My house is worth WHAT?!

**sumas** · July-31-09, 10:07 AM

We also live in EEV. A $20,000 appraisal is nuts. Two years ago, we had 13 homes in foreclosure on our block alone. All sold for well over $20,000. Happy for us that all new owners have invested significant sums in home updates. Only one nutter in the bunch!

Our home, bought by my parents in 1965 was $18,000. Mom is still alive so taxes are very low compared to others. We have watched property values go up and down for decades. EEV has stayed a very stable and desirable community. 16 years ago our property was valued at 140k. Now it would probably come in at 60k. It is a modest but very well maintained colonial.

I agree with Lowell, take the assessment and get your taxes reduced. After all, new home buyers can take advantage of NEZ tax breaks. Capitalize on this accessment if you can.

Glad you are in for the long haul. I do assure you that your house will go way up once again in value with an improvement in the economy.

Always good to chat with a neighbor.

For those who don't know EEV. We have a tremendous community organization. We get better than average police response. Our streets get cleaned, the dead Ash trees were removed and replaced with new trees. Streets were recently repaved and we even have weekly curb side recycling. Low crime and great neighbors, young and old. Super diversity.

crawford · July-31-09, 10:33 AM

Originally Posted by sumas

We also live in EEV. A $20,000 appraisal is nuts. Two years ago, we had 13 homes in foreclosure on our block alone. All sold for well over $20,000.

Two years ago, the median home sale in Detroit was 3x what it is today.

A $20,000 appraisal sounds reasonable. It isn't 2007. Deal with reality.

**Novack** · July-31-09, 11:39 AM

Originally Posted by crawford

A $20,000 appraisal sounds reasonable. It isn't 2007. Deal with reality.

What is that?

This poor F$^&%& guy finds out that his house is worth 10 percent of what it was and probably owes something close to the same on the house. And you want to be glib about it. Let the guy bitch and maybe just maybe be a little supportive of his situation. Shit...I would burn the mother f@#$@%$ thing down and be giving you the bird from my moving van window. What kind of neighbors do we have in Detroit anyway?

sorry to hear that your place isn't worth what it was. I hope the market turns in the next few years and seeing you actually like living here, you can afford to wait it out.

**Chub** · July-31-09, 12:22 PM

Originally Posted by Novack

What is that?

This poor F$^&%& guy finds out that his house is worth 10 percent of what it was and probably owes something close to the same on the house. And you want to be glib about it. Let the guy bitch and maybe just maybe be a little supportive of his situation. Shit...I would burn the mother f@#$@%$ thing down and be giving you the bird from my moving van window. What kind of neighbors do we have in Detroit anyway?

sorry to hear that your place isn't worth what it was. I hope the market turns in the next few years and seeing you actually like living here, you can afford to wait it out.

It is what it is. I sold my house on Atkinson St. for $89,000.00 in 2007. It's now available for $9,000.00. This is reality. I'm sorry.

**n7hn** · July-31-09, 01:37 PM

A house in warrendale/rosedale park border i used to live in sold for $160,000 in 2007, and then sold last october for 15,000.......... they tried flipping it for $40,000 and couldnt sell so took it off the market and its now a section 8 rental. Its tough out there

**iheartthed** · July-31-09, 02:25 PM

Originally Posted by n7hn

A house in warrendale/rosedale park border i used to live in sold for $160,000 in 2007, and then sold last october for 15,000.......... they tried flipping it for $40,000 and couldnt sell so took it off the market and its now a section 8 rental. Its tough out there

Warrendale doesn't border Rosedale Park...

**eastsidechris** · July-31-09, 02:49 PM

Thanks for all the responses, especially those from our EEV neighbors.
On the bright side, knock on wood, we're in a position where we could still make the payments if our payments go up in a couple of years. And, who knows, maybe they won't.

And please, if anyone does know a bank that will let me choose my own appraiser or not require me to pay an appraisal fee up front [[as part of the refi application process), please let me know! And don't suggest Chase, because that's who we're with right now.

For the meantime, I guess we'll stand pat for the time being, keep our credit scores high, and hope for the best. Oh, and try to get our taxes lowered with our appraisal [[although I won't hold my breath on that one!).

In the words of Detroit's city motto,"Speramus Meliora; Resurget Cineribus" [[We hope for better things; it shall arise from the ashes).

**n7hn** · July-31-09, 09:19 PM

Originally Posted by iheartthed

Warrendale doesn't border Rosedale Park...

well. I know alot of people debate where warrendale borders, myself I consider I was in neither. above rosedale park, below warrendale, joy and brace.

But my main point was the prices sold and unsold for, those Im sure of

Downtown diva · July-31-09, 05:39 PM

Originally Posted by Novack

What is that?

This poor F$^&%& guy finds out that his house is worth 10 percent of what it was and probably owes something close to the same on the house. And you want to be glib about it. Let the guy bitch and maybe just maybe be a little supportive of his situation. Shit...I would burn the mother f@#$@%$ thing down and be giving you the bird from my moving van window. What kind of neighbors do we have in Detroit anyway?

sorry to hear that your place isn't worth what it was. I hope the market turns in the next few years and seeing you actually like living here, you can afford to wait it out.

dont kill the messenger.

if nobody is willing to spend more than 20,000 for his house, then he should suck it up and live with it.

The assertion that he should burn it down, so the bank should lose even more is moronic and just plain wrong.

LodgeDodger · August-01-09, 08:52 PM

[quote=Novack;50256]What is that?

Shit...I would burn the mother f@#$@%$ thing down and be giving you the bird from my moving van window.[/quote]

That comment is shameful.

**Novack** · August-01-09, 10:59 PM

Ah Dodger

I think your taking my comment out of context. I was merely commenting on the quote I referenced
I'm not a big fan of the idea of telling someone "Deal with it." When it appeared they wanted to vent and maybe were looking for a little advice or a "Yeah that kinda sucks".

Rideron · August-02-09, 07:37 AM

You house is worth what someone will PAY.

I got $130,000 under what I paid in 2000 for my house in G.P. when I sold in October 2008. Am now in Richmond, VA; where they have jobs....

**Gistok** · October-25-09, 12:10 PM

Originally Posted by crawford

Two years ago, the median home sale in Detroit was 3x what it is today.

A $20,000 appraisal sounds reasonable. It isn't 2007. Deal with reality.

Crawford, if you can't post anything besides flippant one liners from your distant enclave of Long Island NY, why do you even bother posting here?

If you weren't so lazy in your quick comments, you might have simply said that right now the foreclosed properties have a depressed effect on the entire market, and until those properties have been sorted out and the market settles... lower prices are to be expected... period!

And for what it's worth... a non-distressed property next door to a relatives house in [[not as nice) Cornerstone Village next door to EEV just sold for $65,000.

Crawford I thought you were a real estate expert?? I guess not...