Property Q&A in Canton>Question Details

Amanda, Home Buyer in Canton, OH

We are looking to buy new construction. Though, new construction in Cherokee may have been sitting for 2

Asked by Amanda, Canton, OH Tue Jan 27, 2009

years unoccupied. What we need to know is, what should we take into consideration when formulating our offer? We realize developers are trying to work out some losses, but we do not believe we should overpay to compensate for said losses.

And second, how helpful is the Tax Assesors report on taxable value when determining the 'actual' value of a home? How much should we use the report to help us come up with a fair offer price?

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Answers

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Tax value is normally lower than the actual market value. The problem with the tax value is that the auditor does not see the interior of the home. They do not know if one home has granite counters and every upgrade imaginable and the one next door has laminate countertops and no upgrades.

You should have your agent look at the most recent sales in the neighborhood (last 2-3 months) with similiar sized homes to get an idea of what they are actually selling for in comparison to list price.

Also, please get a home inspection. Buyers make mistakes when buying new construction and assuming that everything is perfect. Especially if the home has been unoccupied for over 2 years.
0 votes Thank Flag Link Wed Jan 28, 2009
Amanda... good questions...

The home that you speak of having sat for 2 years is not uncommon. Builders often times construct a handful of "spec" homes to put onto the market to both keep their trades people going and to attract buyers looking for a new home that is already available.

In new construction, tax information is typically based on the vacant land and it is not fully assessed. You can visit the Auditor's website and locate the tax calculator and calculate what a fully assessed tax amount would be for that given area & school district based on your hypothetical sale price.

As for how much to offer, and how much is the value of the home... that can be determined by working with a REALTOR. Be wary of trying to determine an amount based on what might be found on Third Party sites, as they may not be accurate.

If I can answer any specific questions for you, please do not hesitate to contact me.

Art Hotes ~ RE/MAX Classic
Art@ArtHotes.com
Web Reference: http://ArtHotes.com
0 votes Thank Flag Link Tue Jan 27, 2009
Buyers agent who works on your behalf best option submit a sales contract offer. Rule of thumb never purchase direct from builder / seller / listing agent unless you have own buyers agent.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Jan 27, 2009
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