Home Buying in Corona>Question Details

Larry, Home Buyer in Corona, CA

What is the value of this home?

Asked by Larry, Corona, CA Thu Apr 10, 2008

The list price for this property is $299,900, but the assessed value on the "Assessor-County Clerk-Recorder" website is $221,722. Is the price listed on the assessor's website the actual value of the home? How often is the property value assessed by the county? If this is the real value of the home, doesn't it make sense to put in an offer at around $221,000? We are interesting in this property, but do not want to overpay.

1310 Parsley Lane, Corona, Ca 92879
MLS #: K08046462

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Answers

5
To get the real value of the property you need to consult with a real estate appraiser. The assessed value is initially determined by the purchase price at time of the last sales transaction. It is re-assessed during the assessment cycle of the neighborhood and can increase or decrease based on the annual percentage adjustment determined by the state legislature and the assessors office mass appraisal procedure of properties during the cycle. All you will get from a realtor/agent is a suggested selling/purhcase price which is geared more towards the amount of their commission and is not an accurate representation of the fair market value. Realtors/Agents are sales people. Their job is to sell real estate, not determine the value, which is the job of an appraiser, whom the state has issued a license to do so.
0 votes Thank Flag Link Fri Apr 11, 2008
"real value" is whatever someone is willing to pay for it!

You can still lowball the offer, but that might offend the sellers :)
0 votes Thank Flag Link Fri Apr 11, 2008
Hi Larry,
The assessor value is based on when the current owners bought this home and has no bearing on current market value. Your best way to find the true value is to ask your REALTOR(R) to do a CMA (Comparative Market Analysis) on this home. The CMA will tell you what homes have sold for in this neighborhood in the last few months, and with your REALTORS(R) guidance, you will not overpay. Since this is a short sale, be aware that the asking price may or may not be approved by the lender. Your REALTOR(R) can explain short sales to you in depth. Best of luck in your home search.
0 votes Thank Flag Link Fri Apr 11, 2008
I calif. you really can't go by the assessed value via county taxes. This is no where near the same as an appraised value. It could be worth a lot less or a lot more then what the county says it is worth. Right now I have several homes on the market that we have listed below what the county thinks it's worth. Never use assessed as a basis for your offer... hope this helps you
good luck
agent - Leanne Smith
0 votes Thank Flag Link Fri Apr 11, 2008
Hi Larry,
I'm not sure about the market in California, but here in Minnesota tax assessed values are finally catching up (and passing) actual market values.

Each County has a different set of standards for how often they assess a home. Check with Riverside County - http://www.countyofriverside.us - to see what their requirements are. Typically this information can be found under the property records section.
Web Reference: http://www.thegoheens.com
0 votes Thank Flag Link Thu Apr 10, 2008
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