If I could just get through this, I’ll be okay
I went to Las Vegas for the 4 A’s conference and two reporters came with me. G, who is now my reporter as well as running buddy and F, also a friend. I got up Wednesday morning and decided to call the appraiser to see what the difference would be if I enclosed the screen porch since she said I couldn’t count it towards total square footage. And that conversation threw me into a downward spiral. She basically appraised the house not much more than what I paid for it back in ’05 and she was using comps from the neighborhood and not taking into consideration the bayou, or the custom features of the house.
I called S, my contractor, and he talked me off the ledge. He said lose her, and let’s go with a different appraiser and lender. So I went and drew a hot bath. I had just taken a shower but I had the need to sit in hot water. I called S from the tub and told him what was going on and he also talked me off the ledge.
I took a lot of deep breaths. Then I went to the Venetian (I was at the Hard Rock, since the Venetian was booked for the first night) and I met up with F and G. I told G that I had had a helluva a morning and was trying to catch my breath. It was so weird – because I had arrived feeling on top of the world – and that call just took the wind out of my sails and made it difficult to focus on work and conference and advertising in general.
When F walked up, I told G I didn’t want to talk about what was going on in front of him. And interestingly enough this is what F said to me – “Rachel, so good to see you and so glad you are finally in your house. Over the past two years, every time I called it was always, ‘I’m waiting on this one thing and if this happens, then everything will work,'” – ha ha ha – we all laughed – and I realized that I have been living in that state – “if this, then that” – and you know what I suddenly knew that the refi or not – no matter what – that it is going to work out – remember I passed the finish line already on Friday – I moved in. I moved out of the Can, and I moved into the LaLa.
Appraisals, refi, fences, landscaping, screens, and all of the endless items that need to be addressed – don’t have the urgency that getting into the LaLa had for me – I am dead broke – I’ve robbed myself every which way but loose – but at the end of the day – I’m living in my retirement, my Taj Majal, my investment.
No more – if this happens, I’ll be okay. I am okay.
March 4th, 2007 at 8:25 am
What are you kidding? It doesn’t work like that you cannot just “fix†an appraisal with another lender, or another bank. Oh, my, girl do some more reasearch beyond advice from a contractor that makes you feel good.. There is a lot more to it. …
It doesn’t work that way for a lot of reasons.. Lets just say you should some who came in higher.And, although an appraisal is an opinion, to some extent, they are working from facts. As you say comps from the neighborhood. These cannot be fabricated.
I don’t know how much you’re looking for in value but, a Bayou and custom features don’t add as much as you might think, ON PAPER.. Let’s say you got someone to add more than 5% for these items…. It is a red light for an underwriter’s review. The underwriter has , and often does roll back value for just these type of adjustments. And underwriter is the final giver of l value a not the appraiser.
And, keep mind the appraiser works for the bank, not you.
Appraisers have rules to follow and they system, especially in your neck of the wood has lots of check in place.
Yes, to some extent adding square footage might increase value… but with it be cost effective.? you’ll have to run the numbers. Look on your appraisla and see what value per sq foot she gave you,and add the sq footage value of the addition, less the clost to add it.
Make it work.. Get a loan , and add line of unsecured credit.. Then, wait for it to appreciate, and try again. Don’t flip banks if you’re working with a smart banker. Work the numbers. Otherwise you’ll spend weeks, and come up with the same answer.
Overbuilding , over remodeling happens everywhere.. Not just to you or in New Orleans. .and the outcome will come the same… Think outside the box… getting a new lender wont help, most likely but it might mae you feel good for a few weeks. ..
Only good thing is rates have dropped over the last weeks you might do a bit better.. But, . you’ll spend $450 on another appraisal that will get you to the same place in the end after Underwriter review.
March 4th, 2007 at 1:20 pm
Well why is it that what she is saying is different from everyone else – including real estate agents, other appraisers, and people in this neighborhood. I have to tell you of the four appraisers I spoke to who know this area, they all said she was wrong. So I’m just taking advice from the experts not from my contractor.