I had a friend in Real-Estate who sold me her house way above the market value...I trusted her so much. She was the "owner" "selling agent" and represented me as well "Buyers Agent"
They (Husband & wife) overvalued the house and I became the idiot who bought it. Long after goin' thru some papers I found out I had been forked out around 25k....I am stressing over this, how can I get over it?
2007-06-26 06:29:00 · 5 answers · asked by MrPlankton 2 in Business & Finance ➔ Renting & Real Estate
I know it is easier said than done, but stop thinking about it. Running it through your head and feeling duped is not going to change anything. Just move forward, think about all the fun things you can do with your home and don't worry about how much it cost you (save that for when you want to sell).
Oh and I guess that 'friend' was not really a friend. I wouldn't bother with them ever again.
Congratulations on your new home!
2007-06-26 06:48:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Depending on the area of the country and the local markets therein, folks have felt "depreciation" of up to 10% in the last 12 months, so your situation might not have been deliberately calculated by your friend. It might (or might not) have been very unfortunate timing.
If you financed the home, there would have been an independent appraisal done by a licensed appraiser who is bound by law and ethics to furnish the current market value for the lender (or there could be loan fraud involved).
Assuming there was some sort of conspiracy, you could have a beef with the appraisal company as well. If your friend is a real estate licensee, and you can prove that she "frauded" you, take it up with the real estate division in your state or the local board of REALTORS (assuming she is member).
I feel for your situation as I own an investment property that is now worth $25-$30k less than when I purchased. I will be riding out this market and selling in a few years. Good luck in finding peace with your dilemma.
2007-06-26 13:44:29 · answer #2 · answered by R.E. Advice 3 · 0⤊ 0⤋
Well, short of a bottle of Jack Daniels Best, all you can do is swallow deeply and move on with life. Did you NOT get an appraisal for value as part of your financing ? Or did you have such a substantial downpayment that it didn't matter ?
Bear in mind that current market values in real estate have taken a decrease. Did you pay market value at the time, and are now discovering that the property is worth less than it was when you bought it ?
2007-06-26 13:39:39 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Go buy "The Secret" dvd and watch it over and over and over.
What you focus on is what you create.
Forget about it and move on.
Understand anyone who bought homes in 2005 OVERPAID! No matter if you bought it from your friend or anyone else.
Real Estate runs in cycles.
You just happen to buy right at the top of the cycle.
Is it worth getting stressed out and possibly ruining your health for a mere 25,000???
I doubt it.
Hope this helps.
Terry Smith
2007-06-26 16:22:33 · answer #4 · answered by Terry S 5 · 0⤊ 0⤋
Always buy house you can afford. that way, even if you bought a over-valued house, over time, the house will apprieciate.
2007-06-26 13:41:59 · answer #5 · answered by yuzi1000 1 · 0⤊ 0⤋