Property Valuation Conflicts

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What are Property Valuation Conflicts?

Property valuation is the process by which the worth of a piece of property is determined.  It is sometimes called a property assessment, and usually takes place in connection with the purchase and sale of a residence

Valuation may be done by a private party, as when a real estate company hires a property appraiser to determine the sale price of a home.  Or, it can be done by a government agent, as when the county needs to determine the worth of a home for tax purposes. 

A property valuation conflict can occur when one or more parties disagree with the value property after the appraisal property.  In most cases, it is the homeowner disagreeing with a property appraiser because the value is either listed as too high or too low compared with market prices.  If not dealt with properly, property valuation conflicts can delay or even prevent a real estate sale from happening.   

What are Some Common Examples of Property Valuation Conflicts?

Property valuation conflicts can arise due to many different circumstances and factors.  Some common sources of property valuation conflicts may include:

What Should I Do if I’m Involved in a Property Valuation Conflict?

While valuation conflicts are best handled with the assistance of a lawyer, there are several steps you can take to educate yourself and to prepare for an upcoming trial if necessary.  For example, you should:

If you are unable to resolve the conflict through an agreement with the other party, it may be necessary to file a legal claim.  This may result in a monetary damages award to reimburse you for your economic losses caused by the dispute.  In serious cases, criminal consequences will result for parties that violate state or federal criminal laws.

Do I Need a Lawyer for Help Resolving a Property Valuation Conflict?

If you are unsure of any legal matters pertaining to your property, it may be in your best interests to consult with a lawyer.  Your attorney can help explain how the laws in your area affect your property valuation.  In the event that you need to file a lawsuit or other type of legal action, your attorney can provide you with expert representation during court hearings. 

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Last Modified: 10-23-2012 03:23 PM PDT

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