Re: A bad real estate deal

From: Jim McGrath <jimm@hi.com>
Subject: Re: A bad real estate deal
Date: Wed, 06 Jan 1999 18:56:13 -0500

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My guess is that your town assesses homes at 75% of market value.  When you
paid $104K for your home, you established its market value.  An assessment
establishes a base for tax collection.  An appraisal will provide an
estimate of market value.  If my guess is right, the town now thinks your
house is worth around $109K.  Many real estate people will give a free
appraisal in hopes of picking up future customers.

Jim
>We bought a condo (half a duplex) for $104K in 1993.  The assessed value
>immediately dropped to $78K.  At the moment we owe $92K and it's assessed
>at $82K.  We have no plans to move, but what would happen if we did?  If
>we had to move for job reasons, for instance, and we sold for $82K, I
>imagine we'd owe the bank $10K in cash?  Which we don't have.  If we
>deeded the place to the bank, would that hurt our credit rating?
>
>- -- Nancy Slator, neslator@amherst.edu


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