When a seller is firm on his asking price and it's $3,000 over the assesed value, are you still getting a good deal?

Asked by Tracy Warren, Shelton, WA Sat Nov 19, 2011

The seller has come come down $5,000 after 120 days, but is still the $3,000 above the assessed value and I have made him a reasonable and generous offer...he still is holding firm at what he is asking and not willing to deal with me? Can he do this, even if the home is still over the assessed value?

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Dan Tabit, Agent, Issaquah, WA
Sat Nov 19, 2011
Assessed value has no direct relationship to market value. The tax assessment is for collecting taxes and the home value is estimated based on the general size of the home, the lot and the age of the home. Recent sales are a consideration but actual values can be higher or lower by as much as ten to twenty percent.
Your offer should be based on the value as determined by an agents comparable market analysis and a chance to see the home and its condition. Zillow, Eppraisal, Realist and other automated valuation websites are also just estimates and can be just as far off.
The seller can hold out for whatever they feel is the price they want. The only limitations will come when a buyer accepts a price, requires financing and the lender's appraisal comes in lower. Good luck.
1 vote
Mack McCoy, Agent, Seattle, WA
Sat Nov 19, 2011
Are you still getting a good deal? Maybe, maybe not. Can he do this? Absolutely.

Here's the secret to getting a "good deal" - knowing the market. People who get good deals don't rely on the list price or assessed value or anybody's opinions except for their own and those of their team (which should include their agent).

There are houses for which I would pay double the assessed value, and houses on which I wouldn't pay half of the assessed value.

All the best,
2 votes
Jirius Isaac, Agent, Kenmore, WA
Sun Nov 20, 2011
You got all the right answers already. You can do what you want & so can the seller. You need a good agent to help you find the actual value of the property. You could be stealing it, or over paying already. If you do not already have an agent, I would be happy to get you a referral. If you need a loan, I can help you with that as well. Just let me know.
1 vote
Shanna Rogers, Agent, Murrieta, CA
Sat Nov 19, 2011
Hi Tracy,

Assessed value is not market value. Assessed value is used to calculate property taxes. Have your Realtor do a Comparative Market Analysis (CMA) on the property using SOLD comps within a 1 mile radius (the closer, the better) that have SOLD within the last 3 months. This will give you current market value and this is what your offer should be based on - not on assessed value.

Good luck.

Shanna Rogers
SR Realty
1 vote
Ron Thomas, Agent, Fresno, CA
Sat Nov 19, 2011
Every Homeowner in America hopes that the ASSESSED VALUE of their home is lower than the MARKET VALUE!

In many cases, the ASSESSED value of a home is determined by the LAST Selling Price.
In other case, it is determined solely by the Assessor.
In either case, it bears no connection to the PRESENT MARKET VALUE of the property.

To determine if you are looking at a Good Deal, you need to know the Market Value, by having a Realtor do a current CMA.

Quit worrying about the Assessment.

Good luck and may God bless
1 vote
Daniel Frish…, , Shelton, WA
Mon Nov 21, 2011
Assessed value has little to do with the current market. Along with your offer your broker should present to he and his agent comparable properties which have sold recently as a comparison. They might also remind him that it is winter and the holidays, traditionally a slow period in our neck of the woods.
Good Luck!
0 votes
Terry Bell, Agent, Santa Rosa, CA
Sat Nov 19, 2011
Where is your agent? What does your Realtor have to say???
0 votes
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