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My wife and I are about to buy a house and our mortgage company informed us that we have qualified for a PIW. We already sent the appraisal check but can get that credited back immediately. It sounds kind of fishy but I wanted to check before I did anything. My mortgage lender stated I could fight to lower my taxes in May when it is available (the house is on the books for $119,000 from last year but we are buying it for $108,900). He stated I could go to the tax office and show them what I payed for the house in hopes that they would lower my taxes. Does this also lower my insurance with my insurance company? Are PIW's common? Should I just get an appraisal? Sorry for so many questions and thanks to everyone in advance.
Your HOI (homeowner's insurance) MAY require an appraisal.
You would need to speak to the county to see how they determine how taxes are paid. Imagine selling a million dollar home to a relative for 100k...just so they wont have to pay the taxes...
PIW are not common unless the home is purchased at a really low price AND the area is not in a declining zone/area.
Quote:
Originally Posted by YOTR
My wife and I are about to buy a house and our mortgage company informed us that we have qualified for a PIW. We already sent the appraisal check but can get that credited back immediately. It sounds kind of fishy but I wanted to check before I did anything. My mortgage lender stated I could fight to lower my taxes in May when it is available (the house is on the books for $119,000 from last year but we are buying it for $108,900). He stated I could go to the tax office and show them what I payed for the house in hopes that they would lower my taxes. Does this also lower my insurance with my insurance company? Are PIW's common? Should I just get an appraisal? Sorry for so many questions and thanks to everyone in advance.
Professionals, this question is directed to you.
Why on earth would anyone even consider purchasing a home without a professional inspection? -- unless, of course, they didn't care about the condition of everything from the soil to the chimney top, or about how much it could cost them to correct problems in the future. Please teach me
Professionals, this question is directed to you.
Why on earth would anyone even consider purchasing a home without an inspection? -- unless, of course, they didn't care about the condition of everything from the soil to the chimney top, or about how much it could cost them to correct problems in the future. Please teach me
An appraisal and a property inspection are two different things.
An appraisal is a limited inspection to determine the value. An
inspection is done on the sales side usually in the first ten
days of the transaction to determine the true condition of the
property.
As far as using your purchase price to lower your tax assessment value, from my own experience, the city/county doesn't care. I had the inspector come out because my assessed value was 126,000, but I purchased the home for 99,000, which the appraisal also reflected a value of 99,000. The outcome....They RAISED my assessed value up 135,000!! They claimed that there had been improvements made by the previous owner that were never reported.
Just wanted to warn you about what could happen.
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