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I have a house with an easement that was discovered after I purchased it. I tried to sell it 4 years ago for $200k and the buyer's title company found it. I made a claim with my title company and settled with them over the matter. I now rent it out because the buyer's mortgage lender would not loan the money with the title exception in place. The title company said all lenders would do the same.
My question. For tax purposes, the house must be appraised every year (Texas). If the easement were not there, the house would be worth ~$350k (real estate has done well in the neighborhood). However, with the easement, history shows a buyer cannot even obtain financing for $200k of this...probably MUCH less. Is there a method to appraise a house that is limited to cash only sales?
At present, the tax office simply values the land 1/2 of the rest of the neighborhood. Though this year, the total appraised value is at $268k which is bogus. I'd like to protest with common sense such as "it can't be sold for that with financing so therefore it should ALWAYS be less than $200k", but I don't know how common that sense would be.
You must pay for an appraisal every year? Never heard of such a thing. Also, that is a complete fabrication that no bank would lend money for it due to x y or z. There's always money somewhere, as long as it is being sold for fair market value, easement or not.
Also, that is a complete fabrication that no bank would lend money for it due to x y or z. There's always money somewhere, as long as it is being sold for fair market value, easement or not.
What is fair market value with the easement (given the history of the property where at least one lender axed the deal because of it)? There is no market for houses with an easement under it, no comparables.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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While most assessments for property tax purposes are done by appraisers in the taxing authority office, they are not appraisals in the common usage of the word. IDK about TX, but utility easements such as described should not be a barrier to any lender unless the property is in a flood zone, especially a sewer easement.
While most assessments for property tax purposes are done by appraisers in the taxing authority office, they are not appraisals in the common usage of the word. IDK about TX, but utility easements such as described should not be a barrier to any lender unless the property is in a flood zone, especially a sewer easement.
From my appraisal district: "The appraised value of the property in each county is determined by your local appraisal districts."
This easement is a pipe under the house. I have obtained a variance for the house to exist, but if they need to work on the pipe, they are not liable for damages to the house. This was a barrier to the lender of the buyer. I asked the title company and they said this would be a barrier to any lender.
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