Home Valuation Discrepancy

[blboyd77]

I was just wondering if there was any sort of recourse I might have on this matter (I doubt there is, but thought I'd check anyway). When my wife and I bought our first house (a new house) from Pulte Homes, in 2001, the selling price and appraised value represented by them was $143K... now, we are trying to sell the home (due to a job relocation) and have found that the home's appraised value has never been anywhere near that $143K mark... it's always been in the range of $105-120K (looking at tax district appraisals the duration of our owning the home). The RE agents I've talked to say that the company pretty much has done this to most or all in our development, which really irks me. Anyway, if anyone has any advice or insight regarding this, it would be appreciated. And yes, I will never make this mistake again... hard lesson learned.

I'm in Texas, by the way.

 

[HomeGuru]

I was just wondering if there was any sort of recourse I might have on this matter (I doubt there is, but thought I'd check anyway). When my wife and I bought our first house (a new house) from Pulte Homes, in 2001, the selling price and appraised value represented by them was $143K... now, we are trying to sell the home (due to a job relocation) and have found that the home's appraised value has never been anywhere near that $143K mark... it's always been in the range of $105-120K (looking at tax district appraisals the duration of our owning the home). The RE agents I've talked to say that the company pretty much has done this to most or all in our development, which really irks me. Anyway, if anyone has any advice or insight regarding this, it would be appreciated. And yes, I will never make this mistake again... hard lesson learned.

I'm in Texas, by the way.

**A: did you get a mortgage loan at the time of purchase? If so, get a copy of the appraisal from the lender or the appraiser. Also get a copy of the real property tax assessments from day one to current.

 

[blboyd77]

I believe I have that (in my packet of papers), and I can get the CAD info from their sites. If I have that, and their is a large discrepancy, does that mean anything?

 

[blboyd77]

I just spoke to my mortgage company (who are the current holders of the original mortgage note), and my original home appraisal at origination (2001) was $145,275.00 (and that was the amount we financed it for, or right at that amount; I'd need to check my figures to know if it was the pinpoint exact amount). The two counties where our home falls have our 2001 appraisals at $72,038.00 and $96,748.00, respectively. The appraisal numbers since then have never risen above $127,641.00.

 

[HomeGuru]

d77]I just spoke to my mortgage company (who are the current holders of the original mortgage note), and my original home appraisal at origination (2001) was $145,275.00 (and that was the amount we financed it for, or right at that amount; I'd need to check my figures to know if it was the pinpoint exact amount). The two counties where our home falls have our 2001 appraisals at $72,038.00 and $96,748.00, respectively. The appraisal numbers since then have never risen above $127,641.00.[/QUOTE]


**A: then you have nothing to squawk about unless the appraisal was fraudulent.

 

[blboyd77]

Is there any reason there should be such a large discrepancy in the appraisal figures? And since this has happened to so many in our subdivision (with the inflated appraisal-to-real-market-values)... where do you think they were pulling these appraisals from? It sounds like they were writing their own for price purposes (I guess I just didn't expect a $50K discrepancy from county to actual from jumpstreet... who knows). I was dumb and they're crooks is all it boils down to.

 

[HomeGuru]

Is there any reason there should be such a large discrepancy in the appraisal figures? And since this has happened to so many in our subdivision (with the inflated appraisal-to-real-market-values)... where do you think they were pulling these appraisals from? It sounds like they were writing their own for price purposes (I guess I just didn't expect a $50K discrepancy from county to actual from jumpstreet... who knows). I was dumb and they're crooks is all it boils down to.

**A: look at the apprasial and the comps used. If you still feel that the appraisal was not correct, hire a certified review appraiser to review the appraisal and provide an independent comp review at the date and time of original appraisal.
Because the home was new, more weight may have been given to the replacement cost approach versus the market data approach. And the comps may have been of recent sales in strictly the subject project that the builder/developer had control of.

 

[blboyd77]

HomeGuru,

There was one more thing I wanted to add... after seeing another topic/post in this same category... Our home was built by Pulte Homes and the mortgage was done w/ Pulte Mortgage (an in-house deal, basically). Would that matter at all, or am I still toast?

I appreciate your answering my posts, by the way, even if the answers aren't in my favor. Doesn't always happen on boards.

 

[HomeGuru]

HomeGuru,

There was one more thing I wanted to add... after seeing another topic/post in this same category... Our home was built by Pulte Homes and the mortgage was done w/ Pulte Mortgage (an in-house deal, basically). Would that matter at all, or am I still toast?

**A: although it may be a form of steering, it is legal for the builder to place a contingency in the contract to use their own mortgage company. You then have a choice to buy or walk away.
**********


I appreciate your answering my posts, by the way, even if the answers aren't in my favor. Doesn't always happen on boards.

**A: thanks.

 

[HomeGuru]

Since you bought new, you may want to read about this builder and how they respond to resolving construction defects at www.hadd.com

 

[blboyd77]

Is there a good website to find a certified review appraiser, or is it just something to ask local appraisers if they certified as (a common designation)? And by "comps", do you mean "components"? And thanks again.

 

[HomeGuru]

Is there a good website to find a certified review appraiser, or is it just something to ask local appraisers if they certified as (a common designation)? And by "comps", do you mean "components"? And thanks again.

**A: search national appraisal associations your state or local chapter.
Comps= comparables ie. recent sales of similar type homes.