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Additional D... |
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I'm buying/building a new home in austin tx and would like some input from ya!
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| We closed on our house yesterday and the previous owners have not packed and show no signs of moving out. We told them it would be $40 a day for every day that they stayed after we took ownership. We ... |
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 Is a landlord required to install phone jack? |
| I moved into a house that was remodeled. The house does not have ANY phone jacks installed. Does the landlord have to install at least one phone jack? I'm in VA. I asked him and he said they don&... |
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 Is my landlord required to have keys to the house? |
| I have recently moved into a new house and the landlord is already behaving strangely. She turned up here unannounced on a saturday night and tried to push her way in. She says we have three sets ... |
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Depressed in Connecticut | Any legal recourse if lender over-appraised home and now i can't sell it for what i owe them? |
I borrowed $400,000 in 2006 when my condo was "appraised" for $560,000. The loan balance is currently $405,000, plus I have two more years before a $14,000 preppayment penalty is waived. My carrying costs are too high to continue. Do I have any legal recourse against the lender for "over-apprasing" the value. My condo is now on the market 120 days and I have no buyer despite my asking price being lowered to $450,000 |
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jimmy dean
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Probably not, an appraisal is only an "estimate" of fair market value at the time of the appraisal. your property could very well have been closer to the appraised value at the time of the appraisal, regardless it's still only an estimate. |
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Gregorio
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How would the lender be responsible for market conditions? When you bought the home you obviously agreed with the appraisal and thought you were getting a great deal, The truth of the matter is that an appraisal has little to do with market value. An appraisal is an opinion and market value is what an actual buyer will pay for it. If you borrowed 400k and now owe 405k you were probably iin a neg am loan and once again, that' a choice you made. You have not stated any reason why you now can't afford your home, you have not mentioned illness, loss of a job or anything else so I'm lead to believe that you just got in over your head. That is not the lender's fault. It's getting really old with people trying to find someone to blame for their poor choices. It's not the lenders fault, it's not the brokers fault, It's your fault. |
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Randy W
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There is not such thing as an over appraisal. Banks do not Appraise houses, they have independant contractors that do this, and based on the market and current taxes, Property values and sq. footage of the home all come into play while making a appraisal. So if you house was valued at a half a million last year with the housing market taking a dive this year it worth about 300,000.
Homes, like any other investment change value over time, and many things play into the value of a home. Right now they can't give them away(well almost) but last year they were so hot everyone was buying.
I hate to say this but your best bet is to refinance and get you rate down to a managable amount and sit on it, If you try getting rid of it now or in the next year you are going to take a beating. You are going to have to wait till the housing sector makes another rally before getting the value back into your property.
I feel bad for you, and I am sincere in saying that this has got allot of people in some real bad way right now, but believe me if you can hold your ground until the market picks back up you will be so much better off.
I wish you the best. |
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Carolinahomerates.com
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nope. the appraiser is responsible for the pricing and are independent from the lender. |
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drewhenderson13
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the condo ws most likely not underapraised.
the housing market is in a recession right now.
my parents are having trouble selling a house and the price they are asking is perfect (if conditions are better)
you have the right to get an ndipendent appraisal, but you signed the papers agreing to their terms. |
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bostonianinmo
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Lenders don't appraise property, property appraisers do. If you haven't noticed, property values have fallen in many parts of the country. It's entirely possible -- highly likely in fact -- that the appraisal at the time of purchase was accurate but you're just unlucky enough to have bought a property that has lost that much value.
Unless you can prove that the lender had an inappropriate relationship with the appraiser AND that the appraiser's valuation AT THE TIME OF THE APPRAISAL was out of line you don't have any claim against the lender. Proving that in a declining market would be exceedingly difficult. |
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Jerrold J
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Condos are worth EXACTLY what a willing buyer will pay for it and a willing seller will sell for. PERIOD. The "appraised value" is simply a ESTIMATE on what the CURRENT fair market value of the property SHOULD be based on the local market at that time and what other similar properties have sold for on the open market.
Enron stock USED to have a very high "appraised value" but today is worthless. ALL things go up and down in value and just because you paid a certain price does not mean that same price is what a willing buyer will pay today.
Ask yourself why you were able to buy a condo "worth" $560,000.00 for only $400,000.00???? Were you stealing $160,000.00 from somebody? Or maybe you were talked into this by a SALESMAN going by the title of realtor?
Bottomline is you agreed to pay that much money for that condo. Nobody held a gun to your head. The market changed. Either lower the price to the CURRENT value or sit on it until the market comes back to your price range. Legal recourse is just an excuse to blame others for something you did. If you failed to research WHY the condo was being offered for such a great price, and failed to understand the loan terms, and failed to finacially be able to hold the condo for the long term that is in your hands and not a reason to tie up the court system |
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acermill
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You have no legal recourse against the lender, who accepted the appraisal from an independent appraisal firm. Bear in mind that property values have dropped considerably since you purchased your condo. The value of $560,000 may well have been reasonably accurate at your time of purchase.
Welcome to the formerly unknown concept known as 'falling real estate values'. |
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Marysue
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Why do you think your home was over-appraised? Perhaps it could have sold for that much at the time, but the market in your area could have changed. |
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Terry S
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NOPE!
You got caught in the boom bust cycle.
2005-2006 was the top of the market. (Depending on where you live)
You can sue but the judge will most likely throw your lawsuit out based on market conditions changing and having nothing to do with the appraiser.
How is the appraiser suppose to know what the house is worth 1 week, 1 month or 1 year later?
If they had the crystal ball, they would not have to be appraisers, they could simply look into the future and buy what's going up. |
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REALTOR
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Do you mean the place was "over appraised" when you bought it?
Well, nobody forced you to buy at that price at that time. Also, what an appraisal in 2006 has to do with the value of your home today?
If somebody appraised a place today and you do not agree with this appraisal, you can dispute it, hire another appraiser and fight, but, as I said, the appraisal a year ago has nothing to do with your situation today. |
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I_Love_McRedneck
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The market's changed a whole lot since 2006. How do you expect an appraiser to forecast that? It's impossible. You bought more house than you could afford and now you're screwed. It's nobody's fault but your own.
Everyone's home values are down right now. My condo dropped 25k in the last year, it sucks but it's part of life. One of the MANY reasons homes are LONG TERM investments |
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citronge
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Try the site below and watch the movie. Hope this helps. |
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Mark
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Yes ! Many appraisals are lender influenced. If I was told by an appraiser that a Diamond was worth one million dollars and the cost was only $10,000 and I was going to borrow the money from a bank, I would be upset one year later when I found out that the Diamond was actually only worth 1.00 dollar but the bank told the appraiser to value the Diamond higher so they would get the loan. And now everybody is telling me that the diamond was actually worth $10,000 at one time because that is what the market (me) would pay. Well, who would not buy something that was appraised 10 times the value. Unless the appraiser was biased or influenced and that is why you can should have legal recourse. |
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