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Old 07-25-2020, 04:52 PM
 
814 posts, read 676,477 times
Reputation: 537

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The tax man is happy !
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Old 07-25-2020, 05:16 PM
 
569 posts, read 1,079,043 times
Reputation: 377
Quote:
Originally Posted by resonator View Post
The tax man is happy !
Next after closing on your home, hire O’Connor or other property tax firm. Make sure the property tax assessment is no more than what you paid for the home. You don’t want them to use the appraisal. Plenty of threads in this forum addressing property taxes.
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Old 07-25-2020, 07:11 PM
 
97 posts, read 162,649 times
Reputation: 57
I'm not a professional, but this is how it was explained to me years ago. The only time the appraisal effects you is when it appraises for less because the bank won't finance the loan for more than it's worth. Congratulations!
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Old 07-25-2020, 09:17 PM
 
71 posts, read 51,183 times
Reputation: 90
Quote:
Originally Posted by FabulousE View Post
I'm not a professional, but this is how it was explained to me years ago. The only time the appraisal effects you is when it appraises for less because the bank won't finance the loan for more than it's worth. Congratulations!
That’s exactly right. If the appraisal had come in less than the purchase price, you might have to adjust your mortgage either by making up the difference on your own if you still want to buy the house at that price or try to renegotiate the price with the seller. You also may have an option to get another appraisal as I would imagine that five different appraisers could come back with five different figures.
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Old 07-25-2020, 09:28 PM
 
Location: Wisco Disco
2,140 posts, read 1,208,096 times
Reputation: 3009
Appraisals can be odd. Circumstances can be strange at closing time. I once purchased a home and took significant money home at closing. We have no small reason to be aware of potential market instabilities right now. In the case of your purchase the comparable sales the appraiser looked might not be current. Or the available ones might be skewed a bit. Or ... your seller might have been motivated! When I buy I loves me a motivated seller
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Old 07-26-2020, 02:03 AM
 
402 posts, read 369,842 times
Reputation: 421
When you move in, you have equity day one. Good luck on the purchase.
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Old 07-26-2020, 03:45 AM
 
1,501 posts, read 1,770,670 times
Reputation: 1320
Even great agents disconnect once in a while. I know several who do very well and are, like you say pretty much 24 x 7, but they do take that weekend where they put the phone on silent and don't look at email.

Or maybe OP just assumed nobody would reply on the weekend.

Quote:
Originally Posted by Ghost Town View Post
My mortgage officer can be reached on Saturday.
My agent is normally available pretty much all the time and responds very fast.
I don't know about your agent though. But good agent responds normally 7 days a week, including evening time.
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Old 07-28-2020, 07:11 AM
 
Location: Spring
1,110 posts, read 2,586,259 times
Reputation: 456
Nothing really.
Now when the county catches up and raises your property value, then you'll see a slight change in your tax bill.
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