County Appraisal Districts: Laughing All the Way to the Bank With Your Money

In our last newsletter, IN THE LOOP, I wrote about our own personal experiences, while out in the field listing properties. Recently, we discovered serious errors regarding real estate/property appraisals, recorded with the County Appraisal Districts.  Below is part of the article.

Hula hoop, loopty loop, I got the scoop! No, I don't have the answer to the Hula Hoop question. I doubt anybody does. However, I do have a really good question. A serious question. Something you should be aware of.


What is the square feet of your home?

In the past two months, we have come across three homes in which the square feet, recorded by the county appraisal district, was incorrect. And, for two it wasn't in the seller's favor. Clearly, if the county has overstated the square feet of your home, you are over paying in taxes.

When you get that letter (the one that can make the mortgage go up)in the mail every year, how much do you look into it? Many just look at the difference compared to the prior year. That's smart to do but, if you noticed a good increase, it could be the square feet is incorrect.

Many think it's a good thing when the county appraisal is on the high end for their home. They believe it will benefit them when it comes time to sale. In other words, they put their faith in the value stated by the county. Don't get me wrong here. We all want to see the value of our homes go up. But, is it the truth?

The truth can set you free and the truth can hurt. Let's say you put your house on the market and you get an offer? You've finished negotiating on the price. You and the buyer have come to an agreement and the contract is executed. The buyer's inspection goes well and he/she didn't nit pick every little flaw, asking for a number of repairs. So, you exhale and there's a sigh of relief. Then, the lender sends out their own appraiser. You wonder how it went and as as few weeks pass, you think all is fine. During the course of this time, when you talk to your agent, he/she says it looks like everything is moving along, just as it should. (Lenders are good at making us think so.) Then, you get a call. Your agent tells you that your home did not appraise. (Been there and we hate it!) Yes, the truth can hurt......

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