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| Hi, I used to rent a house (in the UK), but handed my notice in & left. My official leaving date was 31st of May, however, (and I informed the letting agent of this at the time), I planned to ... |
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li c | My home appraisal came back much lower than the price I paid, what should I do? |
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Richard N
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There's not much you can do. Unfortunately much of the nation is in this bind.
In fact, CNN had a spot a week ago about this exact problem.
8 million homeowners are in an upside down mortgage in which the house is worth less than the note. That's a scary scenario, except when compared to the 2008 outlook. Wells Fargo estimates that number will almost double in '08 to 15 million homeowners. That means nearly 30% of all homeowners in America that will be under water, so to speak, with regards to their mortgages.
Yikes!
Hope that helps you to understand. |
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CINDY W
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In today's market, this is not uncommon. There are many people who are in the same boat as you are. We need to get through this mini-recession and wait for the property values to increase at a reasonable pace. Part of the problem is that within the last few years, property values increased drastically and now they are just getting back to reality. It's unfortunate for the homebuyer who bought during this time, but hang in there, property values will rebound. |
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bud68
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That depends: what are you trying to do? Refinance? Sell? |
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cbmttek
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Nothing.
A home is a long term investment. Over any 5-10 year period, home prices rise. Wait on it.
One more note. If you are talking about the appraisal you get with your real estate taxes, realize that they typically run around 20% lower then what you could get on the open market. |
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Carla Q
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If you recently purchased your home, there should have been an appraisal done pre-purchase. Check it against the current appraisal. Housing values have gone down recently in many areas, but if you suspect the original appraisal was inflated as part of a mortgage fraud scam, contact your lender and the attorney general's office. You may have legal recourse. Otherwise, look at the two appraisals and see what has changed. Depending on your circumstances, you may want to make an appointment with a HUD housing counselor in your area for further information and advice. You can locate one near you by going to HUD.gov and clicking on "locate a housing counselor". You can search by state, or just enter your zip code for the housing counseling agency nearest you. |
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Expert Realtor
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I would call another appraiser and I would mail him a copy of the one you have and pay him $50 to $70 to verify to see if it's accurate or not.
Appraisers will do that without you having to pay for a full report.
However, what has happened to you (if it's correct) has happened to alot of people. |
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buddypogo
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You too. It's bad news of absolutely historic proportions, and these kinds of numbers will definitely continue, must get worse. You are allowed to get in touch with the appraiser, he has comparable sales to share with you, at least review his math. But the chances are the appraisers' gonna be right around the value. You could probably be successful in getting someone else to agree to run a "secret" second appraisal, if the world is telling you the appraisal is way out of line. Consult with an agent or your mortgage broker that runs the office, or try a different office. In any event, home values have been falling fast and furious and well, there's no or little equity to cash-out, which mortgage lenders don't like you to do anymore. Be sure to study all you can on what is happening, as our homes for many of us, are no longer piggy banks. In fact, a lot of people now take their own money from savings and dispose of their homes, get a rental, maybe find a trade. Wait for the market to upright when the inventories of homes for sale go to, a reasonable level for your area. The reason this debacle happened is very loose loan qualifications, not-too-worry, were made easy-as-pie, so buying a house became superdesirable: demand raised prices above what the market would otherwise bear. The money was so good, old-line agents just didn't bother airing the dire possibilites to anyone. Now the market has to correct itself. For example, rental prices may rise and rise so investors can come back. Just watch the inventory, that translates into Days on Market, and of late that has been subject to lots of chicanery. Also, your question could have been much more specific. Good Luck. |
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airbob61@verizon.net
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The first thing that you need to do is to contact your county of residence to have them reappraise your home at the new value. This will save you on the property taxes since you are currently paying on the purchase evaluation of the house. Your mortgage holder has a contract on the purchase price of the house and I am afraid that they have you by the cajones. Your only hope is that the housing market will turn around and values will begin to increase. |
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boothby
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What type of appraisal was it? You might consult with a local Realtor who can advise you on why this happened. You could also hire an appraiser to get a second opinion.
As stated previously, the benefit is that you can use this to get your property taxes lowered. Take the appraisal to the Tax Assessor's office and show them that the "value" is lower than what they have it assessed for (assuming that this is the case).
There is also a very good chance that your house is worth less than you paid for it but I wouldn't sweat it too much. Over the long haul, real estate is one of the safest investments out there and it usually appreciates.
Also, compare what you are paying on your mortgage versus what you would pay in rent. Taking into consideration the tax benefits of home ownership, pride of ownership, your piece of the American dream and eventual appreciation and WOW - it still is the best option!
Breathe! |
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donald e
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if u have already purchased the home there is nothing u can do. did u finance it? if so the lender must have gotten an appraisal done at that time for the value in question, i would ask for a copy of it. if u paid cash u r out of luck, if you havent ;purchased it yet, your deal is off if u need financing as no lender will lend more than the appraised value, no matter what the sales price is.
Assuming you have already bought the home from the way ur question is written, it is unfortunate, but this is the way our world is today, and lots of folks are in your shoes, finding out now that a year or two after purchase the house is worth 10-25% less than when they bought it. u have 2 choices, hang on and hope in 5-10 years it will come back value wise or walk away from the property destroying your credit for the next decade. sorry but that is the reality of the siutation.
lastly, if you think there is fraud involved contact your state attorney general's office, the real estate commission in your state capital, to see if the appriasal written when you bought the home was legitimate. gl |
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Alobar
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Don't sweat it, the lower the appraisal, the lower the property taxes. |
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Belle
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Not much in this housing market disaster.
You can waste the money & have the home re-appraised if you think another appraiser will value your home at a higher amount.
Or, you can simply admit to the fact that your home is NOT worth whatever exorbitantly high price you paid for it in the midst of this subprime diaster.
Most homes are NOT worth what their owners paid for them. Most are for sale for a lot less than they were worth 5 years ago. People are coming up with creative ways to sell, offering to pay closing costs, add a pool, spa, rec room, attic, basement, etc. Some owners are trying to swap homes with other homeowners for cheaper payments. Not every solution is right for every homeowner. Talking to a lender & a real estate agent is best to explore ALL options. |
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T.
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Get busy with maintance! Normal wear & tear will bring the value of your home down... Updates, Additions, Fixtures, & Maintenance will increase the value of your home! |
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