Quote:
Originally Posted by neohot
There is a similar house built in 2009 with almost the same upgrades as us that is currently selling for 295K that the appraiser did not compare to (our house has walkout basement and his does not). He compared 2 homes in subdivision (no walkout basement) and 4 homes in other parts of the city.
What are our options here? Can we have our own appraisal done? Can we hire a RE Lawyer/Attorney to negotiate for us and have another appraisal run or is that something only buyer's agents do?
Thank you in advance for your advice.
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When we "built" our house, in our development, it cost an additional $12K for a walk out, than not. And we had no choice. Thankfully, because we didn't want one, our yard ended up being backfilled to the point we didn't need one.
Is this house for sale in the same development? Built by the same builder? Same square footage?
You put $80K worth of upgrades in the house...
If you haven't visited the house for sale for $295K, you should. So you have a comparison.
What I would do is go online to the county website, look up the property records on the home for sale for $295K (or go to the county court house if online records are not available).
See what it originally sold for to the current owners, three years ago.
See if there are any liens against it. It might be a short sale or in foreclosure. Could even be a divorce situation where the homeowner's just want to sell to get out of the mortgage.
Unfortunately, when low "for sale" prices are used in assessment values on "like properties", the circumstances surrounding the low listing price is NEVER taken in to consideration. Which it should, in a perfect world. It brings down the assessed value for all who want to sell like-homes in the area. It might benefit you NOW, but not when you go to sell, and in the meantime, only decrease the value of your property immediately after you close.
If the market is demanding the price you agreed to pay for the house/lot...then you're good.