New homes in Frisco (sales, real estate, foreclosed)

[planoin]

Hi,

I am looking at the new home prices since Jan-2010 by the builder A in a specific location. But the recently sold data (tax data) varies a lot (i.e from 150K to 350K for almost the same size say 3000 sq. ft).

I can't understand why the difference is too much ? Can someone please explain. I don't know what price to counter-offer to the builder ? Please help me.


Thanks,

[Big G]

The tax data represents the county's best guess as to the value of the property. Since they don't have access to the actual sale price, they have to estimate it using whatever information is available.

There's a house in my neighborhood that's nothing particularly special. Yet it's assessed at over $100,000 more than some surrounding houses. Why is that? Because my neighbor used 100% financing to buy his house. The mortgage document is public record, so the county knew exactly what he paid. The other houses have mortgages for smaller amounts, or no mortgages at all.

[planoin]

Hi BIG G,

Thanks for your reply.

For example if the person A bought a new home - tax value is 150K (assume mortgage amout is $ 150) in Jan-2010 then I have expected the tax amount should be close to 300K (another person bought a home at 350K with 100% finance).
But the tax value of the person A's home is reflected as 150K not 300K/350K.

So it seems to me that the tax is based on the mortgage amount and not based on the homes sold close by.

In this case how do I find out the 'recently sold' price in a particular area. I thought it is available as publich record somewhere. If yes, where can I find it ?

Thanks

[SouthernBelleInUtah]

AFAIK, TX does not disclose selling prices. Your realtor should be able to help you. And if you don't have a Buyer's Agent, then you are going to be making BIG mistakes along the way.

[loves2read]

a new home can only have a certain % of market price as the initial tax valuation--
something to do with state tax law--
so a new home will never go on the tax rolls at what the sales price was--even if they knew it--and there is no legal requirement to inform the tax appraisal district of the sales price...
then the next year, the tax valuation can increase by certain %--

the only way to find out sales price for recent home sales is via a realtor's search on MLS info--
sites like Zillow that claim to have accurate prices for real estate are just blowing out their ears here in Tx--
they use tax valuations, MLS LISTING prices, and guesstimates--but they do not have access to the MLS data that a RE agent does--and that an appraisal agent uses when doing appraisals to set fair market value...

[Big G]

In my neighborhood (built about 5 years ago), it appears that most of the homes were intially appraised at the builder's base price of the floorplans, not including any upgrades. They then jacked up the assessed values of those people who could be documented to have higher home values.

Now, those 100% financing people are so far underwater it's not funny. (We had probably 30-40 of those out of 200 or so homes. Many have already been foreclosed or short-sold.) The over-valuation for tax purposes just adds insult to injury. But that's a separate topic.

[nsumner]

Looks like you got the right answers to your question. TX is a non disclosure state. Only loan amounts are made public, not the sales price.

The accurate data from the MLS varies as to which builder it is too. Several builders are now members of the MLS and they are not putting the true sales price, they put the list price and don't put down the builder's concessions. It is against he MLS rules, but nothing has been done about it yet. It is making it very difficult for some neighborhoods to do appraisals too.

Naima