Fair housing is the equal opportunity for families or individuals to reside in, to buy, or to rent housing of their choice in the neighborhood of their choice and for which they financially quality.
Every individual has the right to fair housing without regard to race, color, religion or national origin, ancestry, gender, disability or familial status.
Owner occupied buildings with no more than four units, some single family housing if sold or rented without the use of discriminatory advertising or real estate broker, agent or sales person. Housing provided by a private club, not in fact open to the public which provides lodgings which it owns for other than a commercial purpose, from limiting the rental or occupancy of such lodging to its members or from giving preference to its members.
Housing for older persons that meets the criteria established in the Federal Fair Housing Act is exempt from the prohibition of discrimination on the basis of familial status.
When a homeowner is seeking to refinance or sell their property and have a good idea (or no idea) of the value of their home and feel that the appraised value of their home is low, commonly called a lowball appraisal, they have options and can challenge the appraisal.
A. An appraisal is the fair market evaluation of property. It is usually conducted in conjunction with the sale of property, but may be necessary for other purposes as well, such as refinancing a loan. Accurate and fair appraisals are important to you, to your neighbor, and to the community.
A. Normally, similar properties within a one-mile radius of the property to be appraised are used as a comparison. The comparables are based on sales in the last six months. If no sales have occurred within the last six months, then comparable sales from the past year may be used.
A. In order for properties to be appraised accurately, the comparables need to be as similar as possible in amenities. Generally, an on-site appraisal will include a review of the interior including the basement and attic as well as the exterior including the back yard and the garage.
In addition, factors in the appraisal process include, but are not limited to:
Typically, a swimming pool produces only 75% of the investment value (cost).
A. The appraiser may utilize a multiple listing service or he may use a realty sales guide to receive similar information on past sales. An appraiser may receive comparable sales through real estate agencies which have specific knowledge of the area.
A. The seller does not automatically receive a copy of the appraisal; therefore, it is necessary for the seller to request a copy. Mortgage lenders are reluctant to release the information which may be included under "an application fee" or "credit history fee."
A. A low-ball appraisal is an appraisal which is under market value.
A. The homeowner can challenge a lowball appraisal by taking the following steps:
- The mortgage company name and address and the loan officers' name
- The appraised value
- The listing price
- The buyers' offers
- Addresses of comparable sales
- The name of the appraiser
Call the Village to assist you in researching and challenging (if warranted), the appraisal.
A. Low-ball appraisals should be challenged immediately and without delay. At the maximum, the seller has approximately 60-90 days to challenge a low-ball appraisal before final documents and closing contracts are signed.
A. It is important to challenge a low-ball appraisal because:
Everyone in the community is hurt by low appraisals. The seller of a piece of property is directly affected because the lowered value negatively affects the sales price of the residential investment. Neighbors are affected because each piece of property which is sold becomes material for the "comps" (the comparable properties or measuring sticks) when the next piece of property is sold. The community is affected because property tax revenues are based on the assessed valuation of all property. This ultimately means that the municipality must either reduce services or increase taxes to cover the difference.
| To file a Federal Form 903: Region V Housing and Urban Development 626 West Jackson Boulevard Chicago, IL 60606-6765 1-800-424-8590 1-800-543-8294 (TTD) |
South Suburban Housing Center 18220 Harwood Ave., Suite #1 Homewood, IL 60430 Phone: (708) 957-4674 http//www.LincolnNet/housingcenter email lrsshc@lincolnnet.net. |
Village of Hazel Crest 3000 W. 170th Place Hazel Crest, IL 60429 (708) 335-9600, ext. 110 |
On July 17, 1998, the United States Senate passed the 1999 HUD/VA Appropriation Bill, which included the increases in the FHA Limits provisions and simplification of the down payment calculations. The relevant portions of the Bill are:
Last Revised: May 13, 2004 06:06 PM
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