Sunday, May 19, 2013

Looking for a Home

I'm not sure if I documented here, but the last home I wanted to buy fell through.  The lender (Wells Fargo) decided after the VA refused to adjust the appeal that the property was suddenly too risky and backed out, leaving me in a pickle.  How they suddenly noticed sixty two days into the loan that the property was near a commercial zone I don't know, but then again I'm not busy wrecking the US economy.

The VA was no help, with the appraiser admitting that he had no clue how to appraise the property correctly and then low balling me by $12.5 on the appraised price.  When I appealed that and wrote to McCain's office for help, pointing out the various errors and descrepancies between the report and reality (mainly missing a lot of stuff on the property), I got silence until the refusal to adjust.  The VA claims that its just looking to 'protect veterans' but after five minutes on the internet it looks like the VA just doens't want to back loans because fuck if I know.

The housing market in Phoenix is blowing up as well while rich foreigners, mainly Canucks, are buying houses for cash as an investment.  Detailed on Naked Capitalism, it points out how the original high price for rentals was a function of scarce supply, and the mass amount of rentals are just going ruin the reason people are getting into the market. Meanwhile, if you're looking for a place to live with a traditional mortgage (or if you're a masochist, a VA home loan), you're shit out of luck.

Thankfully, I'm in something of a specialized market since I'm looing for a farmlet with some land, and right now the hot commodities are 3 bd 2 bath houses in the Valley.  The only issue is the VA sending out a wacko appraiser and deciding that the property we like (gorgeous, btw) is only worth like 100K or something.  I don't want to get excited because while there is so much potential there, shit has happened in the past as I well know and all I need to do is get my hopes up only for them to come crashing back down to earth.

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