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URL:  https://boards.fool.com/i-might-have-tried-too-soon-here-it-is-just-32349603.aspx

Subject:  Re: update Date:  8/6/2016  4:03 PM
Author:  aj485 Number:  310666 of 312906

I might have tried too soon here - it is just that there is a chance I might get married and even though he probably has an OK credit rating, I hear it's more complicated in that situation.

Not sure where you heard that, but it's not really that complicated, as long as he has a good (not okay) credit rating. If that's the case, he can be added to both the deed and the mortgage, assuming you are willing for the house to be community property. And if he doesn't have a good credit rating, and/or you want to keep the house as your sole and separate property, it's possible to do, even if you are married.

Been paying extra and the balance is down to about $51,000.

Anyway, the assessment came out at $50,000.


Assessments are NOT appraisals. And even if they purport to be 'market value', depending on the rules for property taxes in your state/locality, they are usually somewhere between 6 months and 18 months behind, because the taxing authority needs to use a consistent date for everyone's valuations. In my area, the assessment used for taxes paid in 2016 was the valuation as of Jan 1, 2015. The assessment that will be used to calculate 2017 taxes will be the value as of Jan 1, 2016. So even if your assessment came in at $50,000, if your county does valuations like mine does, your current market value is probably higher, based on the increase in values in the data I cited in the prior post.

With a $51k balance, your home only needs to be valued at $53.7k for you to have 5% equity, or $56.7k for you to have 10% equity. So it's really important that you understand what the current market value is, rather than assuming the assessment is correct. You really need to look into how much similar houses in your neighborhood have been selling for, rather than using your assessment value. Talk to a realtor, check Zillow.com or realtor.com for prices of recent sales, or check to see if your county assessor has sales data available.

AJ
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