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Message
Calling all real estate appraisers!
Posted on 4/10/17 at 6:54 pm
Posted on 4/10/17 at 6:54 pm
I'm looking to get the PMI on my mortgage removed and I've got a question.
When I bought my house, every record/piece of paper work (including the tax assessor website) indicated that my house sat on .42 acres. This is the number that was used in the appraisal when I went through the home-buying process. I always thought that it seemed a bit low.
Shortly after the purchase, the tax assessor website showed my plot as being 1.81 acres. No bullshite. This is what my property tax bill showed this year as well. I've never been able to figure out exactly how/why this happened. If anyone has any thoughts please feel free to share.
My real question is this. What will the added 1.4 acres of land do to my home's appraisal value? I'm trying to drop that PMI.
When I bought my house, every record/piece of paper work (including the tax assessor website) indicated that my house sat on .42 acres. This is the number that was used in the appraisal when I went through the home-buying process. I always thought that it seemed a bit low.
Shortly after the purchase, the tax assessor website showed my plot as being 1.81 acres. No bullshite. This is what my property tax bill showed this year as well. I've never been able to figure out exactly how/why this happened. If anyone has any thoughts please feel free to share.
My real question is this. What will the added 1.4 acres of land do to my home's appraisal value? I'm trying to drop that PMI.
This post was edited on 4/10/17 at 7:06 pm
Posted on 4/10/17 at 6:58 pm to OMapologist
You didn't know the exact size when you bought it?
Posted on 4/10/17 at 7:00 pm to LSUSUPERSTAR
quote:
You didn't know the exact size when you bought it?
I didn't survey the land myself if that's what you're asking. As stated, I looked at the property tax records.
Posted on 4/10/17 at 7:11 pm to OMapologist
That should have been an obvious between 0.42 and 1.81 acres. Are you in a rural area or subdivision? You are going to have to get a survey done.
Posted on 4/10/17 at 7:32 pm to OMapologist
Sounds to me like the appraiser blew this one. I can understand you not knowing the difference in size, but how the heck did the appraiser miss that?
Did they even go out to the property?
Did they even go out to the property?
Posted on 4/10/17 at 7:46 pm to LSUFanHouston
quote:
Did they even go out to the property?
Yes they did. They had no reason to doubt the validity of the .42 acre. That's the number it was at the time of the appraisal. I don't think they "missed" anything. I think the number changed after the appraisal.
Can any real estate appraisers answer the question in the OP?
Posted on 4/10/17 at 8:34 pm to OMapologist
quote:
Can any real estate appraisers answer the question in the OP?
I'm a commercial appraiser and the question to this is no, we can't answer the question. It really just depends. You may find another appraiser who accounts for the extra land in a building to land adjustment but he may also say your house is worth less on a $/SF basis, which may counteract the building-to-land adjustment. You may find an appraiser who accounts for it and says your house is worth more on a $/SF basis and thinks your house is worth significantly more than the original appraisal.
In defense of the appraiser who originally did the appraisal, generally we're just relying on whatever information is available. Should he have been able to tell based on relation between your house size vs. lot size? Yes. However, appraisers often get confused for things they are not: land surveyors, home inspectors, foresters, etc.
Posted on 4/10/17 at 8:54 pm to OMapologist
My house and pond are over 50 years old. County appraisers have been coming here every 4 years like clock work. This is the first time an appraiser "realized" I have a pond in spite of having to drive past it to get to my house.
One year the country appraisers tried to claim I had added onto my house, which never happened. Fortunately we had a recent appraisal and had past paperwork from the county to verify the house was the same size then as it was before I bought it.
Basically, many appraisers seem to be giant idiots at best and corrupt at worst.
Keep all paperwork from appraisals as long as you live where you live.
One year the country appraisers tried to claim I had added onto my house, which never happened. Fortunately we had a recent appraisal and had past paperwork from the county to verify the house was the same size then as it was before I bought it.
Basically, many appraisers seem to be giant idiots at best and corrupt at worst.
Keep all paperwork from appraisals as long as you live where you live.
Posted on 4/10/17 at 9:12 pm to airfernando
quote:
Basically, many appraisers seem to be giant idiots at best and corrupt at worst.
County appraisers are often viewed as "worse" because they're employing mass appraisal techniques to appraise thousands of properties a year.
Residential fee appraisers are doing appraisals for $300-$500 so they have to do a ton of them to make any money.
Even commercial appraisal fees have gone down 25-50% in the last few years and typical "timing" of appraisals has gone down from 3-4 weeks to 2 weeks.
Posted on 4/11/17 at 7:34 am to yellowhammer2098
quote:
You may find an appraiser who accounts for it and says your house is worth more on a $/SF basis and thinks your house is worth significantly more than the original appraisal.
Any idea where to find one of these? I need a 12k increase in appraisal value and I can be done with PMI.
This post was edited on 4/11/17 at 7:35 am
Posted on 4/11/17 at 7:49 am to OMapologist
An appraisal is an OPINION on value.
Have you talked to the tax assessor to see if the legal description has changed as far as acreage?
Have you talked to the tax assessor to see if the legal description has changed as far as acreage?
Posted on 4/11/17 at 7:54 am to OMapologist
What does the legal description on your deed say? That's what you own, no matter what the tax assessor says.
Posted on 4/12/17 at 12:06 am to OMapologist
just confirmed that appraisers are still worthless
thanks
thanks
Posted on 4/12/17 at 12:24 am to OMapologist
I'm thinking you don't actually own an extra acre and a half. I mean, I just don't see how anyone with a pulse (including you) would miss that difference. Perhaps your land was subdivided before it was sold to you and the tax collector has conflicting information?
An acre is 43,560 square feet. You should be able to know if you are above or below an acre very very easily.
Good luck.
An acre is 43,560 square feet. You should be able to know if you are above or below an acre very very easily.
Good luck.
Posted on 4/12/17 at 7:40 am to TigerDeBaiter
I spoke with property tax assessor responsible for my neighborhood and the guy who did the appraisal when I was purchasing the home.
The both said essentially the same thing, which was nothing. They said that the .42 acre was wrong. When the county went to do it's property appraisal check (presumably because I had just purchased the home), the realized the error and scored it at 1.8 acres. The appraiser was slightly embarrassed when I called him, he said he should've caught it, but he just typically uses whatever information is out there.
I suppose I knew that it was always more than .42. That number always seemed small to me. I guess I just assumed the county would have had the number right. My house is 65 years old. I've got no clue how long they had the plat size wrong for.
2 asides:
- The appraiser looked at a comp for me when I called him. He said that judged off that first comp that my home appraisal value would increase (enough to take off the PMI)
- He basically also said if I refinanced with a certain broker who used him as the appraiser that my home would most definitely have a high enough appraisal to drop the PMI. What a sham. I would take him up on this offer, but I'm locked into a good rate and the costs of doing a refi would probably negate dropping the PMI. I'm just going to request PMI cancellation through my current mortgage provider and hope they pick an appraiser that gives my home the value it needs.
The both said essentially the same thing, which was nothing. They said that the .42 acre was wrong. When the county went to do it's property appraisal check (presumably because I had just purchased the home), the realized the error and scored it at 1.8 acres. The appraiser was slightly embarrassed when I called him, he said he should've caught it, but he just typically uses whatever information is out there.
I suppose I knew that it was always more than .42. That number always seemed small to me. I guess I just assumed the county would have had the number right. My house is 65 years old. I've got no clue how long they had the plat size wrong for.
2 asides:
- The appraiser looked at a comp for me when I called him. He said that judged off that first comp that my home appraisal value would increase (enough to take off the PMI)
- He basically also said if I refinanced with a certain broker who used him as the appraiser that my home would most definitely have a high enough appraisal to drop the PMI. What a sham. I would take him up on this offer, but I'm locked into a good rate and the costs of doing a refi would probably negate dropping the PMI. I'm just going to request PMI cancellation through my current mortgage provider and hope they pick an appraiser that gives my home the value it needs.
Posted on 4/12/17 at 7:44 am to ItzMe1972
quote:
Have you talked to the tax assessor to see if the legal description has changed as far as acreage?
I did. They said it had not. She essentially said that someone messed something up when they were measuring. I'm not complaining though.
Posted on 4/12/17 at 7:46 am to LPTReb
quote:
What does the legal description on your deed say? That's what you own, no matter what the tax assessor say
It doesn't give any physical descriptions.
It just says that I own Lot X in Neighborhood Y in Division Z.
This post was edited on 4/12/17 at 7:48 am
Posted on 4/12/17 at 8:36 am to OMapologist
There should be a plat of the subdivision filed at the courthouse.
Get a copy and see how it looks.
Get a copy and see how it looks.
Posted on 4/12/17 at 9:28 am to OMapologist
quote:
The appraiser was slightly embarrassed when I called him, he said he should've caught it, but he just typically uses whatever information is out there.
quote:
He basically also said if I refinanced with a certain broker who used him as the appraiser that my home would most definitely have a high enough appraisal to drop the PMI. What a sham.
Home appraisal game still crooked. Got it.
Posted on 4/12/17 at 9:35 am to LSUFanHouston
quote:
Home appraisal game still crooked. Got it.
It makes me wonder if my mortgage provider will just choose someone that will give me a low ball appraisal so I have to keep paying the PMI.
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