Question Details

Carol, Other/Just Looking in Virginia Beach, VA

How should the current assessed value of a property affect the dollar figure in an offer to purchase?

Asked by Carol, Virginia Beach, VA Thu Feb 12, 2009

Virginia Beach, 23451, 23455

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It does not really ..... comparable properties, your buyers agent should show you, and then also present to you a cma that shows you what has sold recently, and in this market very recently, you cannot really compare to what has sold a year or 8 months ago....

Assessed values are for taxation purposes only.....

Market value and what a buyer will offer and a seller will accept is based on the market conditions at that time, and what the buyer is ready and willing to pay and what the seller is ready and willing to accept.

If you are working with a good Realtor he or she will negotiate the terms in your very best interest and
give you a lot of useful area information so that you yourself will become a well educated buyer.

Good Luck!
Edith YourChicagoConnection
edithsellshomes@gmail.com
0 votes Thank Flag Link Thu Feb 12, 2009
It shouldn't affect it...unless the property taxes, due to the assessed value, are so high that you can't comfortably qualify for financing. Bill is correct that the assessed value is a subjective figure and is not always reflective of the true value of the home. Align yourself with a good buyer's agent who can show you the most recent comps to you can make a fair offer.

Good luck!
0 votes Thank Flag Link Thu Feb 12, 2009
Carol,

Assessed value can be very misleading. Most people think this number is an accurate representation of the current worth of the home. Generally speaking, the assessed value is a number that is associated with an area's taxation policy.

In our location assessed value has nothing to do with the current value of the home. Thus, it should not be a consideration when contemplating an offer amount. A more important factor is the sale prices for similar recently sold homes in this general location.

Good luck
0 votes Thank Flag Link Thu Feb 12, 2009
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