Have you been pre approved? That could make the difference weather the seller accepts your offer or not. If another buyer is "ready to go" and you are not, the seller will take the other all else being equal.

I CAN DO A CMA ON THE PROPERTY AND LET YOU KNOW WHAT IT WOULD SELL FOR IN THIS MARKET RIGHT NOW. THAT WOULD GIVE YOU A IDEA OF WHERE TO START. REMEMBER THAT THE PROPERTY YOU ARE IN ALSO DOES NOT HAVE A HOMEOWNERS EXEMPTION UNTIL YOU FILE IT AND YOUR PROPERTY TAXES ARE GOING TO BE ALOT HIGHER FOR THE FIRST YEAR. IF YOU WOULD LIKE ME TO EXPLAIN ANYTHING BEFORE YOU JUMP INTO A CONTRACT PLEASE EMAIL ME. MSASEE2002@MSN.COM

This will definitely vary by where you are in the US -- but here in NJ
the "tax assessment" is not the "market value". Even amongst difference
towns in NJ, the "assessed value to market value ratio" will vary. Many of
our towns have not done a property reassessment in years (even decades).
Therefore, in some NJ towns the "assessed value" is as low as 25% of
today's "market value".

As was suggested by others, find a local Agent
to provide assistance. Sounds like you're planning to privately purchase
from your landlord, but many Agents would be willing to provide some recent statistics
in hopes of future "good will" (i.e. future referrals!)

Marilyn Holda-Fleck
Prudential NJ Properties

Are you ready for the answer? One that both of you can live with that doesn't involve real estate agents? Get two appraisals. Average them together and call that the number. Craft the agreement that allows either party to walk if they don't like the number. Just make sure that you write the agreement correctly so everyone is happy. Remember, real estate purchase and sales agreements are there so buyer and seller can come together or go apart without hard feelings. If you like to discuss this concept further, give me a shout. Cheers, Heinrich Wiebe - Broker - 208.850-3000.

Find a local realtor that is willing to pull some comps for you. All real estate is local and it will depend on your area. There are many realtors that will be happy to assist you in you area.

Best of Luck,
Nelene Gibbs, Realtor, e-Pro
William E. Wood & Assoc
mail to: nelene@homesbynelene.com
757 672-3232

Tax value does not represent market value. Brian is right, look at recent sales in the area and compare them. That will give you a good view of the market value.

Tc,

It depends on what the comparable homes are selling for. If you have an agent have them pull the comps for sales and pending transactions for the last 3 months. That will give you a solid idea of what the homes value is. Good luck if you have any further questions let me know.