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Old 03-30-2012, 05:14 PM
 
4 posts, read 7,058 times
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I think the answer is NO if the sale price is below TCAD appraisal, but what if it's the other way around?

Say I buy a house for $400K that is currently appraised at $330K by TCAD. Should I expect them to bump it up to $400K next January 1?
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Old 03-30-2012, 05:17 PM
 
Location: Austin, TX
16,787 posts, read 49,073,910 times
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Quote:
Originally Posted by skychance View Post
I think the answer is NO if the sale price is below TCAD appraisal, but what if it's the other way around?

Say I buy a house for $400K that is currently appraised at $330K by TCAD. Should I expect them to bump it up to $400K next January 1?
The buyer is not obligated to tell TCAD what the sale price was. If you paid less then TCAD appraisal you can provide that information to get it lowered, otherwise you don't have to tell them what you paid.
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Old 03-30-2012, 05:21 PM
 
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I thought it is on public record - title/deed/etc. - but TCAD doesn't check those? Definitely the answer I wanted to hear - thank you!
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Old 03-30-2012, 05:47 PM
 
Location: Austin
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Texas is a NON-Disclosure state. Sales prices are NOT on title/deed/etc... Loan amounts are public record, but no one knows how much you put down.
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Old 03-30-2012, 07:45 PM
 
Location: Holly Neighborhood, Austin, Texas
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In theory sale prices are not public info, but in reality TCAD has resources, possibly Redfin, that get these dollar amounts.
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Old 03-30-2012, 08:38 PM
 
Location: Austin, TX
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Do they really use them, though? Has anyone actually had the appraisal significantly jump after purchasing a house?
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Old 03-30-2012, 09:25 PM
 
Location: Central Texas
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When I protested my appraisal two years ago they showed me sales data of supposed comparables. I assume this data is easy for TCAD to get.
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Old 03-30-2012, 11:10 PM
 
Location: Central Texas
20,958 posts, read 45,410,702 times
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It's easy for them to get if a buyer gives it to them because they don't know that they don't have to or shows them their HUD in order to get their appraisal dropped (they will drop if if you show them that the actual price paid for the house is less than the appraised value), or if someone protesting their taxes gets it form an agent and gives it to them. Then it goes into their system, of course.
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