fuck thou who art scam thee

[Turbo-Triumph]

anybody trying for a home loan, stay FAR away from "Embrace" home lending

Im about 90% sure they scammed me outta $450

I dont care to divulge details, but basicly, they suck, and appraised a house over $45,000 less than what it was appraised last year at, and less than what the "fair market value" is!

Well looks like i wont be a home owner after all.

i mean, c'mon.. how can a duplex that brings in over $1,000/mo be worth only $84k, in a VERY nice neighborhood?

Oh well.. thanks for helping me paint the windows, anyways James.

[pOrk]

ouch, sucks to hear. The housing market is a mess right now, wouldn't surprised if it gets worse yet either...

[Turbo-Triumph]

ouch, sucks to hear. The housing market is a mess right now, wouldn't surprised if it gets worse yet either...

yea i just cant see the market being to blame. I mean, 1-5 years ago, the house would of sold easy for 120k. There telling me it lost 1/3 of its value?

Just seems very far fetched that any investment duplex anyone can buy, would be near right-side up OWNER OCCUPIED. (1 renter)

Maybe its b/c i dont know much about the real estate market, but theres no way the appraisal can be right. maybe its a sign, saying theres a better deal or somthing. idk. we'll see. i had my hopes up, but no luck for me this time.

[Lash]

It's possible...

Thats why it seems like every house on the market is a short sale.

[Russ Jerome]

Be prepared to be let down on both the lending and selling sides. Im sure all real estate and mortgage people are not useless but that apears to be an area that doesnt have a "probationary" period, start working and sink or swim ,they apear hit or miss unlike other jobs.

I honestly think a large percentage of the housing issues is because of the mortgage/sales people not being real sharp........took 8 months for me to push my money in the sellers pocket.

[wrath]

How much would it have sold for in 2000? That's where it's valued at right now.

[ND4SPD]

I feel your pain man, I just had Homevestors out here just for shits and giggles and they offered me $56,000 (our house assessed in the $170k area two years ago) and was appraised at $150,000 last year. It seems that appraisers are going around lowballing everything. I read the guy from Homevestors the riot act because the unimproved value of the lot is $47,000. So basically they're offering $9000 for the house and garage.

[Turbo-Triumph]

I feel your pain man, I just had Homevestors out here just for shits and giggles and they offered me $56,000 (our house assessed in the $170k area two years ago) and was appraised at $150,000 last year. It seems that appraisers are going around lowballing everything. I read the guy from Homevestors the riot act because the unimproved value of the lot is $47,000. So basically they're offering $9000 for the house and garage.

damn thats pretty alarming b/c something similair happened to someone else i know. Maybe it is the market, then. That is rediculous!

I just cant believe the prices are that low.. no one in there right mind would sell such a property for that amount.Damn! So right now 90% of everyone probobly owes more than the house is worth right now.

Now would be a good time to buy then, assuming it will pick back up, and not depress further. Only time will tell. Maybe i didnt get scammed, i thought maybe they just charged for the inspection and intentionally lowballed the value.

[Yooformula]

a good tool to see what the going rate on a home is www.zillow.com, enter the address and it will show you the last price it sold for and its current value.

[wrath]

http://www.jsonline.com/business/90230182.html

Expect house prices to drop once the first time homebuyers are gone because the $8k is gone. These people had been saving their pennies for pert near 10 years and had been priced out of the market. So they've got a healthy down payment and $8k in their pocket to boot. You can value a house at whatever you want, it's only worth what someone is willing to pay for it. So, if you need to sell...

The neighborhood I live in was built in 2004-2006. Most of the houses sold for $600k+ back then. Most are selling in the upper $300k range. The side-by-side duplex part of the neighborhood has tons of people moving in and out. First time homebuyers stepping up to nice single family homes and foreclosure victims moving in.

It's rough right now so no one knows where to value a house. The first time homebuyer thing is skewing results so no one really knows where to go with their valuations. I wish someone had data on who is buying homes. I know some areas they track it. A lot of places more than 40% is first time home buyers and 40% are investors. So that leaves 20% of the market to regular "move up" people. It'd also be interesting to see how many homes are from out of state that are for sale. There are two foreclosure duplexes in our neighborhood and they're both from people out of state.

[pOrk]

I paid 100 for my house, the neighboring house sold for 52k and they flpped it for 177. Its a similar layout to mine and size as well, same sized yards and everything and they had people knocking down the door to get in over there. I can't imagine it was worth 177, values are all over the place right now

[Old Dog]

You paid for the appraisal, so hopefully you were provided with a copy of it. As part of the appraisal, you should find a section where various homes in the neighborhood were compared to the one you were trying to buy. Take a look at this to see what comparable homes in the area sold for. It might shed some light on the low appraisal value.

[animal]

^^what he said. The appraiser for our bank took houses that were over 2 miles away to compare to rather than ones on our block. His original appraisal would've meant we had to cough up 10 grand more to buy our house. The two realtors battles it out with him he realized the mistake, reappraised and came in over our offer so the bank was satisfied. I could see how something like this could be an easy scam to run. Take the processing fees, understate the value, and the loan fails. If that's the case, then all you need do is prove it to a court

[wrath]

You've got to watch the flipped house game. I went into one and when they renovated they exhausted all the fans into the attic. The mold was horrendous. I've noticed Wisconsinites like all the bells and whistles done already for them, must be why the polished turds of Bielinski Specials are so popular.

[Turbo-Triumph]

You paid for the appraisal, so hopefully you were provided with a copy of it. As part of the appraisal, you should find a section where various homes in the neighborhood were compared to the one you were trying to buy. Take a look at this to see what comparable homes in the area sold for. It might shed some light on the low appraisal value.

Actually, i didnt recieve a copy of anything yet. im going to call about this Monday. i heard 'the news' from my so-called agent. this makes me particularly suspicous.

. I could see how something like this could be an easy scam to run. Take the processing fees, understate the value, and the loan fails. If that's the case, then all you need do is prove it to a court

yea we'll see. im not about to spend $1k on a lawyer, to possibly get my $450 back, but that was my original thought as well, about the scam.

I've noticed Wisconsinites like all the bells and whistles done already for them, must be why the polished turds of Bielinski Specials are so popular.

i was trying to buy a slightly turd like property to polish (needs exterior stuff, insides pretty mint, and lots of new stuff like furnas' ect.)

im glad i made this post. A few people here came up with some stuff i never would have thought of (comparasins uncompareable, no paperwork showing me anything yet)

Im going to call Monday, and see what comes up. If its anything good, I'll update but im not getting my hopes up again

[Yooformula]

did you ever enter your address into that site I linked you too see what the value was? at least compare it to their estimate.

[Turbo-Triumph]

did you ever enter your address into that site I linked you too see what the value was? at least compare it to their estimate.

Yes i did. In that area, it had PLENTY of listings at $110k + and NONE below $100k.


\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\


So i called him today, and he said he sent me an E-mail with the info.

I opened up the e-mail, and all that is inside, is some form of disclaimer, and a 4-digit number im assuming i supposed to enter into some data base somewhere to retrieve the info, and a link.

i followed the link, and couldnt find anyplace to enter the number. im really starting to think this is a scam. im going to contact him again tommorrow, and pick his brain a bit. if he cannot show me what i want, which is basicly a form showing me why the house appraised so low, than im going to contact a lawyer thru my job i have on-call for a free consiltation and see what he says.

Its not even so much the $450 im mad about, its the $6,500 i will loose in tax money b/c of this scam (if it is) and the fact that he, and any others, running the same scam, could possibly be having a DRASTIC effect on the home prices. (no sellers will willingly sell for a huge loss, no buyers can get approved to buy specific houses)

also, according to the home inspector, there was a recent law past that, and i quote, "makes it illegal for owners to sell a house above the most recently appraised value", which, IMO, can ONLY be b/s!

[TheRX7Project]

Damn Dan that blows... I know you were really looking forward to buying that house. And you were getting one hell of a deal. Hopefully this all works out for you.

[PureSound15]

The appraisal will have nothing to do with lender, other than who the lender chooses - but it's against the law for the lender to have contact with the appraiser other than having the order placed. That's followed closer than you'd believe.

I'm still surprised how many of you guys have problems with lenders? I manage the service and speed of our mortgage program and rarely have a complaint that warrants a phone call. It sucks - I definitely wish I could help you out.

The only thing I'd recommend is going over their head.

[ND4SPD]

Actually, i didnt recieve a copy of anything yet. im going to call about this Monday. i heard 'the news' from my so-called agent. this makes me particularly suspicous.



yea we'll see. im not about to spend $1k on a lawyer, to possibly get my $450 back, but that was my original thought as well, about the scam.



i was trying to buy a slightly turd like property to polish (needs exterior stuff, insides pretty mint, and lots of new stuff like furnas' ect.)

im glad i made this post. A few people here came up with some stuff i never would have thought of (comparasins uncompareable, no paperwork showing me anything yet)

Im going to call Monday, and see what comes up. If its anything good, I'll update but im not getting my hopes up again

LOL sounds like you're looking for my house... new furnace/central air, plumbing (PEX), newer appliances, nice 2 car detached (heated) garage... only thing is, needs foundation work but we can maybe split that eh?