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Old 06-09-2011, 09:30 AM
 
851 posts, read 3,626,809 times
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Hi, I am a new house owner. I filed a protect on my house appraisal and just received a notice to appear the protest hearing.

Does anybody know what I should do for and in the hearing?
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Old 06-09-2011, 10:21 AM
 
Location: California
10,090 posts, read 42,420,868 times
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Go prepared with comps from your neighborhood. Be prepared to wait for hrs. Yes, HOURS! My neighbor went a few days ago and it a 10:00 appt. turned into an all day affair. Not because they were so incredibly busy, but just "because". She got comps from a local Realtor and could prove what the going price square footage was...I believe she said she got her house reduced by $18,000. That is what they offered....If she wanted to refuse the offer, than it would have gone to a committee. She said it just wasn't worth the trouble.
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Old 06-09-2011, 10:34 AM
 
851 posts, read 3,626,809 times
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Their appraisal price is $20,000 over my purchase price (late 2009). Do I still need to bring the comps? I can show them the settlement paper.
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Old 06-09-2011, 10:44 AM
 
Location: Visitation between Wal-Mart & Home Depot
8,309 posts, read 38,779,335 times
Reputation: 7185
It's crooked business. Even if you put together a very professional case that is considerably better than the county appraiser's they are going to decide to reduce your appraisal by the amount they would have given you if you just did iSettle. If you want to challeng the protest you may be able to get something out of it, but you have no relationship or standing with the county and are therefore screwed.

You can actually get some results with the professional protest agents, but that isn't likely to be worthwhile if your appraisal amount is below the jumbo loan threshold.
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Old 06-09-2011, 12:47 PM
 
851 posts, read 3,626,809 times
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So what should I do?
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Old 06-09-2011, 01:10 PM
 
Location: Where nothing ever grows. No rain or rivers flow, Texas
1,085 posts, read 1,581,344 times
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make sure theyre still calculating using the correct squarefootage
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Old 06-09-2011, 01:13 PM
 
Location: Visitation between Wal-Mart & Home Depot
8,309 posts, read 38,779,335 times
Reputation: 7185
Quote:
Originally Posted by TheStupid View Post
So what should I do?
If you are a no-show you get nothing.

I would go to the protest and make my best case. Be civil if you can't manage polite when they make their ruling.

If you don't like the number that they give you in the first hearing, if you appeal they will use exactly the same evidence in the next hearing. If you find a weakness in their evidence you may be able to exploit that in the appeal.

Attempt iSettle next year if you hate this process as much as I did.
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Old 06-09-2011, 03:31 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,199,048 times
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Quote:
Originally Posted by TheStupid View Post
Their appraisal price is $20,000 over my purchase price (late 2009). Do I still need to bring the comps? I can show them the settlement paper.
Yes, 2009 info is too old. You need 2010 comparable solds.
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Old 06-09-2011, 03:34 PM
 
851 posts, read 3,626,809 times
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So what kind of information should I bring to help my argument?
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Old 06-09-2011, 04:31 PM
 
Location: Westbury
3,283 posts, read 6,051,955 times
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i brought comps supplied by a very nice realtor lady on this board. i also brought my home's inspection report (purchased home in feb of this year) and a printout of the school zoning in my hood. my home is right inside where the "bad schools" zone is. for my inspection report i typed out a nice summation noting the pages numbers for all the deficiencies. i played them up a bit. i was able to get the price point i wanted and i think i could have gotten it even lower. oh yeah i also brought my HUD statement noting my purchase price since it was such a new purchase and their MV was higher than what i paid. the guy said i had a "very professional presentation" and so did two of the others in my ARB.

i did the isettle and it was still higher than what my purchase price was so i went for full hearing. i was there for about 3 hrs, actual hearing was maybe 10 minutes
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