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Replies (9)
- Dave Skow, "daveskow"
- Contributions:1104
1) county tax assesment doesnt mean that this is what property is worth ...market value could be higher or lower than this amount
2) I dont think you have any recourse with seller ( unless you can show soem sort of blatant misteps)
If value went up from what you paid , would you write a check to the seller / builder for this gain ?
2) I dont think you have any recourse with seller ( unless you can show soem sort of blatant misteps)
If value went up from what you paid , would you write a check to the seller / builder for this gain ?
- Bob Willett, "SacRELender"
- Contributions:194
Good answer Dave... and comment.
- Caveat Emptor
- Contributions:500
first, a bank wont let you overpay for a home anymore, they are quite strict with their DTIs and their assessments of value and whatnot. if you got a mortgage, then you were told the most correct fair market value for the home.
next, no. it was you who chose to buy the home for 100k more than it was worth(or would be worth in a few years), next time you should behave more brightly and not do that. its not hard to say "no" when the deal doesn't make sense. its not like you could possibly have been surprised by the market seeing as its been going south since 2006.
also dave is right, if you are worried, ask someone to provide you with a second opinion of the price. the county does make mistakes(although undervaluing for tax purposes isnt the most egregious of crimes.
next, no. it was you who chose to buy the home for 100k more than it was worth(or would be worth in a few years), next time you should behave more brightly and not do that. its not hard to say "no" when the deal doesn't make sense. its not like you could possibly have been surprised by the market seeing as its been going south since 2006.
also dave is right, if you are worried, ask someone to provide you with a second opinion of the price. the county does make mistakes(although undervaluing for tax purposes isnt the most egregious of crimes.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Be happy the assessed value is $100K less...All a higher assessed value would do is increase your tax bill!
- Wes Black
- Contributions:509
I understand your concern but I do not believe you have any recourse. You could pay for a short form appraisal to ease your fears?
- snsharbeson
- Contributions:2
Refinance with the ( HARP Mortgage Program) to take advantage of the low rates out there. Then hold on to your property a few years until the market rebounds. That is the best way recoup your loss in value also take advantage of tax breaks that are available. Buying a home is a long term investment it will fix itself eventually and then by locking these low rates you can Knock down the principal till the market comes back.
- Bridget McGee, "mdmortgagemama"
- Contributions:30
Unfortunately, you are not alone. There are many homeowner's in your position. Values increased significantly for a number of years, then the bubble burst. You purchased your home at the market value at the time. The builder is not at fault.
You may still qualify for a refinance under special programs that allow you to lower your rate even if the home is worth less than your loan amount.
If your loan is an FHA loan, you may qualify for a streamline refinance. If owned by fannie mae or freddie mac, they have programs that may help also. It will help to contact a lender to determine your best option.
Hopefully this home is one that will fit your family for a while, the housing recovery may take quite a few years. At least a refinance would allow you to lower your monthly payment. If you can afford the payment, unless you need to move, the value of your home is really a non-issue. Should you need to sell, a short sale (This is when the lender agrees to take less than you owe on your mortgage when you sell your home) may be your only option.
This is a frustrating time for many homeowner's. All the best.
You may still qualify for a refinance under special programs that allow you to lower your rate even if the home is worth less than your loan amount.
If your loan is an FHA loan, you may qualify for a streamline refinance. If owned by fannie mae or freddie mac, they have programs that may help also. It will help to contact a lender to determine your best option.
Hopefully this home is one that will fit your family for a while, the housing recovery may take quite a few years. At least a refinance would allow you to lower your monthly payment. If you can afford the payment, unless you need to move, the value of your home is really a non-issue. Should you need to sell, a short sale (This is when the lender agrees to take less than you owe on your mortgage when you sell your home) may be your only option.
This is a frustrating time for many homeowner's. All the best.
- Andrew Adams, "203K Specialist"
- Contributions:9349
The op never mentioned a thing about not being able to refinance...so why are folks giving info about ways to possibly refinance?
- David Barr, "dpbarr2000"
- Contributions:280
The tax assessed value has little to do with market value. Likewise, Zillow data for your home's value has nothing to do with the actual real estate market.
You should be getting lower property tax bill. Enjoy the savings.
You should be getting lower property tax bill. Enjoy the savings.
House value reduced by 100K
What can be done for this, if I am underwater? Anyway to sue the builder?
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