"No one looks forward to the day their annual property tax bill arrives. But those in affluent Westchester County, a suburban swath of New York that includes areas like Rye and Armonk, most likely dread it more than most. That's because homeowners fork over a median $8,404 per year to live there. That's seven times more than the $1,180 national average, and on a dollar basis, the highest in the nation. "
How common is this?
Interesting artice from Diane Olick over at CNBC:
"Since many second lien holders are getting very little, they are now allegedly requesting money on the side from either real estate agents or the buyers in the short sale. When I say "on the side," I mean in cash, off the HUD settlement statements, so the first lien holder doesn't see it. "
"They are pretty clear and pretty upfront about the fact that if the first lender knows they are getting paid, the first lender will kill the short sale," says Brandt. "So these second lenders are asking for the payments off the closing documents, off the HUD statement, usually in a cashiers check prior to closing. Once they receive that payment, they will allow the short sale to go through, which according to RESPA laws and the lawyers that we have spoken to on the topic is not legal."
Read Whole Article
'The Sheriff Does Appraisals In These Parts'
"The Dayton Daily News on Saturday reported that appraisers working for Plummer - most of them without real estate or appraisal licenses - earned as much as $151,456 last year appraising foreclosed properties to be sold at sheriff's auction."
Appraiser Fights for License (tsk tsk tsk)
"State regulators say Kirk "Mark" Newton misstated measurements and overvalued homes, some of which are the center of an fbi mortgage fraud investigation."
Interesting Links
Appraiser make "Terrorist Threats" against Andrew Cuomo over HVCC!
We're all upset over HVCC, but keep your head!
Worldwide Housing Prices
Good interactive chart from The Economist showing a global boom and bust of real estate.
Jamie Dimon, CEO of JP Morgan Chase, calls commercial real estate a 'train wreck'.
We've been hearing this for a while. When/will commercial RE crash?
Should I Sue the Appraiser?
Interesting posting at a blog called Appraiser Law Blog.
Critics say new home-appraisal rules drive down values.
Conflating two problems: falling real estate values and the mistaken notion that lenders must use AMC's.
Rob Honders
Appraisal Solutions
845-797-3557
The Office of Real Property Services has a website with guidance as to how to file an assessment grievance. It's a typically obtuse, wonkish government paper but here is the money shot for many people:
From "SECTION ONE: IS YOUR ASSESSMENT FAIR?"
"...the market value listed on the roll should equal roughly the price for which you could sell your property."
"Market value is generally defined as the price a willing buyer would pay a willing seller for a property in its present condition with neither buyer nor seller under pressure to act (such as career relocation, death of a family member, divorce, etc.)"
Purveyors of Thorough, Intelligent Real Estate Valuations in Dutchess, Rockland and Orange county for the last 15 years.
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