Home Buying in 11753>Question Details

Jo, Home Buyer in 11801

Listing Prices vs. Fair Market Values vs. Sold Prices vs. Offering Prices

Asked by Jo, 11801 Sat Mar 14, 2009

Most of the listing prices in Jericho are way over the fair market values as appraised by Nassau County Department of Assessment. you can search the values at:


I surely would consider the county's appraisal as reference. In last 12 months, most sold prices in Jericho were about 5% below the current fair market values. If I make an offer much lower than the listing price, saying 30% lower, would the owner and the realtor feel insulted? I know nothing about this business and I don't want to insult or hurt anyone. Thank you.

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Dear Jo,

You asked a very good question. Actually all real estate agents work on behalf of the seller unless you hire the agent on your behalf as a buyers agent. We as realtors are required by law to present all offers. A great agent will be able to show you what properties are comparable to the property of interest. But, if you know the consumer website MLSLI then you know already how to go to SOLD properties, type in the address and find out what has sold in the last 6 months and for how much. In these times I would base decisions on the last three months.

If you had me and my partner as you buyers agents, Iwe would treat you with respect and present all offers after having provided you with a plethora of information to help you make an educated choice. Please call or email me anytime at mlichaa@laffey.com or my partner snigalye@laffey.com. In this market, two heads are better than one!

Have a great day and know that only 1 in 3 properties are assessed properly on My Nassau Properties so...do more research or just hire us!

Melanie K. Lichaa
Licensed Home Specialist
Century 21, Laffey Associates
1 vote Thank Flag Link Sat Mar 14, 2009
Jo - using tax assessments for values is completely ineffective. I know how you feel in terms of not wanting to insult anyone. many buyers I've worked with have felt the same way but at the end of the day, buyers ultimately just want the best deal. What I've found is, when my buyers listen to me about values and devising a number that can be supported by COMPS, rather than speculation, negotiating tends to be more effective.
0 votes Thank Flag Link Sat Mar 14, 2009
You should be utilizing a Buyers Broker to work on your behalf. Nobody knows Jericho better than I do. Call me anytime.

Mara Navaretta
C21 Laffey Fine Homes & Estates
301 N. Broadway
Jericho, NY 11753
Web Reference: http://www.HomesByMara.com
0 votes Thank Flag Link Sat Mar 14, 2009
Melanie's sentiments are right on! You are very kind to be concerned about other people's feelings, and honoring those feelings during your negotiation will go far. If you don't have an agent, get one. Put together an offer you feel comfortable with based on comparable sales (not just tax assessments). If you are dealing with a conventional seller (i.e. not a bank), you might want to put together a cover letter than explains your reasoning - well, you can do that for an REO, too, but it's less likely they'll look at it. The letter goes far if well written, and a combination of respectful, honest and logical. You don't know the seller, so rather than to say "your property's not worth the list price" take the opposite approach by saying.. "we love your property. We want it. We looked at comps and our personal situation and we've put together an offer we hope you'll find attractive...It does not match your listing price, but we simply couldn't go that high, and here's why..."
0 votes Thank Flag Link Sat Mar 14, 2009
I don't think they would feel insulted at all. If say "insult", they insult you first. The owners and realtors list the prices ridiculously and unprofessionally high and think you buyers are all idiots.
0 votes Thank Flag Link Sat Mar 14, 2009
spot on
Flag Wed Apr 18, 2012

In Rockland County we do not use the assessed value as figures are all over the place. When determining list price, an agent uses most recently closed comparable sales within one mile of the subject property, if possible, and within the same school district. The buyer's agent should use the same technique in determining offer price. Adjustments can then be made for current market conditions. This technique removes the potential of "insulting the owner or realtor", which can have its consequences.
0 votes Thank Flag Link Sat Mar 14, 2009
You may want to check MLSLI.com under closed properties in Jericho--look back a couple of months and make your own conclusions--keep in mind each property is unique--with that said if the seller has represenation so should you.
0 votes Thank Flag Link Sat Mar 14, 2009
GREAT FOR YOU EXPRESS CONCERNS on how to place a winning bid.

Each and every property stands alone when submitting an offer purchase a home. Research is required by real estate agent only resource used by realtors an appraisers is MLS .

Any other resource is only an informational site not accurate info. County tax records will show date of sale, purchase amount.

Great time purchase interest rates low, annual tax benefits, you need be pre-approved for a loan prior submitting an offer.

If you dont have lender qualification letter realtors most likely wont show properties till receipt of information.

Lynn911 ~
National Featured Realtor and Consultant, Lecturer regarding Credit Repair, Mortgage Loan Officer
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Mar 14, 2009
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