Profile picture for kindn3ss

How much is my house worth?!

I have purchased a house in May of 2010. The price of the house was $178.000. We own now $173.000. We just received a city hall notice that the value of our house is now worth $113000. I'm not sure if I'm entitled to call my mortgage or a lender to "modify my loan". I am not thinking of refinancing at all. Would anyone know of somebody that will be willing to modify my loan with no penalties or so? Is it worth to still stay in this house at this value when I have to pay almost 150 % back?Should I just walk away like others?! I can afford to pay for the house as I have a good income, but is it worth it doing it so? Or should I get another house for a less price?!

Thank you!!!

  • September 08 2011 - Chandler
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (9)

Best Answer

Profile picture for Susan Job
The assessed valuations have really dropped this year as the county does not want thousands of people coming in next Spring and trying to get the valuation decreased.  They would rather drop them all and then up the tax levy.  This year most homes were assessed for less than market value.  Many areas have the same or even higher market values than a year ago so don't panic!  As far as loan modifications go, it rarely happens.  They act like they are offering something but never actually do a modification.  Paying someone to assist you in getting a loan modification is throwing your money away.  I haven't seen anyone get a permanent loan modification and if you are not in a hardship situation there is definitely no chance.  The property value decreases is not considered a hardship.  Also there's a good chance that prices have hit bottom.  The market is getting very tight and it's hard to purchase a home right now as there are often multiple offers and most properties are selling for over list price.  In my crystal ball that's a good sign that property prices may be  increasing very soon.
  • September 19 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for kindn3ss
Right on, Susan. Thank you and I appreciate the time you took to reveal some information that was pretty easy to understand it. Very valuable your notes...

Thank you, Susan!!!
  • September 19 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Talk to an agent that can give you some of the comps in your community.  In many cases that means they need to see your home to compare it to other comps.  Regards!
  • September 09 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I agree with the answers below.  Assessed value and market value could be different for your area.  Check to see if other nearby homes which have sold are in the same boat.  It would be good to give your agent or neighborhood agent a call and see if they can shed some light on the matter.  Otherwise, pay an appraiser to do an appraisal on your home.

  • September 09 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for SteveRTaylor
Keep in mind that the tax assessed value is not a reflection of market value like an APPRAISED value is.  The tax assessed value assigned by the city is just a number off of which to base your taxes.

Best advice is to bring in a top Realtor to do market analaysis if you are interested in the true market value of your home, or hire an appraiser.

If you need help finding a Realtor in your area, let me know.  I hope this helps.
  • September 09 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Sharon Lewis
Talk to a local real estate agent to get a current analysis of the market done or hire an appraiser.That is the best way to know what todays value of your home is.
  • September 09 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

What type of loan do you have? If it happens to be FHA, VA, or USDA then there might be a refinance option available for you. Having bought in 2010 I am going to guess you have an interest rate in the range of 5%-5.5% while in today's market that would be closer to 4.25%-4.5%. The programs I am thinking of do not require an appraisal, so the current market value of the home does not matter. Contact a mortgage broker or lender in your area should you happen to have one of these loan types and ask them about a streamline refinance without an appraisal.
  • September 08 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hey Kindness,

It's more likely than not that your home's assessed value is INCORRECT.  Don't pay attention to that number unless you believe it is too high.  If you want a fairly accurate value for the home, contact a local agent who can pull recent comparable sales to give you a good idea.

Good luck,

  • September 08 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Dear Kind:

Yes, you are in the same situation as many. Keep in mind the assesed value may not coincide with the actual market vaue of your home. Ask a Realtor to provide a value to you. Your Realtor can share with you options as identified by the Arizona Department of Real Estate. Ask them for the Short Sale Advisory to understand all of your rights.

Arizona is a non deficieny state where in normal mortgage situations your lender cannot pursue a deficiency resulting for an underwater home in a foreclosure or short sale. A short sale is a viable option where your home is sold for less or "short" of the mortgage balance and a release is provided by your lender. This transaction is more favorable to you on your credit situation and will able you to qualify for a new mortgage soon.

Feel free to contact me if you have further questions.

Jeff Masich, Realtor
HomeSmart Realty
Scottsdale
  • September 08 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.