2wheelwoman

This is nothing quilt related, but I'm hoping that we have a Realtor (or a couple) among our membership that can help me with a question.

I live in California, where the law states that the seller must disclose whether there has been any flood damage (fixed or not) to the home. We were flooded, due to the neighbor changing the drainage pattern, and we're currently sueing for damages and to get the drainage fixed. We've made all the necessary repairs to our home.

Now the question - we know that our property value has declined because we've been flooded, as our property will be less likely to sell than one that hasn't been flooded (We are in a PUD community so there are identical properties available). How would we go about guess-timating the dollar amount of the loss of value? By a percentage, like 1% or 5% or 10% of the home value, or a flat $10k, or ? Any ideas? Rest assured you won't be quoted or anything and can stay anonymous, I just don't know how else to go about this or who to ask. Realtors only want to talk to us if we're buying or selling, not info gathering.

QuiltingGrannie

I'm a former Realtor though not from CA. Each state is different. I would call Realtors until you find one that could help you, or call your insurance company as they may be able to tell you too. I would think a Realtor would be willing to help you in hopes of someday getting your business if you decide to sell. You are going to remember the one who helped you.
You may be able to go on line with some Realtor Companies and find out the information.

Good luck.

IrishNY

I would bet you could call a real estate lawyer - they probably have some idea about how to estimate the decline in value.

Jingle

Our Granddaughter is a Realtor but, she isn't home right now. I'm sure California would have differet laws than Missouri anyway. Illinois laws is different than ours and it is just across the river from us.

oatw13

I agree that you should try calling your insurance company or a real estate attorney. You could also try contacting your county assessor's office.

You could also try contacting more realtors or call the realty board to see if they can tell you who to call.

May I ask why you are trying to figure this out if you aren't interested in selling the property? Are you trying to have your taxes adjusted? If so, you may just need a new appraisal.

Good luck. I will be curious to see what you find.

0tis

I would try an appraiser (licensed) and/or your homeowner's insurance company. That seems like a good place to start.

Pam

I have been lisenced in 5 states. Get in touch with a real estate attorney. A realtor is NOT your best bet here. Contact the attorney that you used for your closing, get their advice, it will probably be free.

Next you need a good agent. Contact the local Board of Realtors. Every year they give an award to the top LISTING agent. Get THAT agent to list your house.

I wish you the very best of luck in selling your home.

2wheelwoman

Thanks to all of you for your replies. A real estate attorney it is. I won't be selling in the near future, but do want our suit to include some compensation for the loss of value. Just don't know how much that might be, and wondered if there was a formula for figuring it out. I never even thought of a real estate attorney. DUH.

walen

I would call the county. The taxes should reflect the decrease in property value.