A recent article in the Miami Herald said what we all know, appraisals are generally coming in too low.... That means when you go for a mortgage you may not get what you need. Its not the sellers fought either. Here is a portion of the article.By KENNETH R. HARNEY"Joseph Petrowsky, owner of Right Trac Financial Group, a Manchester, Conn.-based mortgage company, says too often valuations in upward-trending markets "aren't catching up with the new values, let alone a property that was involved in a bidding war." He cites a series of recent loan applications where the appraisal was thousands of dollars below the agreed-upon final contract price, endangering or blowing the deals. In one case, the buyer signed the contract at $312,500 but the appraisal came in at just $280,000, despite readily available evidence that the local market has experienced appreciation in recent months.
Many home buyers ask me what the taxes are on a home I am showing them. I always caution them that the current taxes are not what they will pay. It is important if you are a home owner in Florida and you are selling your home and buying another to know about Portability. Portability allows you to bring with you up to a $500,000 difference between the market value of your home and the taxable value. I always reccomend you ask your accountant.