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Old 01-21-2009, 06:04 PM
 
Location: NW Houston
1,150 posts, read 2,810,154 times
Reputation: 645

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Quote:
Originally Posted by modster View Post
One thing, if they purchased a foreclosure, that won't work. HCAD claims that if it is a foreclosure it is not an "arm's length transaction" and is more of a distressed sale and doesn't consider the sales price reflective of the true value.
But the market appraisal required by most lenders is reflective of true value.
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Old 01-21-2009, 06:13 PM
 
Location: NW Houston
1,150 posts, read 2,810,154 times
Reputation: 645
Another thing to watch is the quality grade. Foreclosed homes are often not in tip top shape but HCAD might still have it listed as grade A or B from when it was newer. They will try to use comps of similar grade. Your house might really only be a grade B- or C, meaning it should be comped to other properties of similar grade or a grade adjustment factor applied.
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Old 01-21-2009, 06:22 PM
 
Location: A little suburb of Houston
3,702 posts, read 15,923,098 times
Reputation: 2047
Quote:
Originally Posted by Jamesww View Post
Just so you know you will need to have 3 different comparables as just the house your friend purchased is not enough to dispute the HCAD appraisal value. You also need to approach the governing bodies in a positive manner. My broker helps people fight their tax appraisals every year. I think I will help clients out this year as well. I have checked tax rolls and some people are paying way to much.
I only had one comparable, the house next door, plus some photos on condition. Managed to get them down to just above last appraisal.
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Old 01-21-2009, 06:35 PM
 
Location: Houston, Texas
469 posts, read 1,321,820 times
Reputation: 295
Quote:
Originally Posted by Poltracker View Post
I only had one comparable, the house next door, plus some photos on condition. Managed to get them down to just above last appraisal.

Good job, they must be playing nicer than they have in the past or you must be a good diplomat. I have heard many stories of people being turned away.
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Old 01-21-2009, 07:26 PM
 
26 posts, read 81,571 times
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I used O'Connor & Associates and got it down a little bit. Of course, now I am trying to sell my house and could have used the extra value...c'est la vie.
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Old 01-21-2009, 07:48 PM
 
Location: NW Houston
1,150 posts, read 2,810,154 times
Reputation: 645
Quote:
Originally Posted by knobbygirl View Post
I used O'Connor & Associates and got it down a little bit. Of course, now I am trying to sell my house and could have used the extra value...c'est la vie.
I would not recommend them unless you simply have no time to fight it yourself, in which case what little they will do for you is more than nothing. Anyone who has showed up at Hcad to protest knows that O'Connor has dozens if not hundreds of hearings per day and disposes of them in batches. They are playing a numbers game and aren't going to spend much time on any one property.
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Old 01-21-2009, 08:59 PM
 
Location: Great State of Texas
86,093 posts, read 69,881,813 times
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I don't believe that is true Jamesww. Closing paperwork holds more ground then realtor CMA's with the county.
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Old 01-21-2009, 09:29 PM
 
2,582 posts, read 7,674,173 times
Reputation: 1910
Quote:
Originally Posted by knobbygirl View Post
I used O'Connor & Associates and got it down a little bit. Of course, now I am trying to sell my house and could have used the extra value...c'est la vie.
HCAD value does not dictate your selling value. What is on HCAD has a lot more to do with how well you fight your taxes and very little to do with real market value. Your house is not worth less because you did a good job fighting your taxes. Would your house be worth more if you hadn't bothered? Of course not.
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Old 01-21-2009, 10:17 PM
JL
 
7,310 posts, read 11,476,348 times
Reputation: 7167
So what is a good strategy that you guys have used? Find out what the prices of neighboring homes were sold at for the recent year then?
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