It has been seen in many cases that owners are not satisfied with property valuation figures. For them, the property value that is estimated by the property valuer is low than what they were expecting. This disappoints the owner, though the owner can go and challenge the property valuer’s valuation if he has the evidence to challenge the assessor.
When an owner wants to sell the property then it’s obvious owner expects the best price of the property i.e highest value of the property. When the owner is opting for valuation services for paying installments, and taxes amount than the owner expects the lowest value of the property so the owner can save from paying the high taxes, which they considered as an additional expense.
Collect the records –
Before challenging the assessor or property valuer property owner has to collect the records related to the property. So the owner will have evidence while making an argument with the assessor. Check the valuer has added the rooms and bathrooms accurately or not because the addition of a single room can bring a big difference in the property value and then in tax amount.
Find the comparable –
Valuer is not capable to find the comparable, this can also be the reason for the low or inaccurate property valuation. Find the comparable property sales reports or figures to prove that your estimation is much closer to the local recent sales.
Even you can ask the valuer to provide you a report copy through which you can check which comparable properties are taken by the valuer and why there is a difference in the values.
Understand the market condition and trend –
As the real estate property business completely relies upon the supply-demand chain. Check the status of properties available in your area. Know which kind of property is in demand and understand the condition of the market. This can give you a clear picture of what should be the property value.
You can use these methods to challenge the valuer or assessor. But usually, there is no chance to challenge the property valuer. As they are the experts, experienced, qualified and certified valuers who have the great market knowledge and analytical skills through who can find the right market value of the property.
The only thing that you should do is – if the property valuer is from bank or lender’s end then you can cross check the property value that is estimated by the property valuer, by hiring the individual property assessor. As there is some chance that the valuers will talk from the bank’s end, and manipulated the property value. Otherwise Individually hired property valuers are unbiased as their work is to find the value and they believe in doing so only.
Hire a property value is essential as you can’t do this tedious task of finding value. It’s better to let them do their task. Our experts are always happy to serve you. Feel free to contact us for best valuation services.