2013 appraisals (lender, tax, appraiser)

[Acntx]

Mine stayed the same. Due to last year's tornado, DCAD re-appraised all properties that were heavily damaged or destroyed. Heavily damaged properties that required repairs returned to pre-tornado figures, while those who had to rebuild (in most cases, larger than the previous structure) were assessed like other newly-constructed homes.

[ricke]

I am selling me home FSBO and the buyer has a Broker, my question is, if the home appraisal was done and they moved forward with the inspection but now the broker is telling me that the siding on the home needs to be replaced in order for the home to appraise? the broker is good friends with the buyer and they said the home appraised at 179k and purchase price was 175k, i am confused about this appraisal, i have asked the broker for a letter from lender stating these repairs need to be made in order for them to fund the money but have not received anything from broker stating these repairs need to be done, the realitor is now stating im in default of the contract because the home did not appraise at or above asking price, i did not sign any contract with a appraisal contingency of any sort, also the inspector says nothing in his report about siding on home that needs to be replaced.

[missbelladog]

Dallas CAD increased the appraisal on my Trinity River area commercial warehouse 138 percent over the previous year!

[Rakin]

Originally Posted by ricke

I am selling me home FSBO and the buyer has a Broker, my question is, if the home appraisal was done and they moved forward with the inspection but now the broker is telling me that the siding on the home needs to be replaced in order for the home to appraise? the broker is good friends with the buyer and they said the home appraised at 179k and purchase price was 175k, i am confused about this appraisal,.

Too bad you don't have someone helping you. Yes you did sign a contingency, it's part of the contract.

But you say it appraised at $179 and the contract price is $175K ??? Is it a VA Loan ? That's about the only type of lender who requires repairs.

Not having an agent could cost you some money.

[Pete53FR]

Ours went up 13% and I will fight the increase because it helps neighbors when people object. Should not make difference to me cause I am exempted from paying taxes by State Property Tax Law.

[Souleiado]

Ours went up by 6% , we are finally back up to where we are suppose to be , still we never took a hard hit compare to other parts of Plano.

[ricke]

Rakin, its a FHA loan, the problem i am having is taking the verbal from this realitor of the repairs that he is stating the lender wants done, the broker stated that the home appraised at 179k but now is stating appraisal will not come in at value of the home unless repairs are made, when an appraisal is done on home it appraises at, above or under? don't think appraisals come back stating well the home appraised at 175k but may appraise at 179k if things are repaired in home? couple pieces of the siding need to be fixed and thats it, inspection report says nothing about what the broker is stating the lender wants to be fixed, also the broker will not show me appraisal report or any letter from the lender stating these repairs that need to be repaired/fixed, i asked broker two weeks ago for letter and the broker stated he has that letter from the lender but still i have not received this repair list from him, i feel this broker is just trying to get more for his client at this time, i have updated whole house and have spent 50k in past year, i know it appraised at contract price and feel the realitor is trying to take advantage of me

[Rakin]

Originally Posted by ricke

i know it appraised at contract price and feel the realitor is trying to take advantage of me

Sounds like it. You need someone to help you. If it comes down to it you might have to talk to an attorney but right now just say no.

Can you call the lender direct ? You should have his contact info.

[Pete53FR]

Take a good look at Sales Contract if the sales is based on paying upfront costs of repairs or allowances most DCAD Appraisers will deduct from sales if you have not had the work done by January 1st 2013. Many homes have risen substantially since January 1st and you should look for evidence especially sales that show lower sales prices for neighborhood sales in your neighborhood. Divide Sales price by sq fwwt and get a cost per sq foot and you can also do this on DCAD current values and ask for the best sf calculation that fits your home.

[ricke]

Yes, i do have the number for the lender but deal is over as of this morning, broker has sent me a one page letter from lender stating repairs that need to be made, funny thing is its not the appraisal and this form was dated for today, i replied back stating i will not do the repairs, then broker sent me termination letter, i signed and sent back to him, at this time i feel someone at the morgage lender made something up real quick so the deal would not fall through, the document they sent over to me was dated for today lol meaning the lender or the broker never had what they were telling me they had the whole time ( paper work/ appraisal stating repairs need to be made) after i emailed broker stating why im not doing repair work and that he has been unfair and un truth full about appraisal i am now being contacted by the women from lending company that sent that one pager of repair work that needed to be done, the deal is over why the heck is the bank calling me now, right now i feel this is morgage fraud on there part?