Saturday, February 28, 2009

$100,000 Loss in Value?

I'm sorry, but I refuse to believe my primary residence (pictured) in the Forest Glen/Sauganash area of Northwest Chicago has dropped $100,000 in value since the purchase in September of 2007. Say it ain't so, Joe.

Cut me some slack, Jack. I sold it to myself. I did the comps. I know my market. Hell, I even talked my wife into it. So, wassup with the Bank Appraisal?

Just so you know, my Lender is a little reticent about allowing us to refinance right now. Something about reduced LTV (Loan to Value), a Declining Market, Back End ratios and other sundry real estate talkspeak. Oh yeah, and the fact that I'm a Realtor. Ironic huh? I'm having my best year since 2006 but hey, The Ministry has spoken. Okay, fine. I'll play along for... another 12 months.

But I'm going on record now to my current Mortgage Holder---and you may or may not know who you are: When this whole credit crunch blows's HASTA LA VISTA, BABY. (and I won't be back.) No way, Jose...

ps...enjoy the extra $50,000,000,000 you just received from our favorite uncle Sammy. All I received was a letter from you saying....ah, forgetaboutit!

Geno Petro

pictured: 'our house, is a very very very fine house...'

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