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Assessed Value Higher |
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I am looking to buy a house and the assessed value of the home is $120K, but the selling price is $140K. Why is there such a big difference? If I make an offer on this house, can I only offer the assessed value? I do not have a real estate agent yet otherwise I would ask him or her. Thanks! |
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No matter how careful and expert, a tax assessment is still only an estimate. Particulary if the area hasn't be re-assessed in the past few years, it may not reflect true market value. Don't use the assessment as a guide to proper price.
You've been looking around -- how does this property compare with similar ones on the market in the neighborhood? What about recent sale prices on nearby houses:? (try looking the street up on a web site like Zillow, for instance.)
You could offer only the assessed value -- you can offer anything you like. But it's wise to make your first bid pretty close to what you'd really pay if you had to, so that the seller is tempted to accept it then and there with no more negotiating.
There's no way I can judge, from this distance, what competing properties are listed for, what buyers have been paying to live in that neighborhood, how long the place has been on the market, how anxious the sellers are for a quick deal. Those are the factors to consider, not the assessed value. |
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Edith
Originally published on January 18, 2008 |
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