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I just have to remove my rose colored glasses
greeker375
Member Posts: 3,644
One would think that the crisis we are in the midst of related to sub-prime mortgages's would have people running away from any financing subject that was not squeeky clean...WRONG!
I stopped by a lenders office to drop off some appraisal advertising the other day and was ushered into the Mgr's office for a quick interview for residential appraisals. I'll bet ya a dollar to a donut that you can't guess what was asked of me - anybody?
The Manager asked me IF I was appraising a property that the comps indicated a value of $800,000, BUT-in my heart, I KNEW the value to be $1,000,000 - what would I come in at?
Fool that I am. I thought that question would have ended last year with the world wide realization of all the $$$Hundreds of Billions$$$ lost in mortgages.
OH...my answer was that "there are tons of Million Dollar houses on the market for $700,000 - $800,000's that weren't selling, why should I be the cause of 1 more hitting the streets?
I then left. Needless to say I'm not gonna get any work from those guys.
I stopped by a lenders office to drop off some appraisal advertising the other day and was ushered into the Mgr's office for a quick interview for residential appraisals. I'll bet ya a dollar to a donut that you can't guess what was asked of me - anybody?
The Manager asked me IF I was appraising a property that the comps indicated a value of $800,000, BUT-in my heart, I KNEW the value to be $1,000,000 - what would I come in at?
Fool that I am. I thought that question would have ended last year with the world wide realization of all the $$$Hundreds of Billions$$$ lost in mortgages.
OH...my answer was that "there are tons of Million Dollar houses on the market for $700,000 - $800,000's that weren't selling, why should I be the cause of 1 more hitting the streets?
I then left. Needless to say I'm not gonna get any work from those guys.
Comments
In this market, people notice things they've overlooked a couple of years ago.
Steep driveway, no backyard, bad paint scheme, this doesn't fly today.
Unless the price is right.
Pete