Margali's Griffin Wood Ranch

[Margali]

I don't understand real estate... I am purchasing a manufactured home with list price $89k and paying $10k down. The "Valuation Report" from the lender says the home is worth $120,300. So did I just gain equity by buying it? Or is it funny money so ignore it?

 

[Alaskan]

I don't understand real estate... I am purchasing a manufactured home with list price $89k and paying $10k down. The "Valuation Report" from the lender says the home is worth $120,300. So did I just gain equity by buying it? Or is it funny money so ignore it?

Stuff like that I don't understand at all.

I would ask though... if they value it higher than the replacement cost... are you then paying too much on insurance.

 

[Baymule]

Just smile and act like you know what they are talking about. If the lender thinks it’s worth more than you paid for it, then THEY think if you default on the loan, the value is tipped in their favor.

Insurance is based on replacement cost.

 

[Margali]

Insurance is based on replacement cost.

I DID make sure it was replacement cost not "actual cash value" for the insurance.

 

[Baymule]

Smart. If you don’t have full replacement cost, you only get a percentage of the value. If you are underinsured, you get penalized for that. It’s all a racket to pay you as little as possible.

 

[Margali]

Look who lives on the property! Meep! Meep! And his nemesis lurks in the woods per neighbor.

 

[Alaskan]

Look who lives on the property! Meep! Meep! And his nemesis lurks in the woods per neighbor.View attachment 87153

Coolest birds

 

[Margali]

Week 2 Update
- Culvert installed
- Water install paid and meter location marked
- Electric install scoped and quoted
- Honey locust cleared out of trailer area
- Protected 2 trees near house with cattle panel at tree dripline
- Septic walkthru Monday afternoon
- HOME CLOSING MONDAY

It appears we have a family of roadrunners on property. One with a red breast and one without. I think we've identified the area of trees they are living in. We will leave brush intact there.

 

[Baymule]

Y'all are getting it done! I know you will be so glad to move in your new home on your new land.

 

[farmerjan]

So glad that things are progressing....Roadrunners are kinda neat/funny looking. Don't have any of them up here in Va.