Who, if can I recoup can I recoup from.Builder,appraiser,etc.
2007-04-30 10:08:25 · 7 answers · asked by James 321 1 in Business & Finance ➔ Renting & Real Estate
That's not a bad thing! The appraisal district determines how much tax you will pay and with a lower appraisal you'll pay less cash.
The district appraisal will not affect your sales price. Your sales appraisal will come from the mortgage company should you decide to sell your house later.
2007-04-30 10:17:10 · answer #1 · answered by Behaviorist 6 · 0⤊ 0⤋
You have made a bad investment. Prices all over the country are coming down. This is just like buying 115k in stock the next day it ain't so popular and the price drops to 103k. Your are actually very lucky thats all you have lost. It will be proably a year to two years before the house goes back up to 115k. Real estate is a investment not a toy. It is the biggest investment most people make and don't have a clue to what they are doing. You need to research any investment. You wouldn't put 115k in a stock if you didn't know something about it. You should have consulted the appraiser before buying. You sure can't go against the builder because you didn't know what you were doing. In NW Florida builders are reducing there prices and paying all closing cost and throwing in a car or 6 months of payments. There are too many houses on the market now. It will take 12 to 24 months just to move the existing inventory off the market. You can probably buy your house from the builder now for 103k is why that's all it's worth.
2007-04-30 17:36:53 · answer #2 · answered by NewChallenges 1 · 0⤊ 1⤋
Unfortunately, you have no recourse. Market values change constantly. There is no guarantee property will appreciate. In some area, market values decrease in reaction to the economy or local market conditions.
If, by appraisal district, you mean the local assessors office as appraised for tax purposes, understand that the assessed value and the market value are often at variance. Since your property taxes are based upon the assessed value rather than the market value, this is a good thing.
2007-04-30 17:24:17 · answer #3 · answered by mazziatplay 5 · 0⤊ 0⤋
The market's low right now, or a buyer's market. But like stocks, you don't lose money until you sale. So, hang on for the market to recover is about all that you can do...If you must sale and don't have the difference built up in equity then you know it's a lose/lose situation.
2007-04-30 17:16:29 · answer #4 · answered by okstatecowboy 4 · 0⤊ 0⤋
Sorry...no one to re-coup from! You'll have to live in the residence for a few years and build equity in it if you plan on recouping any of that loss!
2007-04-30 17:15:21 · answer #5 · answered by karen h 3 · 0⤊ 1⤋
Nothing.
Homes are often appraised for less than their market value.
2007-04-30 17:12:40 · answer #6 · answered by Wayne Z 7 · 3⤊ 0⤋
DO YOU MEAN THE LOCAL TAX AUTHORITIES OR AUDITOR ASSESED YOUR HOME FOR $103000.
IF THIS IS THE CASE ITS NOT YOUR MARKET VALUE
OF YOUR HOME YOUR HOME VALUE STILL COULD BE HIGHER.
ITS JUST WHAT YOU PAY YOUR REAL ESTATE TAXES ON.
2007-04-30 17:22:44 · answer #7 · answered by scott m 1 · 1⤊ 0⤋