Appraisers Pushed to Inflate Home Values

Newhouse News ^ | 06-26-03

[Lancey Howard]

Sorry, but those people deserved to be screwed if they were that stupid. Even after their three day right of rescission and plenty of time to figure out what they were getting themselves into they gladly grabbed the check.

[Chancellor Palpatine]

I gotta say, I've never seen such blatant stupidity in all my days - and look at that as a very expensive lesson.

[Cacique]

ping

[firebrand]

Is it true that Bloomberg has ordered housing appraisals in NYC to go up 20%? (Slightly off-topic, but I just heard this tonight. One of his many hidden "taxes.")

[Cacique]

Whether he ordered them or not I do not know. I just got my RE taxes bill and I got a whopping increase. Funny they should have mailed them out this week as taxes are due on July 1. I know for certain and absolutely that my house has been valuated way above the inflated market value.

Real estate taxes should be a big boon to republicans. unfortunately most people are renters and not homeowners and that always favors democrats.

[nutmeg]

I just got my RE taxes bill and I got a whopping increase.

Same here :-(

Thanks for the ping on this thread.

[Snidely Whiplash]

When you've failed at all else, when you're minutes away from putting a gun into your mouth, try selling real estate. You'll get rich.

Well, this alone proves you're full of $hit. Most realtors don't make jack selling houses...the *average* real estate agent, according to the industry, sells 10-12 houses a year. At an median sales price of $161,500, that means the agent himself is maybe making at best $50-60K a year. The median annual income for a real estate agent is about $27K. That means half of all agents make more, half make less. The middle 50% earned between about $17K and $45K. Hardly "retire at 40" territory.

Lots of real estate types do it part time, so they aren't getting rich. Lots of agents suck at the job, so they aren't getting rich. TONS drop out of the profession after a coupla years, so they sure as hell aren't getting rich. Some are dishonest, unquestionably - many more are incompetent, which is just as bad when you're dealing with large financial transactions. Agents generally work for the buyer only. If you're buying a home and are uncomfortable with the process or paperwork, hire an agent to represent yourownself - that way, they're not only ethically, but legally bound to protect your interests.

The profession ranks just slightly above lawyers in the despicibility category.

Just because you got burned by some jerk doesn't mean that RE agents are all bad. Lots of ethical real estate salespeople out there. Best way to find an agent is the same way as finding a good carpenter or doctor - word of mouth. Ask your friends, relatives, co-workers. Believe me, real RE professionals thrive on word-of-mouth referrals from previous clients and customers.

Snidely