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Forclosed Houses


Dozer

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Well Ive been saying for years that I was going to wait till I got married to buy and I did that a couple weeks ago so I guess I better do it! I dont think the market has bottomed out yet but with interest reates the way they are I think its finally time!

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In addition to a home inspector, you may want to hire an appraiser. You will have to pay for an appraisal before getting a loan, so you might as well pay up front. However, you should get your financing pre-approved, and ask you lender to supply you with a list of appraisers they will accept. The nice thing about getting home inspections and appraisals is you have more ammunition for having the price reduced.

I would not put much faith in the county's appraisal. They pretty much just go by size, bedrooms, baths, etc. I can't remember the last time we had a county appraiser even see the inside of our home.

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Its pretty rare that a mortgage company will accept an appraisal as mentioned. If you work with a realtor, have them do a market analysis. It isn't rocket science, and it won't cost you $350.

The county assessed value isn't an "appraisal". But, it is an indicator of relative value. These days, they try to get them to be real true value of the home. For 2008 it will be too high, but I would expect them to adjust for 2009.

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 Originally Posted By: Lip_Ripper Guy
Its pretty rare that a mortgage company will accept an appraisal as mentioned. If you work with a realtor, have them do a market analysis. It isn't rocket science, and it won't cost you $350.

The buyer usually pays for the loan appraisal and the lender requires an appraisal. On our last house we told our lender that we wanted to have the house appraised before we made an offer. The bank gave us a list of several appraisers they used. We selected one of them and were able to have our appraisal before making an offer on the house. If you have to pay for it anyway, you are in a stronger position knowing the appraisal before making an offer. You are going to pay for the appraisal fee one way or the other. I think it is better to pay for it before you make an offer. I thought I had made it clear that you need to check with your lender first and make sure you use an appraiser they use. Obviously, you want to be sure you are going to make an offer on the house before hiring an appraiser.

I trust the opinion of a professional appraiser that actually goes inside the house over the country tax assessor who may not have seen the inside in years. However, I have found the county tax offices very helpful. Our county sells a computer listing of homes for a dollar a page with about 20 homes per page. I think they can also tell you the last time the house was physically inspected.

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things have changed in the appraisal arena. Most banks would no longer accept an appraisal that a borrower has ordered, even if it's by one their approved appraisers. I believe it's a FIRREA violation and the lender would be subject to fines/penalties.

definitely get mkt analysis and check out the county

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 Originally Posted By: Lip_Ripper Guy
The county assessed value isn't an "appraisal". But, it is an indicator of relative value. These days, they try to get them to be real true value of the home. For 2008 it will be too high, but I would expect them to adjust for 2009.

The county assessing a property is an appraisal. They probably did not do a field inspection but they do have all the important data (location, size, condition, etc) and they are valuing it at the full and current market value.

When looking at assessed values keep in mind they are done every year as of January 2nd and that is for the taxes payable next year. So if you look up the Pay 2008 taxes, that is the county's appraisal as of 1-2-07. If the market has gone up or down since then expect the value to be off by that much. In the case of physical change (example new construction or trashed forclosure) that appraisal from 14 months ago when the house wasn't trashed.

For the people that were asking about will the county lower the assessments the answer is ABSOLUTLEY. Remember today's value is what you pay taxes for next year so it may take a year til you see it in your checkbook (even longer if you escrow), but yes the assessment should always be equal to the actual value (or if your lucky it's less).

That brings up another thing I just thought of, don't expect your taxes to down because your value went down. The county's spending is going up every year and that is why we see our taxes go up.

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