Home Buying in La Crescent>Question Details

marsyas, Home Buyer in La Crescent, MN

what is the good way to make an offer that may be below asking price but based on some research (public record)?

Asked by marsyas, La Crescent, MN Fri May 3, 2013

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Hi, Marsyas!
I have to agree with my colleagues here, public record is not an accurate reflection of actual MARKET value of a property. Tax assessment values are determined only to create a working financial equation so the municipality can pay the bills of running itself.

Does that make sense?? I hope you can find a good agent who can help you figure out the best way to move forward on any transaction. You don't pay the agent commission out of YOUR pocket, so why not have an expert who is working on your behalf??

Good luck~
0 votes Thank Flag Link Fri May 10, 2013
Public record information is usually based off a street assessment of the house. This is a poor way to determine value but it is accepted for tax purposes. If a seller lists their house for a price, that is the price they want. They may be willing to negotiate lower, but an offer that is too low, will only insult them and they may not deal with you with any future offers. Talk to a REALTOR in your area. They could tell you what the best approach for your situation would be.
0 votes Thank Flag Link Sat May 4, 2013
You may justify your valuation of the property by a hundred different opinions; but that won't get you an ACCEPTANCE by the Seller.

Is your objective to waste your time, or to buy the house?

A Realtor can do a CMA to determine the Market Value of the property.
Sure, you'd like to pay 50 cents on the dollar; but that isn't going to happen.
0 votes Thank Flag Link Sat May 4, 2013
Public record is a pretty poor way to come up with value. There are many reasons to use a Realtor, but one of them is rarely thought about from potential buyers.

Which is losing out on a home you really like over an incorrect valuation. I see it happen all the time, and in the end it simply delays the time to buy and can create frustration. Unless the seller is FSBO you should be ok to use a Realtor.
0 votes Thank Flag Link Sat May 4, 2013
Hi marsyas,

Truly, the best way to proceed is talk to your real estate agent and allow him/her to guide you in the process of putting together a strong offer and negotiations. A real estate agent also has a lot more information at their fingertips that extends far beyond public record.

Best wishes to you!

Sherri Sherpy
The MN Mortgage Mom
Web Reference: http://www.sherrisherpy.com
0 votes Thank Flag Link Fri May 3, 2013
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