Low assessed value calls appraisal into question

Buyer seeks recourse despite reduced tax bill

The real estate event of the summer
Connect with other top producing agents at Connect SF, Aug 7-11, 2017

DEAR BENNY: I had an appraisal contingency when I bought my condo, but shortly after closing I started to think my appraisal wasn't fair at all. I paid $190,000 on Dec 2, 2009. The month after I closed, two one-bedroom units just like mine closed, one at $175,000 and one at $170,000.Then, a few months ago I got my city real estate assessment, which came in at $157,000. I know you want your assessment low to save on taxes, but this is a huge difference from the price I paid. Basically, do I have any recourse here? --Stephanie DEAR STEPHANIE: You also advised me that your original offer to purchase the condo was more than $200,000, but based on the appraisal contingency you were able to buy at the lower price of $190,000. Appraisals -- and even city (or county) assessments -- are not science; a man or woman, presumably trained in appraising and assessing property values, makes a value judgment based on comparables in the vicinity of the property you plan to buy. We don't kno...