I bouth this house appraised and paid $859000.00 but now that I am trying to sell it only appraisals for 700,000. what should I do? i am paying dearly in taxes, and is killing me., i dont know what to do.
2007-11-03 07:33:53 · 5 answers · asked by SG 2 1 in Business & Finance ➔ Renting & Real Estate
That's the market right now. You'll have to either wait, or sell it now and lose money.
2007-11-03 07:49:27 · answer #1 · answered by monicanena 5 · 0⤊ 0⤋
I agree with the above response. It seems like it was probably appraised appropriately for the time but with market values dropping, people all over the country are having a hard time selling and refinancing. It is your personal loss as with any other type of investment. Your best bet in to sit on the home till the market takes in up turn in a few years if you can afford it. Good luck.
2007-11-03 14:48:07 · answer #2 · answered by kdsd731 3 · 0⤊ 0⤋
Appraisals give you nothing but a number that arent even worth the paper it is written on. What matters is the Market value of the home. Market value is what a ready willing and able buyer is willing to pay for it. To get this value you should contact a local realtor and have them do a Comparative Market Analysis on the home. Hope I helped.
2007-11-03 15:19:46 · answer #3 · answered by young2bballin 2 · 0⤊ 1⤋
Was it actually over-appraised, or did the value of the property drop ? My guess is the latter, since this is happening all over the country right now.
If the house was worth $860K when you purchased and has dropped in value, that's your personal loss. There are no guarantees that the values of real estate will remain as they were when you purchased.
2007-11-03 14:39:41 · answer #4 · answered by acermill 7 · 1⤊ 0⤋
WELL WHEN DID YOU BUY IT ?? THE MARKET HAS GONE DOWN A LOT BECAUSE OF ALL THE FORCLOSERS HAPPENING
2007-11-03 15:55:38 · answer #5 · answered by Anonymous · 0⤊ 0⤋