Monday, April 21, 2014

They be throwing up road blocks left and right.

My last nerve is on my last nerve.

You know I've been on this mad tear to get my rental appraised so I can get PMI off. The bank is trying to make me go away because I only refi'd 12 months ago. I completed it in April 2013. And hold your breath for this.....the bank is requiring 30% equity to remove PMI.

This is an usual number. The normal requirement is 20%. If you put 20% down on a house - no PMI. A house you do not live in triggers a 25% equity requirement. And a house that you apparently only refinanced 12 months ago requires 30%. Got it? I'm askin' because the rest of this should scare the shit out of you.

I think if things don't flip tomorrow I might make it. And even then, people are so clueless I still might make it. Sales are down, but prices are up. Those two things don't make sense.

So, I call the bank today and tell them I want an appraisal. Which by the way I pay for. They clearly were not going to let me get one without a fight. So I had to pull out a technicality.

When they refi'd me they didn't send an appraiser to the rental. They took a verbal appraisal from me. I'm sure because this whole renter thing would have come to a head much sooner if I had an appraiser out. Just on the off chance you might think that I forgot about a really stressful event like an house appraisal.

Here's the kicker though. They actually charged me for one. I'm sure at the time I thought it was bullshit but just didn't care. Now though, I'm forcing them to produce the appraisal report. I get to wait 30 days for them to try and produce a report that I'm positive doesn't exist. All the while hoping that prices hold.

None of this is gloating, because I'm pretty freaked out about the real estate market right now. My rental has gone up probably 50% in a little over a year. That place was underwater by a great deal up until around Jan of 2013. Then prices steadily started to rise. A house on the block over from the rental just went in 13 days. That is height of the bubble selling time.

The thing is - nobody seems to be bitchin' all that much about that kind of a price rise. I'm sure it can't last. Although in an environment where the government prints endless money - you can't be sure of what you are sure about.

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