How can you tell if the asking price is fair? I looked up the assessed value at

Asked by Mike Linsten, Charleston, SC Sun Dec 2, 2007… but the asking price is almost $100000 more. Also, how do you tell the amount of annual tax from the assessed value? I was looking at the house at 565 Peach Ave, Morrison TN 373357, Warren County

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Donald J. Le…, Other Pro, Tacoma, WA
Sun Dec 2, 2007
Mike... and of course Brett,

Under full disclosure laws and ethics of the Board of Realtors, I would let mike know that if an Agent on this Forum or any other wants you to contact them so they can "help" you find an Agent in your area.... they are allowed to tell that Agent ahead of time and get up to a 25% referral fee back when you buy a home.

As an Associate Broker, I would say its best if we offer any help to assist in ANY Real Estate matters it would be best to disclose such things. I am sure Brett is a good guy and since he is from that area he may also know some Realtors there..., one good thing about being referred by another Agent is that is will NOT cost you anything anyway as any fee will be paid by sellers anyway... plus, the Agent who works with you will know that Brett is looking over his/her shoulder.

2 votes
Donald J. Le…, Other Pro, Tacoma, WA
Sun Dec 2, 2007
Hi Mike..,
Assessed Tax Values are generally way lower than actual retail value of a property. Example is my home, it is assessed at $660,000 but apraised when I refinanced it last year at $869,000... yet if it were to be apraised for Sale the figure may jump up to $940,00 or so. Banks will NOT loan money on a home that is over priced.., unless someone along the line is cheating big time...

The very best thing you can do is to either call or email a "Local" Real Estate Agent in your area..., ask them to do a Free CMA "Comparitive Market Analysis" on that home for you. If its For Sale then find an Agent who is NOT involved in the listing or sellers side of it, to be more balanced. Bank Apraisers will do the same thing as part of their calculation on value...

Wish you the best,
1 vote
Brett Dunne -…, Agent, Upland, CA
Sun Dec 2, 2007
Hi Mike:

I live in the LA area (however, if you are from Charleston, IL then you would know my home town...Greenup)

State assessment values are (here in CA) seldom raised after the home is bought and the tax is base on a rate times the purchase price of the property. So if the owner has lived in a certain property for 10 years then their property tax would be less than one would had only bought the home two years ago.

Mike if you do live in IL and are buying in TN, then get help to find a professional Realtor in that local area. You will be glad you did. If you don't know of anyone, send me an email and I will research it for you.

Good Luck!
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