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    rudyinvestment's Avatar
    rudyinvestment Posts: 3, Reputation: 1
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    #1

    Apr 9, 2007, 07:56 PM
    Have appraisal for a property that isn't worth it
    I have 2 properties in Ohio. I am looking to sell the properties but can't because the appraisal when I bought them was higher than the houses actually warrant. I have contacted realtors in the area and between the condition of the home and the area, they were appraised for too high. I am looking into legal action against the seller who was an investor not a realtor and the appraiser. I need advice on what else I can do so I don't have to consider foreclosure or short sale. Thanks for your input!
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Apr 9, 2007, 08:30 PM
    contract for deeds, normally you get to sell the house on better or higher terms.

    Rent them out

    Also you need to look at the appraiser, what was the basis for it, compared to what other properties in the aera, was the conditon of the house then.

    How long have you had them, has the area of town went down fast over a few years.

    I have seen property double in value, or also go down by 1/3 in a matter of two years by things happening in the area of town.
    FaceOff's Avatar
    FaceOff Posts: 3, Reputation: 2
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    #3

    Apr 13, 2007, 09:45 AM
    Quote Originally Posted by rudyinvestment
    I have 2 properties in Ohio. I am looking to sell the properties but can't because the appraisal when I bought them was higher than the houses actually warrent. I have contacted realtors in the area and between the condition of the home and the area, they were appraised for too high. I am looking into legal action against the seller who was an investor not a realtor and the appraiser. I need advice on what else I can do so I don't have to consider foreclosure or short sale. thanks for your input!
    Contact the Office of Real Estate Appraisers (OREA) in your state and file a complaint on who appraised your property. They will investigate as to why the appraiser appraised your home so much higher than what you believed it to be. However, just be aware that most of the U.S. is in a declining market and homes purchased just over six month ago are worth about 10% less today. If you're suspicious of foul play then you will need to hire a real estate attorney. Simply not making your mortgage obligations will not help your current problems or help your future. What you agreed upon with your mortgage holder has nothing to do with your home value today.
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