HappySeniorHomeOwners Blog

Home Values and Mortgages today

October 24th, 2010 2:39 PM by Juan Luis Rodriguez-Kohly

In a misguided, somewhat "unethical" effort to obtain your business, many Mortgage and Real Estate Professionals will "inflate" the estimated value of a home to make it appear that they would "give" you more.

Isn't it what you want to hear???  Well..., should it be?

The current home values rollercoaster has been on the down slope for a long time.

Although there are "pockets" in every area that have retained or even increased values, most homeowners are shocked to find the what the County's Property Tax Appraiser's offices have stated their 2010 "Market" or "Just" value to be.

When I first talk to a homeowner desiring to get a mortgage or sell their home I: a) ask what they estimate their home to be worth 2) do research as to what the most recent comparable sales have been in the area. Sometimes, the difference can be huge.

The influence of the "Market" on the value of your home is extremely important as the comparable sales will reflect the interaction of demand and supply and the buyer-seller negotiations. 

The number of foreclosures and "short-sales' affect this value considerably!

One has to consider that the estimated value of today might change in one or few days if other comparable sales come in at a higher or lower values.

 The value will be determined on a specific date by a Certified Appraiser, chosen by the Lender. The Lender or LO can not influence the value.

Once the appraisal reaches the lender's underwiter, it will be carefully analyzed. If they consider the comps are not satisfactory (ie recent enough, etc...) they may require a revision.  

Lower appraised values have caused many sales and refinances to be cancelled. Some homeowners tend to react by "shooting the messenger" when their value expectations turn to have been unrealistic.

My suggestion is to always do some research on your own about the value of your home. the County's Property Tax Appraiser's office "Market" or "Just" value.  When recently posted could be a reasonable (but not exact) point of reference.

You may find you Florida County's Property Tax Appraisers Websites at   http://www.happyseniorhomeowners.com/CountyPropertyAppraisersFL   

 

Your comments will be welcomed. For most answers visit http://HappySeniorHomeOwners.com   English-Spanish.   To tell a friend visit  http://www.happyseniorhomeowners.com/tellfriend.aspx

Posted in:General
Posted by Juan Luis Rodriguez-Kohly on October 24th, 2010 2:39 PM

Archives:

My Favorite Blogs:

Sites That Link to This Blog:


Great Florida Lending, Inc

¡No Solo Soy Especialista en Hipotecas Revertidas, Tambien Soy Un Cliente!!!

2828 Coral Way, Ste. 470
Miami, FL 33145