Home Selling in Xenia>Question Details

Dalykasathome, Home Owner in New York, NY

How can a bank get away with inflating the price of a home to meet appraisal?

Asked by Dalykasathome, New York, NY Fri Jun 8, 2012

My home was purchased in 2004 and refinanced twice since then all of the appraisals have been over 109,500 that I paid. The city reduced the value of the home by 10,000 dollars and most estimates of value are between 66,000 and 90,000 but most are at the lower end. How can I get rid of a house that is almost price 30,000 over the appraised cost?

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2
Ron Thomas’ answer
This is acomplex question:
The CITY does not do APPRAISALS, they do ASSESSMENTS, and they do not reflect the Market Value of a house.
"Estimates" do not count in the Market Value of a House.
Why would the Bank do an APPRAISAL recently?

You are working with a lot of NONSENSE numbers, and relying on them.

If you want to sell your house; have a Realtor do a good CMA, (Comparative Market Analysis) to determine the true Market Value, and ignore these other "estimates".

Good luck and may God bless
0 votes Thank Flag Link Fri Jun 8, 2012
depending on when you refinanced your home, I'm thinking before the crash, banks could pretty much do what they wanted on a refinance and as long as it was not way out of market value. That is one reason why so many folks are under water with their homes today. The other is some bought their home just before the down turn and are now under water that way also.
But remember this, what the city values the property at has nothing to do with market value. If you are concerned about your homes value, call the realtor that sold you the home and have him do a market study of the area. You may not be as bad off as you think.
Good Luck,
Duane Johnston,
Howard Hanna Real Estate
0 votes Thank Flag Link Fri Jun 8, 2012
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