Tax Assessments

In my opinion i would say yes. Do consider what the tax assessment is and put that into to you offer.

Thanks Christa. I kinda thought so but wasn't 100% sure.
So the FMV is what someone thinks they will sell for, even though the Assessor has their own ideas of value.

Thanks,

Linda

The tax assesment used to be a pretty close price of properties prior to the fall of the market. Some places have increased the taxes to raise more money. Used to be tax assesment was about 80% of value of home, not anymore.

Three years ago if you could get tax assesment for your house (sale price) you should take it...even more so now.

Now, I see 20-30% off tax assesment is close to real value.

Here's more info on how I see this property...In move-in condition it would be in the $190's. Last sold in 2006 for $239,000...it's a REO. it's beat up...needs about $25-30 renovations. One 1 acre. Bank wants $150, tax assessment is $57,000. It's been vacant for 12 months. I'm thinking of offering $90,000. My buyer says he'd take it for $100,000.

your thoughts?

Thanks,

Linda

Here in VA prices have fallen approx 30% and more since 2006. Here's what I see in your property:

is the tax assesment of $57,000 a typo?

What are the comps in the area? per sq ft?

Remember the bank has made approx $60,000 on the property in the past 4+ yrs.

$150,000 bank ask
-30%
=105,000
-30000 repairs
=75000 offer

But if you have a serious buyer for $100k, dont forget your other expenses

Why the deduction of the -30% 2 times? just the value of RE in todays market? I understand the 2nd -30% in your first message to me.
$57,000 not a typo.
current values are $190's to low $200's
comps are from $135k - $289k

Thanks,

Linda

My thought was offer $90k originally, then sell for $100k. However, you other example...did u change that one?? was offer $89600 i think.

1st 30% is depreciation of mkt(if applies in your area)

2nd 30% is you need to buy at least 30% below FMV

- repairs /holding and closing cost

= max offer

wide range in comps 135-289k

http://www.deangraziosi.com/node/3975

http://www.deangraziosi.com/real-estate-forums/everything-else/87822/my-...

I get it....
I'm meeting with the RE agent today, hopefully...waiting for his call back.

also, this RE agent is interested in working w/me as an Investor...he says he has other investors he finds REO's for. that's his company's business...REO's.

Thanks for all your input...really appreciate it.

Take care.

Linda

you moving along great!

Just run ALL the ##'s and make sure your profit is included and you have a REAL buyer.

take care

Thanks!
I will....i'll also let you know how it goes.

Linda