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Assessed vs. market value
DEAR BENNY: In 2006, the assessed value of my house had climbed to $756,000 and then dropped to $714,000, trailing the declining market. I filed an abatement based on erroneous information that my town was using, and was successful. My house was reassessed at $531,300, very close to my suggested valuation.
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Sacrificing privacy to get a loan
DEAR BENNY: My husband and I recently applied for a home equity loan to help finance a new home we are building until we sell our current home. We applied at our local bank and it acknowledged that our home's value, which is fully paid for, is more than adequate to cover the amount we applied for. The bank also noted that we have excellent credit and sufficient monthly income to support the payments (which it verified through direct deposits).
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CALIFORNIA ASSOCIATION OF REALTORS®
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Gayle Lake, Broker GRI
REALTOR®
LGL PROPERTIES
3401 Freeport Blvd
Sacramento,
CA
95818
916.449.6000 ext 202
916.799.8500
Contact Me
Visit My Web Site
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HAPPY 4TH OF JULY!!
Thank a Member of Our Armed Services for the Freedoms We Enjoy Today!!
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Fixing to sell: Don't go overboard
Fixer-uppers with upside potential were in high demand when the market was appreciating at a fast pace. Once depreciation took over, speculators disappeared until 2009, when low-end foreclosure properties in some areas became hot properties -- particularly if they were selling at a 50 percent discount from the peak in summer 2006.
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Transferring loan on inherited home
DEAR BENNY: I recently inherited my mom's home, valued at $136,000. Unfortunately, she had a home equity line of credit (HELOC) on it for $66,000. Apparently, a relative talked her into getting this loan to start a small business. Of course she was stuck paying the loan, and the payments are current.
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