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Help! Questions regarding city appraisal and acquisition of property from property owners of Charlotte!?

admin — Mon, 04 Jul 2011 22:17:42 +0000

So my parents just got a letter from the city of Charlotte (of North Carolina), and they want to get the property around my neighborhood appraised and apparently acquired(?). Below is the letter word for word (with some information left out for privacy/security):
————————————————————————————————————————————————
City of Charlotte
Engineering & Property Management
Real Estate
Re: Project Name: Allenbrook/Westridge
Project Number 671-09-005

The City of Charlotte views public improvement projects as important to maintain and improve the quality of life for the City and its citizens. In order to start these public improvements, the City must first acquire property from property owners affected by improvement projects. In our efforts to achieve these improvement goals, the City will secure an appraisal to determine a fair and equitable compensation for property needing to be acquired as part of the above project.
We wanted to correspond with you in advance to let you know a certified, independent appraiser will perform a valuation of the land and improvements affected on your property by this project.
The appraiser who will perform the appraisal work on your property is:
T.B. Harris, Jr. MAI
1430 South Mint St., Suite 102
Charlotte, NC 28203
(704)334-4686
(704) 334-2759
Ref: 1018169-8406
You are encouraged to contact the apprasiers and advise them of any facts you feel will influence the value of your property. After the appraisal work is completed by T.B. Harris, Jr. MAI, the acquisition agent (THC, Inc. (704) 359-0722) will contact you to discuss this project.
Very truly yours,
Mark R Boone
Appraisal Administrator
————————————————————————————————————————————————

When they state "property from property owners", are they referring to my family’s home/land?
Can the appraiser go on our property without our permission?
Is there anything I need to be aware/cautious of concerning this letter?

It is called Condemnation by Eminent Domain. The Government can take your property for public purposes with just compensation. In essence the letter is notice that your Parents property will be acquired by the City of Charlotte in whole or in part for the public good. Usually it means an Easement for road widening, sewer, utilities or similar projects.

However, entire properties may be taken as deemed necessary.

Help! Questions regarding city appraisal and acquisition of property from property owners of Charlotte!?

admin — Sat, 02 Jul 2011 08:42:37 +0000

However, entire properties may be taken as deemed necessary.

Is there anyway to reduce property taxes if I just bought a home and it needs lot of repair?

admin — Sat, 19 Mar 2011 12:46:01 +0000

Is there anyway to reduce property taxes if I just bought a home and it needs lot of repair? It will take me more than a year to fix it up so I was wondering if i could get a break or even depreciated so I do not overpay for property on taxes because it is nowhere close to being worth what they say on appraisal tax office.. Live in Texas

Call the tax assessor’s office and ask what the procedure is for a re-assessment. Tell them you just bought the house and believe the prior assessment is no longer valid. There will probably be a form to fill out. One thing to realize is that if your new house is coming up for re-assessment anyway, they may decline and have you wait. Also, some jurisdictions do not allow re-assessments outside of a very narrow window (90 to 180 days) immediately following notification of a new assessment.

Home appraisals are coming in low, how can we get a fair appraisal with all the foreclosures?

admin — Thu, 17 Feb 2011 03:45:10 +0000

I purchased my home 3 years ago in a new development and got a 263000 appraisal. Last month I started the process to refinance my interest only loan..The bank assigned appraiser came and said my house was only worth 208000. Since the house was built we have finished the basement and several other projects totaling around $30000. All the houses in development were built for around $300000. The bank said the appraiser used comparable houses that sold recently.Subtracting the property value (70000) from that total the appraiser is saying my can be rebuilt for $60.a sq. foot which in even today’s market would be impossible. What can we do??

Appraisals have nothing to do with the cost of building your house, it is based solely on what your house will sell for if the bank has to foreclose and sell it to get their money back.

Lots of expensive houses were built when the market boomed. Those houses aren’t worth the cost of materials to build them today. People who bought those houses during the boom have lost their jobs and can’t pay for the houses, so their is more houses available than people who can buy them.

Eventually the house surplus will be bought up and the demand for homes will drive the prices back up above the cost of building them. But there is nothing you can do right now, your house is not worth what it cost to build it. It is simply Supply and Demand.

High home appraisal, what are the positives and negatives?

admin — Tue, 15 Feb 2011 02:26:06 +0000

I’m a first-time home buyer. I know you want the property to appraise for the asking price or more. Is there ever such thing as too high of an appraisal when getting a mortgage? I’m doing a guaranteed USDA loan. I had to use one of their approved appraisers. My mortgage officer told me it was rare that a home is valued much more than the purchase price because the USDA likes the price to come in very near the purchase price.

The appraisal was 25% over asking . . . Is the USDA going to take issue with this? I mean for my personal worth this is a great thing, but I’m worried they aren’t going to like the appraisal.

Also, would this be considered instant equity? Ideally I’d like to take out an equity loan that is about 5% of the appraised value of the home to pay off unsecured credit. My mortgage broker said no way, but that was before the high appraisal.
Ooops I meant 25% over selling price.

The only possible problem is the underwriter could carefully review the appraisers work and see if they made some mistakes. This should not be a problem for you. I would not get real excited. You probably did make a good purchase, but the appraiser may have also made a few mistakes and the "real" value may be more similar to what you paid.

I see no way this is a problem for you.

The bank will not make you a higher loan based on the appraisal.

Do I have to share the property appraisal with the sellers?

admin — Tue, 04 Jan 2011 10:13:57 +0000

My husband and I are in the process of buying a single family home. Our offer has already been accepted by the sellers and we have already had the property appraisal done. Their listing agent told our agent that some neighbors called the seller (he does not live in the state) and indicated that they believe the listing agent priced the house too low (which is not true– it is market value). The appraisal came back just $5,000 over the listing price that we agreed to. The house needs well over $5,000 in repairs. We are concerned that by showing this to the sellers, they will want to back out of the contract–we are only 3 weeks from closing. They haven’t paid for anything and have refused to fix some faults in the property, they are not given any contribution as it is.

Are we obligated to show the sellers the property appraisal?

No, you are not obligated to share the appraisal with the sellers. You have a contract, the opinion of the out of town busy body is not withstanding.

Purchsing a home. What happens when the property I’m buying Is appraised less than the offer?

admin — Tue, 14 Dec 2010 17:07:56 +0000

I’m I’m contract on a property in san Diego, ca. My offer was 299,999 I’m doing an FHA loan. The appraisal came back at 290,000, what happens now.

Depending on how your offer was worded, you might be able to back out and get your deposit back. If you still want to buy the house and the seller won’t come down on price, you’d need a larger down payment since the lender will only give a mortgage based on the appraisal minus the % they require as a down payment.

Is it legal for a home owner to sell the home(Owner Financed) with out an inspection and appraisal.?

admin — Sun, 12 Dec 2010 15:15:09 +0000

Situation: Home owner is selling a home and doing owner finance on it. The property is worth a lot less than the selling price. Since they are doing owner finance, there is no appraisal or inspection. Is this legal? On a traditional mortgage, the bank uses the appraisal to determine if they can carry the note. In this situation, the owner is the bank. It seems like they are trying to scam the buyer. Can an atty chime in?

You do not have to make an offer on the home if you do not like the terms the owner is asking;

The bank is being up front, the asking price is X, well aware it will appraised for less, so they have to carry the note: Side Note: a savvy investor paying cash would never make the deal with the bank; but I will assume the terms of the loan are good for certain buyers even if its more then current appraised value

Nothing is stopping you by making an offer contingent on inspection, lender will probably expect with time line to inspect, but will not budge at this point lowering the asking price, either wait another six months to see if the home sits or make a cash low ball offer for once again Cash IS King

Should you contest with your appraisal district if they appraised your home value less than the market value?

admin — Fri, 10 Dec 2010 16:41:24 +0000

Should you contest with your appraisal district (Harris County, Houston, TX) if they appraised your home value less than what you think is the market value?

Or, is it better to leave as that would decrease your property taxes.

Sorry to rush, but I need an answer really quick.

Thanks,

Navin

If you’re talking about what they use to assess property taxes, then the lower the better.

If you are trying to sell or refi your house, and you disagree with the appraised value that your price or loan to value is based on, realize values have come down in recent years, and that an appraisal is based mostly on what properties in your neighborhood that are comparable to yours have sold for recently. Small adjustments are made to the value to compensate for slight differences in the comparable properties, but if a house similar to yours in your neighborhood sold for $xx two weeks ago, it’s unlikely that your value is going to be much more than the selling price of that one.

Property not listed with appraisal district?

admin — Sat, 04 Dec 2010 12:18:58 +0000

We have some property behind my home (60 to 70 acres of land). A business purchased the land in 2008 but our county appraisal district only shows the company as owning 31 acres; how do I found out who owns the other acreage? I have already tried both the appraisal district and tax assessor’s office but neither shows who owns the rest of the property – thanks!!

I’d be amazed if the property tax office didn’t show who owned it. They collect taxes so they know who owns it.

You need to get a plat map of the area with all the property boundaries and property id numbers. From there, it should be easy to have the tax office look it up. If they STILL can’t find information on it, then hire a title agent to do a search on it.