2016 Fort bend Appraisal values are out (West: home, floor, assess)

[trbstang]

Originally Posted by Bdo

I am in the same situation as jalam321, they have my house valued at 40k higher than what I paid.
I don't want to show them the hud-1 if I don't have to. Anyone have suggestions how to find comps?

Also, how do they know the soft of the house? Does the builder give them the floor plan?

As was said, they know you just bought it, so they want to see the docs to prove what you paid. If you want it lowered, you have the best chance by just showing it to them. If you refuse, then they will think you paid what they guessed or even more.

As for sqft, they do an exterior calculation and estimate the sqft from that. So it is very likely their number could be higher than an actual number since it includes all walls and could count open areas on the 2nd floor as actual space. Mine was about 200 sqft high because they added an extra room to my house over the kitchen that does not exist. I got them to drop it with the floor plan and info from the houses in the area with the same plan.

[Prey521]

Originally Posted by trbstang

As was said, they know you just bought it, so they want to see the docs to prove what you paid. If you want it lowered, you have the best chance by just showing it to them. If you refuse, then they will think you paid what they guessed or even more.

As for sqft, they do an exterior calculation and estimate the sqft from that. So it is very likely their number could be higher than an actual number since it includes all walls and could count open areas on the 2nd floor as actual space. Mine was about 200 sqft high because they added an extra room to my house over the kitchen that does not exist. I got them to drop it with the floor plan and info from the houses in the area with the same plan.

Same thing just happened to me. They had my second floor as having over 200 sq ft more than what it really did, so I had to send them the appraisal which showed the actual dimensions.

[NTexas2010]

Originally Posted by crone

If you a in Harris county, HCAD already knows what you paid.

There has been lots of discussion on CD about HCAD hiring folks who can get that info.

Likewise, Redfin is a pretty accurate source for home sale prices, and I imagine many of the CADs have access to MLS.

[kchaturv]

Update: Submitted online protest on Tuesday. Got them them reduced by 125K ( still about 7K more than what I paid last year) but this is more reflective of my house value so accepted the offer.

Good luck to every one trying, it was fairly easy process for me at least..

[jalam321]

Originally Posted by kchaturv

Update: Submitted online protest on Tuesday. Got them them reduced by 125K ( still about 7K more than what I paid last year) but this is more reflective of my house value so accepted the offer.

Good luck to every one trying, it was fairly easy process for me at least..

What did you have to show them? Or what did you have to do? thanks

[kchaturv]

I basically took screen shots of FBCAD valuations of 5 house within my subdivision which were comparable to my house size etc and all of them were lower than mine.
Apart from that I took 2 listings within my area which were closer to my house
I also uploaded a trend chart for zipcode 77479 from homesnap showing a decline in mean sale price over the last year..

I thought of uploading HUD but did not do it as I was planning to use it for ARB hearing if online piece did not work out.

[Bdo]

Did you have to upload everything at the same time you protested? Do the comps have to be in the neighborhood? The same sqft in the neighborhood 2 streets from me are 80-100k less.

[JL]

Originally Posted by WRM20

Showing the HUD-1 is the fastest way to get the appraisal reduced to what you paid for the house. You are going to struggle to get it ower than that amount. The appraiser will ask you for the HUD-1, as they know when you bought. It is hard to have a HUD-1 that shows you paid $250k for a house and argue it's only worth $200k 2 months later. I know of no reason not to show the HUD-1, it's the best evidence you have of the value of the house.

So i wonder if someone bought a house 5-6 yrs ago for 100k and now appraised at 150k, would it be wise to show the HUD doc since CAD might base their appraisals at 100k going forward? I'm not sure that would be the case, but who knows. If they did, i guess people with 10 yr old homes would show their HUD statements. I guess the disadvantage would be if and when they decide to sell their homes.

[Failed Engineer]

I don't think purchase price will sway the appraisal (nor should it) more than a year or maybe two after the sale.

[NTexas2010]

Originally Posted by Failed Engineer

I don't think purchase price will sway the appraisal (nor should it) more than a year or maybe two after the sale.

I had this same thought. I guess you could try though, especially since the county has already appraised the property significantly higher than what the buyer paid for it.