Arapahoe County just screwed us on our property value!!

[TinkerinWstuff]

^^Ditto.

Basically, buy something with as close to instant equity as you can get

Zach, you don't need as much to put down with really good credit. I was afraid I was going to have to put 20% down and it's looking like I won't have to do that in the end

You don't have to put 20% down. You just get to pay PMI insurance instead. A waste of around $75-$150/mo depending on home value.

[DFab]

All, please educate me a little since I'm planning on buying this summer.

From what I understand, values go up and down. So, even if you're now down 20k, wouldn't you expect it to spring back eventually? I thought it just kind of fluctuates based on the market. More foreclosures, lower values.

I'm trying to buy now since rates are low and it would be nice to lock in something good.

I know it sucks for some that have posted here, but how can someone like me take advantage of the current market?

IMO housing prices will continue to go down. There are a lot more foreclosures to come.

[salsashark]

don't do it

I'm not about to... However, I understan Dean's frustration while I take a monthly loss on my townhouse while others game the system and get rewarded for it.

[vort3xr6]

okay. Question. I just went to the mailbox and got mine. It says my home value changed -7300. Is that good? So I will pay less property taxes? My home was last appraised when I bought it last year, and it appraised well above the county estimate.

[Kim-n-Dean]

I'm not about to... However, I understan Dean's frustration while I take a monthly loss on my townhouse while others game the system and get rewarded for it.

That's what I told my bank, "only those who didn't pay their bills are being rewarded!! Since I want a reward, I'm going to stop paying my bills!!"

The problem is, there is no one to talk to. When I meet with someone at my bank, they're basically the dude handing you your burnt fries at a McDonald's drive thru. They stare at you like a deer in headlights, offering no suggestions or solutions!!!!!!

Those mother fuckers called me and offered to refinance!! I told them what the county said about my value. They told me no problem, then come back under what the county says, and won't re-fi!! Then, a week later, the county raises my property tax. Isn't there anything a person can do?!?!?!?!?!?!?

I think that I've proven that I'll pay my bills. How many people don't work for two years and still have a credit score over 700 and never been late on ANY bills?!? These mother fuckers make me want to burn the house down!!!!!!!!!!!!!!!!!!

[Connman]

How do you not work for 2 years and pay all your bills? Just curious. Do you want to work, or just choosing not to?

[PunyJuney]

okay. Question. I just went to the mailbox and got mine. It says my home value changed -7300. Is that good? So I will pay less property taxes? My home was last appraised when I bought it last year, and it appraised well above the county estimate.

Yes, that's good. You pay less in tax.

My Littleton townhouse numbers just came in from JeffCo $55k below what I paid for it, but that's still about $50k higher than I could get for it if I tried to sell it. So IMO I'm still paying too much property tax at tax time. What does property tax fund?...schools, do I have kids? NO. I don't begrudge helping to pay for schools are as they are supposedly raising an educated literate next generation. Lately that's questionable but we hope for the best.

We work & pay our bills AND pay taxes on the money our small business makes, AND THEN we pay taxes on the same money again when it's counted as income on our personal state and federal returns AND THEN hear they are raising our taxes because we've WORKED to make our own small business a success and may come in above their magical "wealthy" number in spite of start up costs and expenses over the years.

Could we refi? Probably... but trust me, you're far from alone when it comes to getting a raw deal Dean.
Maybe you could get a job at a bank and figure it out for all of us?

[DemonRider]

I'm in Adams got mine Today -6200.00 but that's been the going trend since I bought the damn thing. When i bought it it was @ 220,000 bought it for 175,000 - good, right??? HAHAHA noooooo, now I'm upside down ---- DAMN !!! but I'm just going with the punches

[ThorsTwin]

El Paso County,(Colo, Spgs.) hit me for $12,000 less as well. Good thing I bought during Uncle Obama's tax credit phase. I got $8500 for that.

[Graphite675]

El Paso County,(Colo, Spgs.) hit me for $12,000 less as well. Good thing I bought during Uncle Obama's tax credit phase. I got $8500 for that.

Yours went down $12K and mine went up $25K!
Properties in my neighborhood have been selling for less yet they say mine is worth $25K more then I paid for it 2 years ago. I'll sell it right this second if I could get that out of it! Unbelievable

There are still open lots in my neighborhood and I can build the exact same house for about $25K less then what they say mine is worth now. How did they come up with that number?

So would you buy my 2 year old house or build the exact same one for $25K less, brand new with warranty?

.

[CYCLE_MONKEY]

You all know my bitching about not being able to find work!! I'm out of money at the end of this month, too.

A couple weeks ago my bank calls and says they can save me over $1,000/month if I want to refinance. I'm like, "hell yeah! and tell them Arapahoe values my house at only $201,000." They tell me it's no problem because they don't use county assessments, so my house will come in higher. I needed a value of $220,000 to re-fi. A week later the bank calls me back and says my house is only worth $190,000 because of the foreclosures in my neighborhood and I can't re-fi.

I haven't worked in almost two years and have never missed or been late on ANY of our bills!! My bank tells us that we are "Top 100" customers because of our history with them. Both our credit scores are over 700 and those assholes are going to base my situation on the assholes that didn't pay their bills!! That's bull shit!!

I've met with several people from the mortgage dept., raising hell that this isn't right. They look up my value again and come back with an even lower $182,000. I tell them that if they are going to base my situation on people who don't pay their bills, then I'm going to become one as well.

Anyway, here's the point. My bank gives me paper work to go to the county and get my value reduced for my property taxes. I was going to go down today, but on Saturday, we got a letter from the county stating they raised my value to $213,100. They base this value on sales that took place in April of 2009, two years ago. I can appeal, but can't use any sales data past June 30, 2010.

How can they do this? Fucking thieves!! More proof that the government isn't doing shit to fix a damn thing!!

Ahhh fuck, sorry to hear it bro.

[Kim-n-Dean]

How do you not work for 2 years and pay all your bills? Just curious.

I design 10-20,000 sq. ft. homes and made retarded money for ten years, working for myself. The custom home market is completely gone right now.

Do you want to work, or just choosing not to?

You haven't seen my other posts crying about not being able to find work?

Could we refi? Probably... but trust me, you're far from alone when it comes to getting a raw deal Dean.

I totally realize I'm not alone. One of my neighbors is getting way more fucked than I am!!

Maybe you could get a job at a bank and figure it out for all of us?

I don't think I could run a bank better than I can measure a sink, but I would gladly give it a try!! I'd apply common sense and they'd all be fucked!!

[modette99]

You all know my bitching about not being able to find work!! I'm out of money at the end of this month, too.

A couple weeks ago my bank calls and says they can save me over $1,000/month if I want to refinance. I'm like, "hell yeah! and tell them Arapahoe values my house at only $201,000." They tell me it's no problem because they don't use county assessments, so my house will come in higher. I needed a value of $220,000 to re-fi. A week later the bank calls me back and says my house is only worth $190,000 because of the foreclosures in my neighborhood and I can't re-fi.

I haven't worked in almost two years and have never missed or been late on ANY of our bills!! My bank tells us that we are "Top 100" customers because of our history with them. Both our credit scores are over 700 and those assholes are going to base my situation on the assholes that didn't pay their bills!! That's bull shit!!

I've met with several people from the mortgage dept., raising hell that this isn't right. They look up my value again and come back with an even lower $182,000. I tell them that if they are going to base my situation on people who don't pay their bills, then I'm going to become one as well.

Anyway, here's the point. My bank gives me paper work to go to the county and get my value reduced for my property taxes. I was going to go down today, but on Saturday, we got a letter from the county stating they raised my value to $213,100. They base this value on sales that took place in April of 2009, two years ago. I can appeal, but can't use any sales data past June 30, 2010.

How can they do this? Fucking thieves!! More proof that the government isn't doing shit to fix a damn thing!!

Wow we just got a letter from the assessors and our property value went down and thus our taxes went down something like $200.

Yep, sorry but that is how the banks work...the lady that did ours (I was here when she walked around our house) told me she was not going to use foreclosures as it was not fair. I guess it depends who from the bank comes out to look at your home, I pointed out the tile work, new lights, new carpet, new bathroom and things I know OTHER homes do not have...she liked it all, plus liked that I updated the trim, new roof...so that might of helped too. Plus having a clean home I'm sure worked. I think it was two years ago we did ours and we were surprised when she came back only $3000 short then what we needed...we just had to pay the $3K to not have PMI.

[Connman]

I design 10-20,000 sq. ft. homes and made retarded money for ten years, working for myself. The custom home market is completely gone right now.
You haven't seen my other posts crying about not being able to find work?

No I haven't. It sounds like you're probably overqualified for the positions I have available. (12-13/hr)

[modette99]

I am so tired of having to work my ass off so I can prop up the dumb ass who bought a house they couldn't afford, then sucked out imaginary equity and now claim it's not their fault.

Yep tell me about it. Not only the people that bought the homes but the banks are to blame too.

When we moved here in fall of 2007 the market was just starting to go south. However I told the Realtor we wanted to look at $150K homes...so we did, did not like anything so I upped it to $250K homes...still could not find what we wanted so I upped it to $350K the Realtor was pissed I think. She was like "She why were we looking at $150K homes"...my answer to her "I'm new to the area and if I don't need to spend $350K then why would I".

So we found this place for like $299K. Wife calls the bank who was who we had to go with because her company had a deal with them for relocation. They would pay 2 points, and closing cost I think it was...so we have the bank on the phone and the girl is like hey you know you qualify for a $450K loan and we could probably get it to $500K for you. The banker girl was shocked when my wife told her, no all we want is a letter stating all we can afford is $289K and that was going to be our offer. The bank girl asked maybe 3-4 more time before ending the call asking if we were sure we did not want to borrow more. Oh and we never told the Realtor we could afford *in the banks eyes* $500K home.

We laughed about it, but to think people would trust their bank and say "oh okay you say I can afford $500K it must be true". We were like yeah we could afford that, but we be house poor, plus student loans, vehicle loans and we like to take vacations. Sorry but I rather have money to pay for those things...now that we don't have student loans, and my car is paid for we never want to go back to having more debt....and if we had to move tomorrow we would not up what we would spend on a home...this place is too big for 2 people...only way I would pay more is building a custom house on 10+ acres. thats the plan down the road.

So I don't just blame those people, although they should of looked at THEIR lives and realized no way could they afford a huge house payment. Kind of like people financing/leasing a $50K vehicle when they can only afford a $20K one. However unlike vehicles we tend to trust banks and banks seem to have brought this onto themselves....so I don't feel sorry for someone that CAN pay but they still walk away from their obligations, but I also don't feel sorry for the bank who lent someone they knew could not afford the home the money.

As far as our home value goes down, we don't plan to move so I could careless. The plan is to live here, probably raise children here...and then in 30 years think about building a place. In 30 years I'm sure the home values will be back up and over what we paid. I rather get back something then live in an apartment and get nothing. People move way too often for my taste, when the move is not even warranted...no reason to move a few blocks over, or within the same area...I guess I get that from my Grandparents.

[modette99]

All, please educate me a little since I'm planning on buying this summer.

From what I understand, values go up and down. So, even if you're now down 20k, wouldn't you expect it to spring back eventually? I thought it just kind of fluctuates based on the market. More foreclosures, lower values.

I'm trying to buy now since rates are low and it would be nice to lock in something good.

I know it sucks for some that have posted here, but how can someone like me take advantage of the current market?

Buy in an area that will always be good. Home values here in Monument are way down. Then again I think they were way overblown during the good times for the quality (lacking) of these homes in the Jackson Creek area. Either way, I think you can find some deals...and for example this area is a good area, safe, and ease to jump on I25 to go to Springs or Denver for work.

Research an area, look at foreclosures that need a little work and go from there. This is the time to buy real estate if you can.

The thing is, people are not down just $20k in a lot of cases they are down much much more. For example anyone that bought one of these homes around me during the good times paid $350K-$400K, If we sold today maybe $280K (probably get a better return mainly due to me putting $$$$ into the home to be better then the others in the area). No no, some of the older folk in the neighborhood that paid $380K and now have a $280K if that home....are down $100K or more. For those of us that are old or just don't plan to move who cares if we are down some...the days of buying a home for $300K, and selling it for $500K in a few years is over...expect to make long term gains, not short term get rich gains.

[modette99]

How do you not work for 2 years and pay all your bills? Just curious. Do you want to work, or just choosing not to?

I don't work and its been officially longer...LOL Then again I have a good wife, but my credit score is still 780 *shrug*

[Kim-n-Dean]

No I haven't. It sounds like you're probably overqualified for the positions I have available. (12-13/hr)

Whatchya got? I'll take anything!!

[modette99]

So would you buy my 2 year old house or build the exact same one for $25K less, brand new with warranty?

.

Builder warranties mean nothing, and if its built with quality products and people that KNOW what they are doing the warranty is really useless. I would rather have a house someone has been in, no waiting time to build...I don't call them custom homes when you pick it out of a book of 5-8 home plans...sorry CO people that is NOT custom.

Plus chances you did upgrades while living in it...like NEW hot water heater that is better then the builders one, new light fixtures instead of this CO builder fake brass ones.

So thats a mixed bag...if I saw improvements I might pay you MORE then what the new builder home is going for...so it might be worth $25K more as it might have new carpet and new kitchen and stuff....Just saying.

Not everyone wants or falls for the new builder home gimmick.

[dirkterrell]

but I also don't feel sorry for the bank who lent someone they knew could not afford the home the money.

Oh, it was much more insidious than that. The banks made crap loans, bundled them as AAA investment instruments, and then bet on their failing.

http://www.market-ticker.org/akcs-ww...lepost=2239509

http://www.market-ticker.org/akcs-ww...lepost=2139252

These jackasses have asset-stripped most of us naked. With the government's refusal to let them fail and, worse, give nothing more than a slap on the wrist to the big banks when they admit to doing illegal things, I honestly don't see anything but a total collapse coming.

People love to bitch about the oil companies but they actually make quite reasonable profits percentage-wise, and they actually produce a product. It's the bankers that are robbing us blind but the vast majority of us don't have a clue what's going on.

[Graphite675]

Builder warranties mean nothing, and if its built with quality products and people that KNOW what they are doing the warranty is really useless. Not everyone wants or falls for the new builder home gimmick.

I agree ...and disagree. Unless you are buying Million $ plus homes I don't think you are getting truely "custom". Mine was built by a fairly reputable builder and although probably not custom it does have a lot of nice upgrades compared to a cookie cutter house.

I have actually had to make use of the builder warenty several times and I'm glad it wasn't coming out of my pocket! They fixed the issues no questions ask, no hassle.

And as far as falling for a new home "gimmick" I think if you gave any female out there a choice of new or used house they are going to go new every time. (trust me, my wife won that battle )

.

[Connman]

Whatchya got? I'll take anything!!

Just your basic warehouse/distribution center - order picking positions. Although I do need someone accurate in a receiving position. I am looking for long-term employees though, not people who need a job until something better comes along.

Wholesale garden supplies - specializing in indoor growing/hydroponic equipment, lighting, grow media, and nutrients.

Very relaxed atmosphere, truly 'work' about 4 hrs a day. I constantly tell my guys that this will be the easiest job they'll ever have. Can't find anyone though! People either can't handle getting here on time, or are just plain lazy when they are here. You'd think in this market people would appreciate a job, but I guess there are some who just don't get it.

[Kim-n-Dean]

Just your basic warehouse/distribution center - order picking positions. Although I do need someone accurate in a receiving position. I am looking for long-term employees though, not people who need a job until something better comes along.

Wholesale garden supplies - specializing in indoor growing/hydroponic equipment, lighting, grow media, and nutrients.

Very relaxed atmosphere, truly 'work' about 4 hrs a day. I constantly tell my guys that this will be the easiest job they'll ever have. Can't find anyone though! People either can't handle getting here on time, or are just plain lazy when they are here. You'd think in this market people would appreciate a job, but I guess there are some who just don't get it.

The problem is you're competing with unemployment benefits. I've heard a lot of people say, "why work when I'm going to make the same as my unemployment?"

I would be on time and be an excellent employee, but yeah, if someone needs a custom home, I'm gone!!!!!!!! I can tell you that isn't going to happen for at least another two years, though!! My clients are hard-core Republicans and won't spend a dime while the Dem's are in office. That fucked up mentality is what put me out of work!

[Zach929rr]

garden supplies