Home Buying in Fort Wayne>Question Details

Trbillingsley, Home Buyer in Fort Wayne, IN

if seller wants 139,900 for a home and he paid 129,900 acessors value approx 124,000 what would be a good price to offer

Asked by Trbillingsley, Fort Wayne, IN Thu Feb 9, 2012

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9
Joanie Doane’s answer
Speaking as a long experienced Real Estate Broker, a Certified Indiana Level 1 Assessor-Appraiser, and a member of an Indiana county's "Property Tax Assessment Board of Appeals", one should be aware of the following:
1. There are definite differences in how a tax assessment and a purchase appraisal are calculated.
2. Tax Assessments are not always accurate. That's why an Appeals process exists.
3. Ignore what the seller paid for the house. The value which the market would support at that time is likely to be different than the current market time + there may have been improvements made or other changes since purchase.
4. If your Realtor doesn't offer to provide the info needed to determine a realistic offering price, don't hesitate to ask for the info!
1 vote Thank Flag Link Wed Feb 15, 2012
Please visit my free informative website:
http://www.kenrichardsonrealty.com
0 votes Thank Flag Link Sun Mar 3, 2013
Get a good realtor that can pull comps to see what is selling out there. The reason they listed the house for that price is based upon comps that are available to any realtor.

It also depends on the sellers situation and how long the home has been listed.
0 votes Thank Flag Link Tue Mar 6, 2012
There are many considerations when determining a good price to offer a seller. The Assessor's records are just one of the many resources an experienced Realtor has to protect you so that you don't pay too much for a home. With the many changes affecting the housing industry it is also very important to know the pricing trends in a particular neighborhood or community. I have been helping Fort Wayne area buyers negotiate real estate purchases for more than 25 years but for the past 5 years the market seems to be changing almost daily. You really would benefit by teaming up with a full-time, experienced Realtor. Without enough information the cost of buying a home can be much than the price you pay for it. In almost all situations the seller is more than happy to pay to have an agent handle the transaction. If I may help you with your search you may contact me by phoning; (260) 422-1888 ; or e-mailing: ken@kenrichardsonrealty.com
0 votes Thank Flag Link Fri Feb 10, 2012
Those figures don't reflect recent market activity which should be the most important consideration.
Zillow.com zestimate isn't a reliable source either. A house will sell for what a buyer is willing to pay and a seller is willing to accept. Don't forget there are other terms to consider besides price...should there be a home warranty? who is paying for title insurance? are you getting a credit for taxes? has there been a change along the land that necessitates a survey, and who is paying for that? As a Realtor, this is what I negotiate in addition to price for my clients.
Web Reference: http://katiebrown.net
0 votes Thank Flag Link Fri Feb 10, 2012
What he paid for it and what the assessor's value of it are insignificant. Get with a local Realtor (I know one!) and have them help you understand the market and what comparable homes are selling for. We would love to help you if are in need.

If not US, you definitely need somebody to represent your best interests. Have a good night.
Web Reference: http://wesellfortwayne.com
0 votes Thank Flag Link Thu Feb 9, 2012
None of the above. All the figures may have some relevance, but you should ask a Realtor to run comps and prepare a CMA, either extensive or brief, to determine MARKET value.
0 votes Thank Flag Link Thu Feb 9, 2012
Have your Realtor pull current comps for what has sold in the area recently. What the seller paid is irrelevant to its current value and the tax assessment usually is a little off from the current market value. The most recent comps will show what the current market value is, you can decided where to start your offer from there. If you don't have a Realtor as a buyer, you need to find representation you can trust because it's silly not to have one.
0 votes Thank Flag Link Thu Feb 9, 2012
LISTING PRICE
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.

Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)

Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.

Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.

Good luck and may God bless
0 votes Thank Flag Link Thu Feb 9, 2012
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