howtosellyourh
omein5days.com] On Behalf Of Bill Effros
Sent: Saturday, September 01, 2007 12:47 PM
To: How To Sell Your Home in 5-Days
Subject: Re: [5-DayForum] Homes with Little Equity


Aisha,

The 5-Day Method will still get you the best possible price, but it is
likely to be a lot lower than the appraisal you got when you bought.

It is the appraisal that is wrong, not the 5-Day Method, and the Method
can't change that.

You can get the most you can get using the 5-Day Method, even if your
home has little or no remaining equity.

I wonder if people can sue appraisers?  Does anyone know?  Has anyone
tried?

The banks and appraisers really set up this mess, and people like you
were actually harmed.  I'd be very surprised to learn you bought your
Condo through the 5-Day Method, because the Method produces a fair
current price for both the seller and the buyer.  5-Day Buyers should be
able to turn around and sell their homes for almost exactly what they
paid, should the need arise.

Bill Effros



Aisha Williams wrote: 

This may be a silly question but how effective is this process with
homes with less than 10% equity? Given these discussions of inflated
appraisals, I suspect that my home has about 5% equity in it at this
point. I did apply for a home equity loan and received a confirmation of
that months ago.  Is the 5-day sale effective in this situation. I am
selling a condo in Fairfax, VA which was purchased in the beginning of
this year.





-Aisha

Life is short, Break the rules, Forgive quickly, Kiss slowly, Love
truly, Laugh uncontrollably, And never regret anything that made you
smile...



 



  

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