Need to Sell My Home and Where to Begin

I know of an EXCELLENT Realtor. Her name is Ellen Stephens.

Her phone # is: ###-###-#### or ###-###-####.

Tell her that I recommended you to her.

Good Luck.

What kind of crack pot mortgage do you have that changes with the value of your appraisal? That would completely defeat the purpose of buying a house. That aside, tax valuations can be disputed. Check out the appraisal district website for your county.

You should try to interview several realtors. Everything is noegotiable, but your want someone who can teach you about the process.

Find out who your local appraisal district is and see if they have an online site. If they do, you should be able to type in all of the addresses of your neighbor's homes and see what they are appraised at. Do you homework and compare homes that are almost like yours (in size, stories 1 or 2, garages etc). You should be able to print the comparable home information. You may find that everyone in your neighborhood had their appraisal values raised just like yours or not. However, if you have done no improvements to your property to justify this increase, then make an appointment to bring this information before the appraisal district board and have extra copies to give to them for their review. They may agree to decrease your rate or not, but it is certainly worth a try. Remember, come prepared with your "due diligence" (aka homework) to justify your reasons for asking for the decrease. Do NOT be intimidated, but professional in your presentation. Good luck!

Do a little research. Perhaps find a realtor in your area to run comps (comparable selling/buying houses) in your neighborhood.

Be sure to also do a little research online to find out what the other houses in your neighborhood are being assessed at. it's public record.

Then take it to the tax assessors office and talk with them. You can also throw in that in today's market there would be no way to get what you want for your house in this "buyer" market.

Good luck!

Hi M.,
What sort of appraisal are you talking about that went up $20k? An actual appraisal by a someone you hired or the County Appraisal District? If it is the appraisal district, I can tell you how to dispute the increase. They tried to raise mine $30k and I disputed it (with the correct tools). Your mortgage should not go up because the value of your home went up- lenders actually like to see that you have value in your home! I am a REALTOR and would love to give you some advice. I can provide you with a complimentary comparative market analysis to help evaluate your situation & then you can go from there. I can be reached at ###-###-#### & my website is www.michelleposey.com
Hope to hear from you!

I don't understand why your mortgage is going to go up. Your mortgage shouldn't increase, your taxes may but not your mortgage. If you are talking about that your tax value assessment said that the value of your home went up $20,000 and you haven't made any improvements, then go to your local tax appraisal office and dispute it. Especially if you haven't ever disputed it before then they should lower the value for you. Take pics of your home with you. Good luck!

You can file a homestead exemption. There is a cap on how much your taxes are allowed to be raised each year... I am almost positive it is 10%

First, who did you receive the appraisal from? I'm guessing it is from the taxing authority in your area. You can fight this. The process varies from county to county, so do a search online to find out the process for your area.

Second, if your house did truly increase in value, you will not have to pay more on your mortgage. This is called appreciation and it just means that the value of your home has increased, not the amount that you borrowed from the mortgage company.

If you hire a realtor, you can expect to pay 6% of the sale price of your home in realtor fees - 3% to the buying agent and 3% to the selling agent, plus a few other fees. Sometimes you can negotiate a lower percentage from the selling agent, but don't try to lower the fee for the buying agent. You don't want to create a disincentive for any buying agent to not show your home to potential buyers.

I would go ahead and find a good realtor to help you with selling your home. He/she should also be able to help you with fighting your real estate taxes. He/she can give you a list of 'comps' for your area. These are homes that are comparable to yours that have sold recently. This will help show the taxing authority that your house has not increased in value (if that is the case).

Good luck with it all!

Contact your County Tax Appraisor to dispute your taxes asap. You will need to do this first because you will need a copy of the new appraisal in hand when you decide on a realtor. Choose a realtor like you're shopping for a new car. If you choose to go with someone not with a recognized company, get references and check them thoroughly along with the BBB. "Shop" for the best deal among the most reputable.

Hello M., I am a realtor and u can contest your prop taxes by contacting a realtor to prepare comparable properties in your area on the market and that have sold in the past 6 months. Use this printout at the tax office to contest. One think to note that it can pose a problem with the assesed value when u are ready to sell your house. The assesed value will drop. As far as selling your house, you can do it yourself "For Sale by Owner". Keep in mind that u will have to deal with people (strangers) in and out. For safety purposes I would not suggest it. If u decide to hire a realtor, you (seller) will have a 6% commission. This commission is for the buyers agent (3%); Sellers agent (3%). The first thing would be to interview at least 3; have them come out take a look, prepare comps and offer suggestions and what their goal is to get your house sold. Listing agmts are 6 mos to 1 year. The market is tight right now, but picking up. Know that a realtor cannot guarantee the sale of your house in a given amount of time, so the key is to declutter, keep it clean and be patient. Good luck.

Check out the website for your appraisal district before you do anything drastic; you will be able to look up the appraised value of your house as well as your neighbors'. There might have been an error - our neighbors had a costly error where their garage was counted as an interior room, thus increasing the house's square footage, so look carefully at stuff like that, too. Also, if there is any need for major repair work (cracked foundation, roof replacement, etc), photograph it and take the pics to the appraisal office. They will then send someone out to verify the pics are from your house, and your appraisal will be adjusted accordingly. Hopefully, this is just an error that can be fixed.

it is easier to hire a realtor and let her handle things for you. i'm a busy mom and we are trying to sell our house too. Kathy Pendleton is great! very helpful, kind and explains everything to you. she and her daughter work together. we always try to use women owned business when possible and the one is great. ____@____.com

I agree... what kind of mortgage do you have? I'm on my second house (4th mortgage) and I've never heard of them adjusting with the "appraised" value. As for fighting taxes, if you're in Harris County you can go online to file your challenge. It's simple and they ask lots of questions that will help (like did you add on or what is wrong....). I've done this for the past 2 years. Both times they made me an offer after reviewing my challenge. Last year was only $1,000 above the previous year, so it seems to work!

As for realtors, I agree. Check the neighborhood to see who's selling in the neighborhood. Not just who has signs up, but which houses have "sold" signs. Then talk to a couple of the realtors (and sellers if you can.) Where do you live?

A realitor will charg or take 6 % of the sales. Since you are inexperienced I would definatly recomend doing this. Our house went up too because houses around us were selling in the onehundereds. Its absurd that this happens I will never understand why due to the poor materials used and the neighborhood. My husband bought it ten years ago in the fifties! Now homes are selling for 100-140. its schocking. Good luck.

If you filed a homestead exemption, they cannot raise your valuation more than 10% a year. Also, find a good realtor and ask them to do a search on the sales price of homes in your area (this would be as of Jan.1, 09.) This should give you an average price per square foot, then multiply that price to the number of square feet to your home. If it is less than your valuation, then by all means, protest. There should be a form in your appraisal statement that you fill out and mail in. Usually there is a deadline, in Harris County it is May 31. There are also companies that will help you protest and they usually charge a portion of your tax savings (ie, 50% of your tax savings) So if by lowering your value, you save $1000 in taxes, then their fee would be $500. But you can do the protest yourself, just be sure to do your homework and have your evidence in hand when you go for your appointment. It can be time consuming, but it is worth it when you look at the tax savings. I don't know what area you are in, but if you are in Houston, I recommend Chuck Poteet at Chuck Poteet Properties. He is honest and experienced. I've known him and his family for 25 years.
Blessings,
K.

Hi M.,
wow, if your property value has increased over the past year that is amazing in todays economy. to answer question # 1- reducing your taxes- well, unfortunately with the increase in value that may not be possible- they will look at the recent appraisal and go with that figure- and most likely increase them- so I would not pursue that avenue..... the only time taxes are reduced is when the property value decreases........
question # 2- Yes, I would enlist the assistance of a realtor- you can sell the place yourself, but unless you know a lot about contracts and negotions I would not attempt that.........however, let me tell you this.... you can pull the Texas Real Estate Sales Contract for single family homes off the internet- it is about a 8-12 page contract that has a lot of blanks to fill in and a lot of items to consider. If you have ever sold a home before you could probably try this- but if not, a realtor is your best bet for your protection. They handle all the nitty gritty stuff and follow the sale thru the closing process which in itself can be tricky. But, before I would sign an agreement with a realtor I would interview several. Get their opinion of your properties real worth - and go with the one you feel the most comfortable with. Get recommendations from friends and family of other realtors they may have used in the past. Right now, realtors are really hungry for business and will tell you anything you want to hear just to get the listing. Let your realtor know what you expect of him/her- as far as advertising, showings and marketing your property. Remember , the realtor WORKS FOR YOU and not the buyer. Some just want to put a sign in your yard and hope someone trips over it- get a realtor that is aggressive and really wants to sell your propert. Realistically, you can expect about 5-6 months for the sale..........they will come at you with offers that insult your intellegence- don;t let your realtor tell you "this is the best offer you will get" because you need to hold tight to your price. Their fees are about 6-8% of the sale price- so make them really work for it. I have about 30 years in the business so I hope you will consider this advice.
Good luck and Blessings

Hi M.,
I am a realtor but also a woman with a home that is "valued" hirer than I can sell it. So I understand your situation a little. I would love to give you some suggestions. but quickly the typical realtorfees total 6% that is 3% for your realtor and 3% for the other realtor who might bring a buyer. Then the closing costs for you are decided taxes, title fees and insurance. this is about another 2% or so. I can give you more specifics if you want.

Where is your house located? How old is it? Does it need any repairs? Is it near a school? Why are you selling it?

You have received many good responses on how to fight your home's appraised value as well as how to start the selling process. I wanted to write in because I understand what you mean when you say, "My mortgage will go up." If you escrow your property taxes, your lender will adjust your monthly payment in response to your appraised value. So, at the end of the year, when taxes are due, you will have enough in escrow for the lender to pay your taxes. Your *mortgage* is not changing with the appraised value, but your payment is changing to cover the higher taxes. Some loan types require that you escrow your property taxes while other loan types make that optional. For example, a government VA loan makes it mandatory for you to have your property taxes and home owner's insurance in escrow. Consequentially, your home owner's insurance changes based on your home's appraised value as well.

M.,
That can be a scary thing when you see your apraisal go up that much. I am a Realtor and would be happy to help you with giving you a current market analysis of your property. This will tell you what homes similar to your home sold for in your area. The market value and appraisal value are different but if your market value is considerably lower and different from the appraised value they will usually adjust your appraised value. You will see a place on your appraisal for you to file a protest. You will send this in if you think it is too high and take the market analysis with you when they give you a date for you to come in and meet. It sounds a lot more horrifying than it actually is. Most homeowners protest their property value at one time or another. In the event that you do decide to put your home on the market this market analysis that I will do for you will allow you to see what you can list your home for and expect to make on your home. I have been a Realtor for over five years and I am excellent at marketing. My listings sell quickly. I would be happy to help you any way I can. My name is S. McComb and my number is ###-###-#### or email ____@____.com luck.

Appraisals for taxes are just an estimated value, it's based on how well your area is doing and fighting it is as simple as following the directions on your letter/appraisal.

As for selling, I have sold and bought two houses in the past 9 years, each experience was different and from that standpoint, I would reccomend going with a Realtor (member of NAR, TAR, HAR assuming you are in Houston) it just means they are held to a higher standard HOWEVER that doesn't mean all Realtors are equal. I would start by asking friends and family and get referals there. Go talk to the Realtor and see what you think DO NOT sign ANYTHING, until you pick the one you want. Shop around and play the field, it will be worth it.

As for fees, 'normal' is about 6% selling price, paid buy the buyer. That is spilt USUALLY 3% buyer's agent 3% seller's agent and they then split with their broker, but it is negotiable, so talk to your agent.

If you are in the Clear Lake, Southern Houston, Baytown areas, I have a gal I can refer you to, she's awesome and I would use her again and again if the need arose.

Good luck!

O'Connor & Associates help dispute your taxes. You should give them a call. As far as raising your appraisal, it may not necessarily do w/your home, it may be your area. If the property value has increased, that may be why the appraisal went up. I always thought that was a good thing, to help sell your home, the value matters a lot. I've never heard of mortgage increase due to appraisal increase, usually any increase has to do w/tax increase. Your mortgage payment should still stay the same. You should contact your mortgage company to make sure but once you agree on a price/payment, that should be throughout the note, not fluctuate. Good luck!

Hi M.,
I agree with everyone who has said the change in value should not affect your mortgage. It has only affected the value of your home, and if you plan to sell soon, that is actually a GOOD thing! It means you can ask and expect to get a higher price for your house. If the appraisal is from the county and you want to fight it to help the future owner save on taxes, you can do that. If it was an independent appraisal conducted by someone you hired in anticipation of selling the house, then you don't need to do anything other than have it available for whoever offers to buy the home--it may save them from having to pay to have an appraisal done themselves (I think they are usually good for 6 months). I would say definitely do not try to sell the home yourself--find a realtor you like and have them list and show your home for you. You will sell it faster and your realtor will be able to give you advice on what to do about the increase in appraised value (whether or not to fight it), as well as tips and pointers on how to make your house show well and sell faster. Good luck--I hope it sells quickly!

did your tax appraisal (many received tax value appraisals over the weekend) go up or did you have an appraisal done for a possible sale?
- If your tax appraisal went up, they normally give you a refernce as to why (sq footage, tax rates, etc) and you can dispute it.
- if it was a third party appraisal - yeah for you . . you are one of the lucky few most values have gone down.

Your mortgage should not be affected (Principle and interest is not eaffected - only the escrow for taxes and insurance) by an increase in either value.

The instructions on how to dispute your taxes is included with the appraisal districts notice of value(flip side I believe). I have never done it myself, but from what I understand, it is basically fill out a form and then be prepared to say why you think things shouldn't have changed (pictures of anything that might "detract from the value" whether real or perceived are good suggestions - cracks in driveway, walls, sidewalks, etc). I personally would steer clear of companies who claim to help you fight your taxes "for a modest fee"

As for the sale of the home, you contact a realtor and they will meet with you, look over the home, help you decided on a listing sales price, take pictures, put up signs, post the home on MLS (multiple listing service), give you suggestions on how to best "present" your home to prospective buyers, etc. YOu will have to pay any extras (above and beyond marketing, special services like yard service, if requested, etc) but you don't actually pay the realtor until the home is closed. Then you typically pay 6% of sales price (3% to your realtor and 3% to the buyers realtor is typical) out of the closing amounts.

May people try to sell their homes on their own, but in this market, I wouldn't want the headache and there are a lot of little details that only a liscenced realtor knows to look for.

If you would like and you are anywhere near the Austin area you can contact JKB Realty. Jessica and her staff are good people and they will work hard for you. Their website is www.jkbrealty.com you can check out the company and there are links to contact Jessica from there - tell Jessica that D. Jenkins referred you (she loves to hear from referrals) - she might also have some suggestions on how to fight taxes on the website . . .there are a lot of "helpful links and hints".

Good luck with the taxes and the sale (assuming you end up going through with it)

Hello M.,

I am curious as to why your mortgage is going to go up because of a new appraisal? Are you refinancing? Did you have an appraiser appraise your home or did you receive your property tax docs from the county? If you really want to dispute the value of your home as per the tax documents, there are usually hearings held where this can be done.

As far as selling your home, if you wish to hire a realtor, their fee is negotiable (at least mine is anyway) but the lowest is usually 6% of the sales price (3% goes to your realtor, 3% goes to the buyers' realtor). There are other normal closing costs, but that all depends. If you want to go with a realtor, then just contact one and they can explai the process.

We have been through this many times in Austin. One year our house went up $25K in one year, just because we had a $600. paint job.

We made an appointment to dispute the appraisal.
We took photos of the house and all of its problems.. Cracks in walls, old bathroom, old kitchen, old windows. We also took note of other homes in our neighborhood that were appraised at the same rate, but that were in better condition. We also found out how much the houses were really selling for in our neighborhood.

We also found out that they had appraised extra footage for a car port.. So go and speak with them. Gosh knows it cannot hurt. Make sure that the appraisal increase is on the house not the land.. They can devalue the house, but not really much on the property. BTW, they dropped the value $50k that year! We have not disputed in a long time.

M.,

While I understand your frustration at such a jump in valuation, it may not be as horrible as you're thinking. But first, I want to address your notion of selling the house. First and foremost, they don't want to tell you this, but Realtor fees ARE negotiable!!! The 6% is what they ask. And some won't budge. But many will. Don't go signing a contract at 6% without interviewing several agents/brokers. Houses are no longer moving on the theory of "if you list it, it will sell."

Now, let me offer you some numbers. You don't say where in Austin you are, so I know that we could be dealing with a couple of different counties. I pulled the first page of percentages in Travis County, and ran an average of rates for:

City taxes, (.03247857)
School (ISD) taxes, (1.###-###-####)
MUD taxes, (.507433)
County taxes (.4122)
and WCID (don't know what that is) taxes (.30352)

Remember, these are just averages of about 7 of each - except for Travis County. There is only one of that.

Now again, I don't know your valuation, so I went with an original valuation of $150,000 that jumps to $170,000.

The taxes would be (roughly)$4410.99 on a $150,000 house. They would jump to (again roughly) $4999.12 on a $170,000 house. That is an increase of $588.13 per year or $49.01 in your mortgage if you escrow.

Let's go to the other end of the spectrum and double your number to a $300,000 house which jumps to $320,000. Your original taxes would be (again roughly) $8821.97. They would jump to $9,410.11 (of course, roughly) per year.

If you sell the house, at 6% Realtor fees, you are looking at:

$160,000 (halfway between 150 and 170) - $9,600
$310,000 (halfway between 300 and 320) - $18,600

Plus, assuming a June sale, you would still have to pay half the assessed taxes for 2009 at closing.

This is not advice for selling or not selling. It is just some pure numbers. We sold a house in the D/FW metroplex in a very desirable neighborhood, after owning it for 3 years, for $20,000 more than we paid for it. With payoff and Realtor fees, we ended up TAKING $5,000 to the table to sell it. (The "bubble" had burst over our heads)

To fight your appraisal value..you need to call a realtor or appraiser and ask for comparabales in your area to see what they have sold for vs. sq. footage of your home. This is a good starting point. You submit copies of the comparables with your papers to the Appraisal office. The form came in your value card.
A good realtor to sell your home (you will get more for your money) is: Connie Vallone - Keller Williams 0 ###-###-####. Good Luck!