House Appraisal.. Sucks

Discussion in 'General Discussion' started by Lumpy 1, Dec 31, 2009.

  1. Lumpy 1
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    Lumpy 1 Diamond Member Supporting Member

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    My wife and I have been considering moving out of California for sometime now and moving north. So we wanted to start the new year knowing how much our house was worth.

    Well we got the appraisal and damn, it comes out almost exactly the same as what we owe, if you add in closing costs damn, damn. To add to that with all these foreclosures on the market and pending they expect home values to drop even more. The general feel is that homes wont start appreciating for a good 5 years. You know this really sucks and we still intend to move. Ah decisions, decisions...:eusa_doh:
     
  2. Mr. H.
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    Mr. H. Diamond Member

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    Can you rent it out? You could depreciate the property and write off any repairs/improvements while still deducting the mortgage interest on your tax return.
     
  3. strollingbones
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    strollingbones Diamond Member

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    if they rent it out they lose out on the 2 yr primary residence tax thing.....

    i dont think i would sell at todays prices...esp in location you are in....plus an apprasial is not normally the sale value..did you have comps done...seems like that would be a hard area to do comps in
     
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  4. Ringel05
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    Ringel05 Diamond Member

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    Call Arson Inc.
    Professional torch jobs. We handle all insurance claims.
    Have match will travel.
     
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  5. Lumpy 1
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    Lumpy 1 Diamond Member Supporting Member

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    I've spent some time calling around to loan and real estate brokers in the area that I know and checking on line, the appraisal is pretty well spot on, maybe even a tad high. Their saying walk away but my responsible side says no... at the moment.
     
  6. goldcatt
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    goldcatt Catch me if you can! Supporting Member

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    The proceeds are exempt from capital gains if the home has been your primary residence for 2 of the last 5 years, which allows for up to three years of renting it out and waiting for the rebound before a 1099 would be issued at sale.

    I don't know about any CA tax consequences, but it would be worth looking into.
     
  7. Zander
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    Zander Platinum Member

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    why not pay down the mortgage over the next few yrs? Increasing your payments by a few hundred a month can have a huge effect over 5 years.
     
  8. Xenophon
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    Xenophon Gone and forgotten

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    Loser.
     
  9. Zona
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    Zona A guy in ariZONA

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    True, but then they have to deal with property managers, pool guys, tree guys blah blah. There is no price on worrying about the tenants in the home either.

    I did this for two years and I am glad I bought the house when I did, but what a headache.


    In his scenario though, I agree, renting is the way to go. In a few years when that house goes back up, it will rise quickly.
     
  10. Lumpy 1
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    Lumpy 1 Diamond Member Supporting Member

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    Yup
     
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