Quote:
Originally Posted by Wigs
"when selling a house to get top dollar we've had to remove any traces of Black, African art, literature, photos, even family photos. Otherwise the home appraiser will undercut the value by a shocking percentage, even in White neighborhoods.
|
First of all, an appraisal for purposes of a refinance is a completely different thing than a buyer's bank appraising the home (have any of you actually bought/sold any homes?). I am also skeptical of this story because when I refinanced my first home there was no physical appraisal.
Second, a staged home sells for a much higher price and much faster than a home that is not staged.
What does staging mean? It means erasing nearly all signs of individuality. This means no pets, no religion, no family photos. Furniture and artwork that the seller doesn't own are brought in.
HGTV, etc., is full of flipping shows, where low-class homes have their pasts erased.
It is well known that the seller's family shouldn't physically be there when potential buyers tour the home.
Quote:
One time I even had my White friend pretend to be my husband's spouse for an open house"
|
I'm calling BS. Refer to my previous comment. What sort of seller (except, perhaps a FSBO, which is a big reason why FSBO is a bad idea) is physically at the house during an open house?
I have walked through many properties as a potential buyer and I've never seen an owner on the premises.
One time I recall a pet rabbit in a cage, which didn't bother me (yes, we were all thinking that the rabbit was allowed to run loose but we didn't smell anything), but I've also never seen any pets*.
*edit - I recall walking into a rented apartment unit with a realtor and a cat raced out. I attempted to get the cat but he ran across the street and jumped a fence. I recall that the tenant had his place decorated with antique swords.
And for those of you who have actually bought a house, you know that the deal can fall through if your bank's appraiser does not agree that the home is worth as much as the agreed-to price.
As an example, I bought my first house from a relative. He bought it for $100,000 and agreed to sell it to me for $150,000, after having put roughly $50,000 in work into it (new roof, new kitchen, new concrete patio/steps, rewired, insulated, etc.). I applied for the mortgage and got it ($25k down + $125k loan) but then the bank appraised the house at $125k. He then agreed to sell me the house for $125,000 but then I had to pay him $25,000 over four years, which I did. The deal kind of sucked for both of us - him because he didn't get paid quickly for the improved value and me because I could have bought another house with the hard money I ended up paying him.