The home is assessed for well over the value of the home. Even at 75% of the value, the home will be a difficult sell. Are their any exemptions for this rule and if so, what are they?
You need to get an accurate figure on worth. I'd suggest you do 2 things- first get the house inspected. The inspector needs to be registered or certified as needed for your state and with some sort of licensing. Fee seem to be based on sq. footage. Then once you have this done get the house appraised. Appraiser run $300-600. Again appraiser needs to be registered or certified...etc. The advantage of doing both is that appraiser getting a copy of the inspectors report can provide a bit more details than they can find and provide for a more accurate value. Like the inspector may run a test on electrical to determine if more than 1 system and their age but an appraiser doesn't do this type of detail. Inspector will go up into attic & crawl underneath house while an appraiser won't. Appraiser is going to look at value more based on comparables.
If house has significant issues, you could also get a residential structural engineering report. These cost way way more and finding one to do it could need weeks to schedule in advance.
I'd suggest you do 2 things- first get the house inspected. The inspector needs to be registered or certified as needed for your state and with some sort of licensing. Fee seem to be based on sq. footage. Then once you have this done get the house appraised. Appraiser run $300-600. Again appraiser needs to be registered or certified...etc.
The advantage of doing both is that appraiser getting a copy of the inspectors report can provide a bit more details than they can find and provide for a more accurate value. Like the inspector may run a test on electrical to determine if more than 1 system and their age but an appraiser doesn't do this type of detail. Inspector will go up into attic & crawl underneath house while an appraiser won't. Appraiser is going to look at value more based on comparables.
If house has significant issues, you could also get a residential structural engineering report. These cost way way more and finding one to do it could need weeks to schedule in advance.
So are you dealing with MERP / estate recovery?