Dallas tax appraisals & mold stories

[Atlanta CG]

Don't know if this has been mentioned before, but two interesting stories about the tax situation in Dallas, as well as a different story about mold and the lawsuits emanating therefrom, are in the Dallas magazine, which can be read at www.dmagazine.com. The mold story is particularly alarming, showing it can be a multi-state problem with possible obvious legal ramifications against appraisers if we fail to mention its presence.
John from Atlanta
go h...

 

[Pamela Crowley (Florida)]

Just did one the day before yesterday, opened the door of this HUD repo and smelled it right away before I saw it. Went back to my car for a mask (I now always have some simple masks in my car). Took pics and finished inspection.

This pending sale is not going anywhere. Worse: The HUD repo appraiser apparently didn't mention it and neither did the appraiser for this sale that I am reviewing.

Thanks for this story.

 

[Restrain]

It could well be that when the home was appraised, there was no mold. In high humidity areas, it doesn't take long for mold to form when the AC is turned off. We do foreclosures and often the AC is still on as the home has not been cleaned and shut down, so there generally is not mold. However, you go back to a dog of a home a couple of months later, you can bet there will be mold.

As to the effect - if there has been water damage, you will not be able to get homeowners insurance in Texas for at least 5 years after the damage has been repaired. Many companies will not write new policies and renewals will not have water damage/mold coverage. I just completed an appraisal where the bottom line was only a cash or high-down-payment with bank loan and fire insurance only was the only way to buy the home. No typical mortgage loan would be available.

 

[Frederick R. Ruffell]

This mold thing is just the latest B.S. from lawyers. It used to be Electro magnetic waves from electrical lines, then it was Radon gas in the basement, then asbestos (which is dangereous if airborn), now it is mold. Here in CA there was a law passed that now limits condo/pud HOA to a shorter time period in which to file a law suit against a builder. The lawyers are using the mold issue as a way to get around this law.

 

[Ben Vukicevich SRA]

Just got my insurance renewal in today on my investment condo in NJ. It had a nice little sticker on it. "No coverage is provided for damage caused by fungus, spores, mildew, bacterium, or other natural growth." Seems they're serious about it, even in NJ.

Ah, hell, nothing a little Clorox won't kill, right?

Ben

 

[bobburnitt]

I live in Ellis County Texas which is the county that joins Dallas County on it's southern border. Ellis County has always been a rural, agricultural community up until lately.

In Texas, each county has a Central Appraisal District that is responsible for coming up with the ad volorem values for real property in that county.

The Ellis County Central Appraisal District now has an ARMED GUARD!!! It is now guarded at GUN POINT. I have never seen that before. Not here anyway.

The CAD has re-appraised and re-appraised properties in this county, and now the natives (well they are not natives really, they have all moved in here from somewhere else and taken over) are hostile. One CAD appraiser went out to a guy's house the other day to look at his property, and the guy opened up a can of whup ***.

The properties have been under valued by and large, and the CAD employees are just doing their jobs, and bringing the ad volorem values up to where they really should be. The local big wigs have all coveted this growth (I despise it). The growth has increased demand, and brought about scarcity, resulting in higher prices.

You would think that this would create a landslide of business for a fee appraiser in this county (doing appraisals for individuals to contest the CAD), but not so. The reason is simple.

People are not always as stupid as they pretend to be. They know what their properties are worth. They would not sell their properties for what the CAD has them appraised for, but still they protest, violently.

What is interesting to me, is to see some S.O.B. down at the CAD screaming about his over-appraised property, when two weeks ago the same S.O.B. was screaming at a fee appraiser because his home didn't appraise high enough to do a cash out re-fi, roll in a pool, buy a damned boat, go on vacation etc. Everybody has an angle don't they.

I have learned one thing though. The general public, down here anyway, doesn't know the difference between a fee appraiser and an appraiser for the CAD. More than once some clod has unloaded on me when I told them I was an appraiser. I have had to jump in with "Whoa, Whoa, wait a minute, I'm not THAT kind of an appraiser!!!" You don't want a sign on your vehicle right now that says ABC Appraisals. Not around here.

BB in Texas