MrMeanGreen Posted February 22, 2006 Report Share Posted February 22, 2006 Stole this from a post on COFBA. It's a site kinda estimates your house, charts the gains/losses of your property value, pictures and info, etc. Not too bad for a ballpark figure, but it widely varies and I dunno where they pull their info from. http://www.zillow.com/ Says mine is $126,500, bought it for $129,900 a year ago, Reynoldsburg says $139,500 for tax purposes. Whatever that's worth. Greg Powers, opinions? Quote Link to comment Share on other sites More sharing options...
Casper Posted February 22, 2006 Report Share Posted February 22, 2006 I heard about this on NPR. It is worthless. The estimates are usually several years old. The website is more for commercials and advertising than it is for actual use. Please, nobody use this website. Its a total fucking scam. Quote Link to comment Share on other sites More sharing options...
Buck531 Posted February 22, 2006 Report Share Posted February 22, 2006 I just had mine appraised at $125k in Octoberish of 05. It's saying it's worth 128k now. Not bad. Pretty damn close. What I like about it, I can see how much my neighbors houses are going for . Quote Link to comment Share on other sites More sharing options...
McGraw Posted February 22, 2006 Report Share Posted February 22, 2006 Heh my parents just recently put up a house in Haaf Farms in Pickerington. It rates their house at $55,000. And the houses next door to it at $404,000. But the parents have the largest house with the most land (3.5 acres) and the only brick home for what all that is worth. I'd say the house is maybe to new? But it's been up for a few years now. (first house there) So take that all for what it's worth. Quote Link to comment Share on other sites More sharing options...
SpaceGhost Posted February 22, 2006 Report Share Posted February 22, 2006 It says our house is 144K, we paid 142k with no down payment in 2002, we owe only 136K I wish it was real we could sell for 150k and maybe make 10K and put that on a new build..... Quote Link to comment Share on other sites More sharing options...
thorne Posted February 22, 2006 Report Share Posted February 22, 2006 I like the frankling county auditor site. Phone number unlised no problem if they own a house Quote Link to comment Share on other sites More sharing options...
99ta Posted February 22, 2006 Report Share Posted February 22, 2006 umm.....I think its a little off. It says my house is worth $31,000. I just had it appraised a few weeks ago for 120. oh well. Quote Link to comment Share on other sites More sharing options...
Buck531 Posted February 22, 2006 Report Share Posted February 22, 2006 You sure you don't live in a cardboard box? . Quote Link to comment Share on other sites More sharing options...
smokin5s Posted February 22, 2006 Report Share Posted February 22, 2006 ya, it's wrong, I just had my house appraised and it's saying 30k less than my appraisal value and it's saying that it's about the same less than what it cost to build 5 years ago. On 2nd look, it shows the wrong house… I also looked up my parents, same thing… wrong house. Quote Link to comment Share on other sites More sharing options...
Wease Posted February 22, 2006 Report Share Posted February 22, 2006 Yeah, as I said on COFBA, it was pretty close for my last house, $112K. But my current house it has at $66K, but it's worth closer to $225K... Quote Link to comment Share on other sites More sharing options...
Guest powers Posted February 22, 2006 Report Share Posted February 22, 2006 Well Howard sent me this link yesterday and after a few searched I realized the data base they are using is pretty poor. If you are looking for tax information the auditor’s site is the way to go. You can find a directory of all the counties in Ohio at http://www.caao.org. It will be very hard for a web site to give market value for a home. The auditor’s site is not accurate for market value at all. I have used the calculator on ditech.com before and it gives a much broader range which is the only way to do it IMO. The interior condition plays such an important role on a home. There is much better databases use for electronic value evaluations. Often time when we have an appraisal done the lender buying the loan from us double checks the appraisal first thing. They will run an AVM [automated value model] and make sure the appraisal we submitted is within an acceptable percentage. A number I hear from alot of the inside people at the buying lenders is 10% which means I could have an appraisal in my hands for 200,000 and their AVM could come in at 185,000 and it be acceptable. Here is a good example. I did a loan for a guy here in Columbus about 6 months ago. The lender wanted their "own" appraiser to go see the house. Ok house comes back at 120K. The borrower has had a major expense come up and needs to refi. Well since 90 days has passed the appraisal is no longer good. We sent out a very trusted appraiser last week and the same house with a few improvements just appraised for 111,000. That is a pretty decent difference for the price of the home. Just goes to show that things can change alot in 6 months, up or down. If you live in a neighborhood with foreclosures you will be very pissed to find out what happens to YOUR market value. It drops like a rock. Eventually the area will calm down as it gets older and you get more established buyers in there. This is very common in new subdivisions. The builder fails to tell you about how resale is going to blow, and how they are overpriced for the market. So value is a very tricky thing to determine. You could hand me an appraisal of you home and I can tell you within 60 seconds if the value is inflated. So you just get used to what a good and accurate appraisal looks like. If you guys use that ditech appraisal link you will see what the most your home could sell for is and the bottom is it needs repair. The central Ohio market is fickle. Most people want a home in top condition because of all the new construction we have here. They are used to that and have come to expect it. Quote Link to comment Share on other sites More sharing options...
Rotarded1647545491 Posted February 22, 2006 Report Share Posted February 22, 2006 If you live in a neighborhood with foreclosures you will be very pissed to find out what happens to YOUR market value. It drops like a rock. Eventually the area will calm down as it gets older and you get more established buyers in there. This is very common in new subdivisions. The builder fails to tell you about how resale is going to blow, and how they are overpriced for the market. I know I speak for the residents of Galloway Ridge, such as Chris Green and myself, when I state: FUCK YOU DOMINION HOMES! Thanks for the predatory lending and balloon payments causing 110 foreclosures in our subdivision alone! Quote Link to comment Share on other sites More sharing options...
excell Posted February 22, 2006 Report Share Posted February 22, 2006 Heh. That's all I can really say. Quote Link to comment Share on other sites More sharing options...
Guest powers Posted February 22, 2006 Report Share Posted February 22, 2006 Thanks for the predatory lending and balloon payments causing 110 foreclosures in our subdivision alone! The lowest payment is not always the best payment. When people figure this out I will be a rich man. Until then I continue to tell people I will not put them in the loans that dominion and MI will. Quote Link to comment Share on other sites More sharing options...
Buck531 Posted February 22, 2006 Report Share Posted February 22, 2006 I know I speak for the residents of Galloway Ridge, such as Chris Green and myself, when I state: FUCK YOU DOMINION HOMES! Thanks for the predatory lending and balloon payments causing 110 foreclosures in our subdivision alone! Yeah. I just read in the Dispatch today about the two people who are suing Dominion. They were saying that (I think) 1 out of the 25ish homes that were sold in 05, only ONE had a profit.. and that was 23k. A lot of the other homes lost a shitload. sucks . Quote Link to comment Share on other sites More sharing options...
Casper Posted February 22, 2006 Report Share Posted February 22, 2006 So, what if those foreclosed houses were to be burned down and become vacant lots? Values go back up right? **For the record, I'm not saying I'm going to do this. I'm just saying I could see it happening. Quote Link to comment Share on other sites More sharing options...
Guest powers Posted February 22, 2006 Report Share Posted February 22, 2006 So, what if those foreclosed houses were to be burned down and become vacant lots? Values go back up right? **For the record, I'm not saying I'm going to do this. I'm just saying I could see it happening. That would not work. You just have to wait for the prices to stabalize. But most if the time the builder has sold the properties above what the market supports. So it takes a while to catch up. Quote Link to comment Share on other sites More sharing options...
Mark1647545493 Posted February 22, 2006 Report Share Posted February 22, 2006 I know I speak for the residents of Galloway Ridge, such as Chris Green and myself, when I state: FUCK YOU DOMINION HOMES! Thanks for the predatory lending and balloon payments causing 110 foreclosures in our subdivision alone! My soon to be brother-in-law (Cliff Rece) is the one that started the law suit against Dominion. Here's the article that was in the dispatch. based builder on behalf of all customers who bought houses with down-payment gifts and interest-rate subsidies. The homeowners, who live in Galloway Ridge and the Village at Galloway Ridge on the Far West Side, claim they were victims of fraud because the incentives were added into the cost of their houses without their knowledge. "The effect of the scheme employed by Dominion Homes is to sell homes to unsuspecting consumers worth far less than the amount financed and less than the amount of the appraisal," says the class-action suit filed in Franklin County Common Pleas Court. Thousands of Dominion homeowners in Central Ohio could be affected. Dominion executives have not yet received a copy of the lawsuit. "I'm going to have to read it before I can comment," Dominion vice president Thomas L. Hart said. Homeowners Clifford and Shannon Rece, of Galloway Ridge, and Christopher and Amanda Endl, of the neighboring Village at Galloway Ridge, said in the lawsuit that they are victims of predatory lending. Also named in the lawsuit are Dominion's appraisal company, Valuation Resources, and charitable organizations including the Nehemiah Corp. of America, a California-based nonprofit that provides down-payment "gifts." Dominion then reimbursed Nehemiah for the gifts and paid a service fee. The homeowners are seeking at least $25,000 in damages, attorney fees and a court order prohibiting Dominion from, among other things, offering down-payment gifts and interest-rate subsidies. It is the first civil action filed by customers against Dominion Homes since its business practices have come under scrutiny by the Ohio Attorney General's Office and the U.S. Department of Housing and Urban Development. Quote Link to comment Share on other sites More sharing options...
iwishiwascool Posted February 22, 2006 Report Share Posted February 22, 2006 ... and this is why Brian is doing my home loan. Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted February 22, 2006 Report Share Posted February 22, 2006 and this is why Brian is doing my home loan. So because Greg gives good information as to why these home builder loans are bad, and the reason these property value estimates are off, you are going with someone else to do your financing? That makes sense. Quote Link to comment Share on other sites More sharing options...
Guest Luetic Posted February 23, 2006 Report Share Posted February 23, 2006 that site is wayyyyyyyyyyyyyyyyyyy out of date. Holy crap. My house value is off by,,,well, lets just say a ton. Quote Link to comment Share on other sites More sharing options...
Guest powers Posted February 23, 2006 Report Share Posted February 23, 2006 and this is why Brian is doing my home loan. who is Brian? Quote Link to comment Share on other sites More sharing options...
iwishiwascool Posted February 24, 2006 Report Share Posted February 24, 2006 HA I called you the wrong name... I am smart. Fixed... and this is why Greg is doing my home loan. I had a friend named Brian Powers in high school. So it goes. Quote Link to comment Share on other sites More sharing options...
Guest powers Posted February 24, 2006 Report Share Posted February 24, 2006 I was hoping that was the situation. I was like who the hell is Brian? Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted February 24, 2006 Report Share Posted February 24, 2006 W/my parents casa, its about $25K short of the Franklin County Auditor value, and considering its a brand fucking new neighborhood it's way off. Also, it doesn't have about 20 houses that have gone up in the last 3 years around me. That said, I'm gonna have a looksie over at Kitzmiller and see what our old friend Wexner's house is supposedly "realistically" worth (even though its supposed to be $47mil for it all) Quote Link to comment Share on other sites More sharing options...
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