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Fort Myers - Cape Coral area Lee County
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Old 10-15-2010, 08:36 PM
 
Location: Florida Space Coast
2,340 posts, read 4,511,213 times
Reputation: 1539

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Quote:
Originally Posted by hiknapster View Post
Not only do I understand it, I've already said it. People will pay what the market will bear.

You can owe $300,000 and put in $50,000 worth of work. The appraiser can say the property is worth $150,000 and the assessor, $160,000, but if the property has been on the market for 6 months and you've received 10 offers and the highest was $100,000, or even $200,000 or $400,000, then that is what it is worth. A property is only worth what someone will pay for it. Not what me, the assessor, the appraiser and the candlestick maker think.

It is worth what someone will pay to buy it.
Very well put. It works both ways. The house I just purchased in mass was assessed for 468k. It appraised for 400k I paid 358k. So what is it worth? 468 for tax purposes, 400 for lending purpose and 358 for market value. The last is most important because I am the one living there not the assessor or the appraiser.
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Old 10-15-2010, 08:43 PM
 
Location: The Conterminous United States
22,576 posts, read 49,638,183 times
Reputation: 13510
Quote:
Originally Posted by nhkev View Post
Very well put. It works both ways. The house I just purchased in mass was assessed for 468k. It appraised for 400k I paid 358k. So what is it worth? 468 for tax purposes, 400 for lending purpose and 358 for market value. The last is most important because I am the one living there not the assessor or the appraiser.
Yes! And when you happily live in the property it is PRICELESS!
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Old 10-15-2010, 08:56 PM
 
Location: on the edge of Sanity
14,267 posts, read 17,025,063 times
Reputation: 7947
Quote:
Originally Posted by nhkev View Post
Very well put. It works both ways. The house I just purchased in mass was assessed for 468k. It appraised for 400k I paid 358k. So what is it worth? 468 for tax purposes, 400 for lending purpose and 358 for market value. The last is most important because I am the one living there not the assessor or the appraiser.
Yes, but in your case, what you paid was much lower than both the assessed and appraised price, which makes sense.
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Old 10-15-2010, 09:13 PM
 
Location: Sarasota FL
6,864 posts, read 10,399,517 times
Reputation: 6659
Pages of people writing about market value, appraisers value, assessed value, bank value- all meaningless when you visit the home and the neighbors yard dog is barking the whole time your're there. [and discovering why the house is for sale]
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Old 10-15-2010, 09:28 PM
 
Location: on the edge of Sanity
14,267 posts, read 17,025,063 times
Reputation: 7947
Quote:
Originally Posted by d4g4m View Post
Pages of people writing about market value, appraisers value, assessed value, bank value- all meaningless when you visit the home and the neighbors yard dog is barking the whole time your're there. [and discovering why the house is for sale]
My pet peeve (no pun intended) By the way, barking dogs are a problem all over the country. I almost had a nervous breakdown last year because of a neighbor with 3 dogs tied up in the backyard that barked all day & night. I felt badly for the dogs, since I love animals, but constant barking drives me completely mad. I couldn't get any sleep.

I've got a story for you (another one of her stories?)

Once I watched a show about Humphrey Bogart. I can't remember the program, but one thing stuck in my mind. I'm not even sure it was a show about Bogart, but I clearly remember Art Linkletter being interviewed about when he lived across the street from Bogart & Bacall in Beverly Hills. He said they owned several dogs that barked so he couldn't get any peace. (Boy, can I relate to that!) He called the police and the cop said to him, "Mr. Linkletter. Do you really want me to tell Humphrey Bogart to stop his dogs from barking?" Anyway, every time someone mentions dogs and low end neighborhoods, I think of Art Linkletter telling this story.
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