Looking at buying estate sale house and asking price is $138,500 but under online assessor web site shows estimated market value on it is $113,850

Asked by barbeedew, Hot Springs National Park, AR Wed Oct 2, 2013

Help the community by answering this question:

+ web reference
Web reference:

Answers

23
Bradley Neum…, Mortgage Broker Or Lender, Franklin, TN
Tue Oct 8, 2013
If you have a realtor, ask them and this is part of the negotiation. I have worked in the area for the past 15 years and work with several quality realtors in Chicago. Our company works directly with Fannie Mae and Ginnie Mae and fund the loans in our name. We aren't waiting around on the big banks to approve the deal. We staff our own underwriting department and get things done quickly. You can call me at (630) 639-1081 and I can give you a preapproval the same day and help you find a quality realtor in the area.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (630) 639-1081.

Brad Neumann
Sr. Loan Officer
Mobile Phone: (630) 639-1081
Email: bneumann@myccmortgage.com
3130 Finley Rd. Suite 510C
Downers Grove, IL 60515
0 votes
Manuel Brown, Agent, Chicago, IL
Mon Oct 7, 2013
Dear Home Buyer,

The assessed value by your county is always going to be under market rate to determine the tax rate. Work with a broker to help you determine what to offer.
0 votes
JIM Michaels, Agent, Chicago, IL
Thu Oct 3, 2013
email me at jmichaels@remax.net with address and I will have a look for you
0 votes
J, Agent, Greensboro, NC
Thu Oct 3, 2013
Here's something that may help.

The assessed value of a property is a figure local governments use to determine a homeowner's annual property tax. It is always a percentage of the property's market value at certain point in time, but the percentage varies from state to state. Most states calculate assessed value at 80 percent to 90 percent of market value, and then impose a 1 percent to 2 percent annual property tax on the assessed value.

In my area, properties were assessed four years ago and tax values went up...so high that some property owners were being assessed additional taxes on values that were clearly overstated by $20-$50K. I assisted them with disputing the values resulting in "real" FMV for that point in time which massively reduced their tax bills. In some instances housing values where in-line.
0 votes
J, Agent, Greensboro, NC
Thu Oct 3, 2013
I would suggest...beg you to not use county/city assessed values as credible housing values. These posted values have nothing to do with estimated FMV. These numbers are misleading...and continue to mislead the general public frequently.

Why do you think an assessor's values are correct when looking to buy or sell real estate?
0 votes
Renata Morus…, Agent, Chicago, IL
Thu Oct 3, 2013
lots of times assessors value is not up to date with the market value. It depends on when is the last time that the house was assessed, Cook County assesses properties every 3 to 4 years.
0 votes
Daniel Mirea, Agent, chicago, IL
Thu Oct 3, 2013
Those websites won't help you !! Work with a realtor and tell him/her to get you a CMA in the area before submitting an offer!

Good Luck!
0 votes
Annette Law…, Agent, Palm Harbor, FL
Thu Oct 3, 2013
Barbee,
As you have read, and I will sumerize, "THERE ARE A LOT OF RANDOM NUMBERS LABLED MARKET VALUE THAT HAVE NO ASSOCIATION WITH THE MEANING OF THAT LABLE."
Let me list a few.
Tax assessor website
Zillow
Trulia
Any real estate website that uses aggregareed data.
Let's not leave out other agreegious sources of these predatory practices..
Appraisals ordered by Bank of American, Chase, Wells Fargo and Citi.
ALL of these apply controls that are not tranparent to the buyer or seller.
-
Serious folks who build homes don't buy their tools from the $1 box at the hardware store.
Serious athletes monitor how much and what they eat.
Serious home sellers resond to the real market data.
Serious home buyers rely on responsible data.
-
If you are serious, pick up the phone and call a Hot Springs, AR real estate professional and get plugged into the best source of reliable, timely, accurate, comprehensive, relevant and responsible data available,,,,the Multiple Listing Service.
-
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, Fl
727. 420.4041

http://bit.ly/GARK4m
0 votes
Dick Post, Agent, ORLAND PARK, IL
Thu Oct 3, 2013
Hi Barb,

Sometimes online estimates do not tell the whole story, or they may be lumping single-family homes in with townhouses. Also, hey may not take a property's condition into account. My suggestion would be to contact a Realtor with expertise in the area you are looking, and that Realtor can work up an estimate that would take into account criteria like the number of bedrooms, number of baths, basement details, whether there's a garage, condition, etc.
0 votes
Terry Farnsw…, Agent, Lisle, IL
Thu Oct 3, 2013
Online estimates are worthless, and are often "off" one way or the other by tens of thousands of dollars, and sometimes more.

If you want to blindly trust one to make an offer on one of the biggest investments you will ever make, then I wish you good luck!

Hire a buyer's agent and make sure you are protected and getting a fair deal.
0 votes
Carol Claudon, Agent, Seminole, FL
Thu Oct 3, 2013
The websites that are popular online for valuing property have their uses, however, for valuation of property, they can be misleading and are many times the value amount listed is incorrect. I urge caution with putting too much weight on what the website says. If you, for some reason, are avoiding asking a real estate agent to do this for you, then I strongly suggest going to the county property appraiser website and finding recent sold properties that are very much LIKE the property that you are considering. Appraisers use sold properties that are very similar in size, age, and condition to assess a subject property. Line up properties that have sold recently (the last 3 months, 6 months on the outside) and do your own estimation. Use a distance radius of about one mile from the subject property. KEEP IN MIND that sometimes refinancing shows up and looks like a sale. If a property looks like it's sold for a ridiculous amount, it was probably not a sale, but a refinance and do not use it for the purpose of your valuation. (This is one of the factors that make the websites incorrect...they do not distinguish between a sale and a refinance, and this hurts their estimates.) Be careful. One can't assume value based upon the estimates from real estate websites. (There are many other considerations such as a normal sale vs. a distressed property or short sale, the age of the roof, the elevation...you get the picture.)

Good luck! (And when all else fails, I do suggest using an agent to assist you) :-)

Carol Claudon
CENTURY 21 Top Sales
Seminole, FL
0 votes
Terry McCarl…, Agent, Cape Coral, FL
Thu Oct 3, 2013
It is very common in my area for the assessed value to be less than true market value. You should get a buyers agent to represent you. They can run a comparable market analysis for you so you will know what the home is worth.
0 votes
Bill Eckler, Agent, Venice, FL
Thu Oct 3, 2013
Barbee...

Since most real estate markets are "fluid" and constantly changing, I wouldn't place too much faith in online website information. This information is known to be questionable at best.

Your best source for value would likely be via an appraisal of agent's CMA, comparative market analysis. Always enter into real estate ventures with your own personal representation. Your first task should be to identify an agent that can support your venture.

Good luck,

Bill
0 votes
Philip Sencer, Agent, Chicago, IL
Thu Oct 3, 2013
That web site has nothing to do with market value or appraisal value. Have your agent do a market analysis to see what comparable property is selling for.
0 votes
Bill J Delig…, Agent, Naperville, IL
Wed Oct 2, 2013
Offer a price of what you think it is worth to you. Work with a Realtor or Appraiser to determine value.
0 votes
Pete Burke, Agent, Schaumburg, IL
Wed Oct 2, 2013
Assessor has never been in the house. If you are working with a professional real estate agent, they should be able to answer the question of value.
0 votes
Matt Hoyt, Agent, Highland Park, IL
Wed Oct 2, 2013
Typically the assessor's value is based more on what they can tax the property for. Have a Realtor do an analysis for you to get an accurate feel for true market value in the area.
0 votes
Matt Laricy, Agent, Chicago, IL
Wed Oct 2, 2013
Those are worthless. Have your agent draw you up a CMA.
0 votes
Dirk Gould, Agent, Chicago, IL
Wed Oct 2, 2013
Assessor info is inaccurate and outdated. Just have a realtor run a market analysis if you want accurate info. Let me know if I can help in any way.
0 votes
Luke Wojcik, Agent, Chicago, IL
Wed Oct 2, 2013
the assessor values are garbage. Contact a Realtor and they will be able to get you an accurate value
0 votes
Jacqueline S…, Agent, Chicago, IL
Wed Oct 2, 2013
The assessor "market value" does not correlate to actual market rates. It is always substantially lower than actual market. Have your real estate agent do a Comparative Market Analysis.
0 votes
Team Olden, Agent, Las Vegas, NV
Wed Oct 2, 2013
County assessors are required to assess a value for each property in their area once a year for property tax rolls. Those assessed values are always lower than market values. To get a better picture of the market value of a particular property, you would do well to contact a Realtor in the area and ask for a Comparative Market Analysis (CMA) of the property. The Realtor will use recent sales in the area of similar homes to arrive at what the market value of the home is.

Realtors will not charge for a CMA and it is a much better indicator of value than the tax assessor's valuation.
0 votes
Santiago Ken…, Agent, Chicago, IL
Wed Oct 2, 2013
Look like you don't have a Realtor....
I would hire a good one and be in the safe side
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more