(Another?) SoCal to Huntsville seeker. Aerospace field.

[RocketDawg]

Originally Posted by FatTails

Most of the homes in Madison under 250k are selling to cash buyers with no contingencies. It's insane. Another issue I'm seeing is that buyers lucky enough to get their financed (conventional, FHA, USDA, VA) offer accepted are seeing the appraisals come in significantly under asking.

Aren't appraisals based in large part on selling prices of comparable homes in the area? When will appraisals catch up with the true market?

[FatTails]

Originally Posted by RocketDawg

Aren't appraisals based in large part on selling prices of comparable homes in the area? When will appraisals catch up with the true market?

The only bids that seem to win anymore are ones where the appraisal contingency is waived. Which means the buyer has to cough up cash for any difference between the contract price and the appraisal. Many buyers are even waiving the inspection contingency which is insane to me.

[johnsonkk]

Originally Posted by RocketDawg

No, it's not true, and especially not true in Huntsville.

I believe in another post you said you'd like a few acres. That'll be had to find in Madison County, but if you do find it, it'll be well away from wherever you work in the aerospace/defense field. I have a relative that lives in NE Madison County almost to the Tennessee line, and she worked on the Arsenal before she retired. The 25 or so mile trip would take over an hour during rush hour - not LA or San Diego bad, but longer than I'd want to drive to and from work each day. The main problem is too many people trying to use roads that weren't designed to such traffic loads. They're trying to improve roads, but with limited funds (especially in this part of the state) and time constraints, it's hard to keep up with the somewhat rapid growth in the area.

For NW Madison county, once hwy 53 became 4 lanes thru Harvest, there is no hour drive, even from Ardmore or Taft in Limestone county let alone NW Madison county. There are many bailout roads even when there is a rush hour wreck. The new industrial park by the existing Toyota plant, Aerodyne and Facebook is a lot closer than Redstone too. Pulaski will likely need to become another 4 lane expansion. The “long commutes” are for houses west of county line road that try taking hwy 72 into town.

DC drivers recall a true hour’s drive...

[dwhisent]

Originally Posted by FatTails

The only bids that seem to win anymore are ones where the appraisal contingency is waived. Which means the buyer has to cough up cash for any difference between the contract price and the appraisal. Many buyers are even waiving the inspection contingency which is insane to me.

Yeah, that's exactly what we had to do last July (I did not, however, waive the inspection). And that was for a house with an acre outside city limits in Limestone County. it was crazy, there were multiple offers, we actually had to wait for one family to finish looking at it before we could get in to look, only a couple of days after it went on the market. Our agent recommended to waive the appraisal contingency, and believes that is why we won. Coughing up the difference wasn't so bad, as it was less that we had to pay when we sold our current house and paid off the new one.

[Cruss575]

Originally Posted by HB2HSV

Larry's Pistol & Pawn in Madison located on State Hwy 20 off the Greenbrier exit on 565. Best deal in town.

Madison | Larry's Pistol and Pawn

I saw a billboard for Larry's recently and it had "1,000s of guns and millions of rounds". made a mental note to get to Larry's!

[GreggT]

Originally Posted by Cruss575

I saw a billboard for Larry's recently and it had "1,000s of guns and millions of rounds". made a mental note to get to Larry's!

Great place, has become a tourist attraction. It is worth stopping and just looking even if you are not in the market.