In My Neighborhood in 96007>Question Details

Sandra, Other/Just Looking in 96007

I want to make an offer on a vacant lot. how can I come up with a sensible offer? the assessors office appraises it at 22k

Asked by Sandra, 96007 Thu Mar 10, 2011

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5
Negotiations have to start somewhere. Talk to a knowledgeable broker who can determine a fair value and write up an offer. It doesn't have to be for sale to do so, and if you're way off, the seller may just counter your offer with a dollar amount they would take.

I say talk to someone knowledgeable because, tax assessor values are limited by proposition 13, which are based on the owners purchase price, so your $22k value may not be even close to current market.

Good luck!

Steven
0 votes Thank Flag Link Sat Mar 19, 2011
You can look at realtor.com to see what other homes in the area have sold for recently. However, that doesn't take into account the condition of the property. I would suggest that you get a Realtor to help you put the offer in. Do you know who owns the property? If it is a bank, they are probably getting ready to list it with someone and won't take the offer directly from an interested buyer
0 votes Thank Flag Link Fri Mar 18, 2011
You really want to have an agent who knows the area help you. Assessors office valuation has nothing to do with current market value. An agent will know if the area is declining or not and what a fair offer will be based on demand so you don't overpay or under pay and loose to another higher bidder.

Good luck,

Sandy Farmer
Realtor, GRI, CSSN
John Hall & Associates
homesales411.com
Web Reference: http://homesales411.com
0 votes Thank Flag Link Thu Mar 10, 2011
If you are going off of asset value reduce it by 5% to make it a solid offer
0 votes Thank Flag Link Thu Mar 10, 2011
Asset value based on comps?
Flag Wed Jun 5, 2013
Consider working with an agent of your own, he/she can best guide you....
0 votes Thank Flag Link Thu Mar 10, 2011
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