Oh well, no house yet. Someone outbid us and of course didn't require an appraisal so they had a much more attractive bid. Around here this "no appraisal required" is rather crazy. Everyone bought these crappy little places 5 years ago for around $180k. NOW, all those crappy little places are selling for $400k. So, they have $220k of equity that they get to go use as a downpayment.
These are people who make HALF of what I make. BUT with $220k in their pocket they bid on the same houses I am bidding on, WITHOUT an appraisal needed because even the tax assessment is higher than the mortgage they'll need.
It is all my fault, I know this. I was an UTTER FOOL for not buying in the summer of '99 when I was looking. I could have bought that $180k townhouse and sold it right now for $480k and had $300k in equity to go play with. Had I done that, I'd be looking at $875k homes which those SMARTER people who bought a few years back would have no hope of qualifying for. Oh well, I'm a frickin' idiot. Serves me right. :(