Comments for Mortgage Approval Guide

Comment on Did AIG Cause Our Home Loan Foreclosures? by Mortgage Approved!

Mortgage Approved! — Fri, 25 Mar 2011 22:16:24 +0000

You are quite welcome Eleni.

There are many changes coming as the powers that govern this disaster try to work things out. Unfortunately, the turmoil is not over yet.

The great thing is that “We The People” are survivors!

Comment on Did AIG Cause Our Home Loan Foreclosures? by Eleni Dermody

Eleni Dermody — Fri, 25 Mar 2011 05:01:42 +0000

Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic.

Comment on How does reworking a mortgage affect my credit score? by Comment from drew b

Comment from drew b — Wed, 13 Oct 2010 00:00:00 +0000

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Comment from green hulk 32 — Sat, 31 Jul 2010 00:00:00 +0000

Comment on How to split multiple owner property investments that are paid off and have unequal property tax rates? by cactusgene

cactusgene — Tue, 29 Jun 2010 00:00:00 +0000

I presume you are talking about property in the State of California, which is subject to the Prop. 13 rules. The value of the properties has nothing to do with its assessed value for real property taxes. If both properties are in the same city and the same county, you can approach the county assessor, asking if he would be willing to equalize the assessments, since there is really no change of ownership, just a change of vesting. But there is nothing in the law that says he has to do so. In fact he can take the position that you are actually selling one half of one fourplex and buying a half in the other fourplex and the other family is on the opposite end of the transaction on both properties. In that case the assessment on both properties will increase.

Update Edit: If the 2 properties have different tax rates then it is a dead issue and you cannot change the assessments. But as you said they are both the same (say the fourplexes are close to each other, in the same city, school district, etc., etc.) then I would contact the county assessor and he can tell you definitively what is and what is not possible under state law. The difference in assessed values are caused by the differences in property values as of the date of aquisition (say you bought the first one for $60,000, but a few years later paid $120,000 for the identical model), which forms the basis for the Base Value Assessment under Prop. 13, which then can be increased a maximum of 2% per year for inflation (if applicable). Good luck.

P.s. I am going to approach our county assessor with this query and see what he would do.

Comment on How does county property assessment tie into the sale price of a home? by AJ

AJ — Wed, 16 Jun 2010 00:00:00 +0000

One has nothing to do with the other. Assessed values could be percentages of the actual value of the property. It could be they havent been reassessed in years so they have a higher tax rate, etc.

The appraisal is based on actual comparable sales. The appraiser will not even look at the assessed value, because it does not matter.

Comment on How does county property assessment tie into the sale price of a home? by Caveat Emptor

Caveat Emptor — Mon, 14 Jun 2010 00:00:00 +0000

Assessed value does not determine market value. However, you should be aware that in many locations the property is reassessed upon sale, so the assessed value (and thus, taxes) could increase from what they are now.

Comment on How does county property assessment tie into the sale price of a home? by Tim L

Tim L — Mon, 14 Jun 2010 00:00:00 +0000

I agree with Landlord, dont worry about it. It is actually a good thing to have a lower county appraisal it is what the county uses to set property tax costs but has no true way of assessing the property for sale values. Sales values are a supply and demand thing.

Comment on How does county property assessment tie into the sale price of a home? by Landlord

Landlord — Mon, 14 Jun 2010 00:00:00 +0000

It is completely unrelated and not used at all by the appraiser.

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