You can ask for an appraisal review, but otherwise it will stand. Worse, if the appraisal was for a loan guaranteed by FHA, the appraisal will persist uncontested for 180 days for anyone trying to use FHA.
Generally, an appraisal review will analyze the appraisal and give an opinion of its following USPAP rules. The value will not change; however, the appraisal may be rendered unacceptable by the lender if the rules weren't followed. In that case a new appraisal would supplant the old one.
Ask your Realtor about having some appraisal review work done.... more
Homebuyer, (seller in this case),
The problem with using tax valuation is one thing: Did an appraiser ever come out to your house to do the tax appraisal? The answer is no. They use a system where they value everything virtually the same based off of their information.
Your real estate agent as well as the buyers agent should have printed out numerous comparible properties to provide to the appraiser. Did your agent or the buyer agent meet with the appraiser and give them this information?
If the foreclosures are in your neighborhood and are comparible to your property, then yes the appraiser has every right to use these homes. However, you said that your home has had multiple upgrades so I would then ask if either your agent or the buyers agent printed out the photographs of the sold foreclosures and provided those to the appraiser. Condition of the property is an important aspect of an appraisal.
You have every right to dispute the appraisal. Often what happens is they will go back to the appraiser and tell him that you are disputing the appraisal based on what ever reason you give. You (and your agent) have to provide these comps and pictures now to the bank with a detailed statement as to why you are disputing the appraisal, why you feel that the comps that the appraiser used were not appropriate for your home, and why these other comps that justify a higher price would be more appropriate. They then ask the appraiser to review the information and then give a second opinion.
A dispute can be resolved very quickly, or it can take a lot of time. If the appraiser stands by his original valuation, you might be out of luck, especially if this is an FHA loan.
Sorry for the bad luck, but tax value is almost ALWAYS incorrect anyways. I hope you were not using that as your basis for a selling price. Surely your agent pulled the comparibles for you, right?... more
Kim,
I agree with Bruce! You can get some really great information just by asking the neighbors. They live there, and they will help you guage your interest just in casual conversation. Additionally, YOU SHOULD USE A REALTOR when you buy new construction. Take your Realtor with you on the first appointment (or at a minimum give the builder your Realtor's information that day) so that the builder has a record of who is representing you from the start. The builder representative is looking out for the builder's best interests...not yours. Your Realtor will help you negotiate a better deal, and provide valuable advice throughout the entire process.
If you want to check out the builder on-line you may also want to visit their website at: http://dunhillhomes.com/about_dunhill.php
If you don't already have a Realtor, and you want a competent Realtor with integrity to assist you, please give me a call. We would love to help you find a new home!
Melissa Hailey
Coldwell Banker Jane Henry Realtors
North Texas Top Team, Realtors
214-418-0180
Melissa.Hailey@ColdwellBanker.com... more
I bought my current house well below the tax appraisal and it's pretty simple to have it lowered. State law says that they cannot value it on the tax rolls for more than it is realistically worth. Since you bought it for that and I"m assuming that it's been for sale for some time, all that you must do is file a protest with the county tax assessors office within 30 days of the purchase of the house. They should lower the valuation to what you paid for it. You will also want to be sure to file your homestead exemption, if you are able to do so, as this will also lower your property taxes.
That said, if you cannot afford the taxes at the current valuation, this may not be the house for you. As the market picks back up, the county will start re-valuing properties and your taxes will be back where they are now in fairly short order.... more
It has been a solid home selling Summer in Celina, TX. Currently, there are only 18 available properties in this master-planned, multi-builder development. Starting with resale homes built from 2004
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