{"id":1905,"date":"2007-09-07T23:43:28","date_gmt":"2007-09-08T06:43:28","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=1905"},"modified":"2007-09-08T08:53:01","modified_gmt":"2007-09-08T15:53:01","slug":"i-want-my-half","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1905\/i-want-my-half\/","title":{"rendered":"I Want My Half"},"content":{"rendered":"

An email I received:<\/p>\n

Dear Russell;<\/em><\/p>\n

How many years have you been in Real Estate here in the valley? (I know it has been a long time)<\/em><\/p>\n

We were going to build a custom home for resale in Circle G Ranches Silvercreek, which is in Gilbert. We had a lot partner that owned the lot and would subordinate it to us to get the construction loan. When the project was completed and sold, all debts would be paid and the profits would be split 50\/50.<\/em><\/p>\n

The deal did not work out. The real estate market (as you are very aware) has softened. The lot she bought in March 2006 for $485,000.00 has now appraised for $430,000.00. The lot owner feels she has suffered a loss on the lot and wants us to split the $55,000.00 loss, yet she will keep the lot and in the future either sell the lot or build a home on it.<\/em><\/p>\n

What do you think? We think she hasn’t suffered a loss until the lot is sold and she officially suffers a loss.<\/em><\/p>\n

Thank you for your time.<\/em><\/p><\/blockquote>\n

\"half-half\"This is my 30th year in the real estate business. I started with John Hall & Associates early in the year in 1978. Now for the far more important question, has your lot investor suffered a real loss. It depends on how you look at it. Is the “loss” real to her? I think that answer is yes. Is it real to me? Not so much.<\/p>\n

Have prices dropped since March of 2006? Yes, absolutely. Is that lot now worth less? Maybe. But if we look at who appraisals are for we may get better insight on this issue. Appraisals are for the lender or necessary to show some other party the “true value”. They are not required by the buyer or seller. Oddly, issues like the buyer’s FICO score can be a factor in determining the appraisal amount – so – no disrespect to appraisers – but I’m not very interested in what an appraiser thinks the value is, unless that appraiser is going to buy it. There are various rules that appraisers must follow Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

An email I received: Dear Russell; How many years have you been in Real Estate here in the valley? (I know it has been a long time) We were going to build a custom home for resale in Circle G Ranches Silvercreek, which is in Gilbert. We had a lot partner that owned the lot […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,8,10],"tags":[],"class_list":{"0":"post-1905","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-ask-the-broker","7":"category-investment","8":"category-realty-reality","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1030,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1030\/podcast-dustin-luthers-real-estate-weblogging-seminar-part-i\/","url_meta":{"origin":1905,"position":0},"title":"Podcast: Dustin Luther’s Real Estate Weblogging Seminar Part I","author":"Greg Swann","date":"February 10, 2007","format":false,"excerpt":"This is the first of three podcasts of Dustin Luther's Real Estate Weblogging Seminar. The recordings for these podcasts were made by Rudy Bachraty of the Sellsius Real Estate Weblog. Dustin is best known as the founder of Rain City Guide. Dustin works as a technology evangelist for Move, Inc.\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1033,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1033\/podcast-dustin-luthers-real-estate-weblogging-seminar-part-ii\/","url_meta":{"origin":1905,"position":1},"title":"Podcast: Dustin Luther’s Real Estate Weblogging Seminar Part II","author":"Greg Swann","date":"February 11, 2007","format":false,"excerpt":"This is the second of three podcasts of Dustin Luther's Real Estate Weblogging Seminar. The recordings for these podcasts were made by Rudy Bachraty of the Sellsius Real Estate Weblog. 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I've owned both and\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":775,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/775\/see-the-pursuit-of-happyness-because-there-are-worse-fates-than-straight-commission-sales\/","url_meta":{"origin":1905,"position":5},"title":"See “The Pursuit of Happyness” — because there are worse fates than straight commission sales . . .","author":"Greg Swann","date":"December 17, 2006","format":false,"excerpt":"We see everything through the lens of real estate, including films and television programs. It's baked in the cake. Houses, always, and rooms and neighborhoods, and god help us if there's a real estate transaction in a movie or TV show. 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