Replies

Lockjaw,

What do you think is diametrically opposed? The fact that I say that Appraisals don't set value? Certainly nothing I said countered that... or is it the fact that you can't believe I can buy a property far below its appraised cost and then turn around and sell it for more than appraised cost?

I suppose you think because I paid 40% of appraisal that the value of the property is 40% of appraisal... well I suppose technically you could argue it is, as that is what the transaction was for... but you think the buyer I sell it to will pay 40% of appraised price? Hell no.

Its a concept called instant equity, I'm sorry if you can't grasp the fact that you can buy a commodity for less than another is willing to pay for it.

To that seller on that day, that property was only worth 40% of the appraised value... because that's what he took for it, does that mean I am going to sell it for that? No. The minute the property changed hands its value position changed... why? Simple, he needed it sold and would sell for 40% for whatever reason... once the deed changes hands however, I am now the owner, and it won't be leaving my hands for that price.

Just because that seller couldn't sell it for say 100k, and took 40k, doesn't mean I won't find a buyer for 100 or even 110k, or maybe I feel like being nice and let it go for 90k. And my sale price won't have squat to do with an appraisal value either, just like my purchase price didn't.

If you can't keep up, I can suggest some very well written books on the topic.

You specifically said, "Your using myth to make argument. Assessments have nothing to do with home values. Assessments like appraisals are just what someone subjectively believes a property would sell for. The only thing that determines the true value of a property is when it sells, everything else is pure conjecture." Now you're saying that you can buy houses below the true value of the property and you're using appraisals to gauge that true value. In other words, that means that the selling price DOES NOT determine the true value of the property. Thus you contradicted yourself. And I'm having no trouble at all keeping up, thank you.

Now I don't buy and sell property, but I do trade equities in the stock market. I typically buy stocks when they're ten or more percent undervalued and sell when they become overvalued. It's the same exact principle. I know exactly what you're talking about concerning valuations, but you, for the sake of argument, tried to bullshit your way around your previous statements that all smokers' houses are less valuable than non-smokers' houses, and you're pretty god damned arrogant about it.

Again, and for as long as it takes, you keep saying it's about the condition of the house. I fully agree with you. That also means it's not about whether the former occupants were smokers or non-smokers, but how well they maintained the house.