OfflineI guess it's a sign of the times that a lot of county tax assessors now have "fair market values" listed on their websites. The real estate agent I work with told me that they are seldom accurate and almost always on the high side. Is she right? Should I steer clear of them when attempting to determine a realistic FMV?
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Yes that is correct they are almost always on the high side. However it is still a good tool. Just take what they put on their site as FMV and deduct 10% of the Value they have put on there and you will most likely be correct. The countys are out to get as much out of the sales as they can. You dont really need to steer clear of them just adjust down 10%.
" Not Having a goal is more feared than not reaching one"
Christa Niven
Thanks for the tip, Christa. I will take all the help I can get!
tax assessments are put in place to collect revenue for the city/county, NOT the 'real value' of the property
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Correct. It's not a sign of the times, it's standard practice for tax assessors. On the bright side, most homes not for sale are worth more than the county "thinks" they are. On the dark side, anyone who relies on someone else's numbers to determine a purchase price may be paying retail for that house, or even higher. If bought with a mortgage, the lender will require their own appraisal, which acts like a "check" against overpaying (to an extent). But if a county puts up a new building or project that the seller didn't agree with, he'll swear up and down his property taxes are too high - which can scare off potential buyers that don't have a clue what they're doing. The best approach is always the correct one: Do your own "due diligence," because no matter what someone else says the house is worth, a REI isn't going to pay THAT much anyways, right? Right. Best of luck to you...
Paul: "I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when my fear is gone I will turn and face fear's path, and only I will remain."
Duke Leto: "I'll miss the sea, but a person needs new experiences. They jar something deep inside, allowing him to grow. Without change something sleeps inside us, and seldom awakens. The sleeper must awaken." - "Dune."
When it comes to me putting a deal in the only thing I use is a realtor, I have to know the true comps of the area, And the only way to get that is to see what has been sold in the last 30 days.
Randy
www.adeptpropertiesllc.com