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can you experts explain then how a resort area house on view site acreage with a live stream (very rare in the area for that combination) gets a county appraisal at $1.8 mil (which actually came in on their computer comp analysis at $1.3 mil, but was "adjusted" by the county assessor to the $1.8 mil figure) and my CMA's are coming in at under $1 mil?
The house is now in poor functional condition after 28 years of being rented/leased out full time. The floor plans are dated, the kitchens are poorly laid out, the bathrooms are small by today's standards, and 3 of the 6 bedrooms are tiny. Windows are non-functional, window coverings are trashed, screens are missing, it needs a new roof, and one of the domestic water heaters needs replacing along with the booster pump to maintain water pressure in the house. The boiler is 30+ years old, and many of the baseboard HW heat coverings are bent/broken/missing due to tenant abuse.
Floor coverings all need replacement, carpet, tile, linoleum. Some rooms have been painted awful colors by the tenants (black or purple walls, etc), and electrical fixtures have been damaged, so they need replacement, too.
Functionally, the house is really a tear-down in the market. Which would be a good thing for a new owner, as the property is zoned (grandfathered) for a 6,000 sq ft home on the site where the current structure is 3,200 sq ft. Due to changes in the zoning restrictions in the area, one cannot now get such square footage approval for the site. The area is built out and it's a seller's market with strongly increasing prices psf over the past 10 years.
I don't need to sell it. Bought it 30 years ago for $135,000 when there was virtually nothing around it, just forested and platted sites. The rental cash flow toady is reasonably strong ... but if somebody came along with $1.5 mil cash in hand, I'd be selling it in a heartbeat.
A county appraisal is any entirely different animal. Done to a set of local rules. May or may not have an attachment to fair market price. In one upstate NY comunity they used a very detailed model based on the cost of construcition in the 1930s. Here in Las Vegas they are suppose to reflect market price and are updated yearly. Went down slightly this year.
Generally easily appealable if out of line. Though again this varies locally.
Well, the appraisal topic is a little bit off topic from this thread. All I would comment is that a CMA (comparative market analysis) is done for free by the realtor to determine the best price to sell your house at. It changes all the time based on whatever comparables someone chooses. An appraisal is ordered by the mortgage company....the only thing they are concerned with is making sure the property is worth enough to cover the amount of the loan. Often, I have seen, that the value of the house can exceed the appraised amount, but the appraised value listed will usually only state the max amt needed to justify the loan. Kinda silly if you ask me, but, if someone had cash to pay for the property, you wouldn't need an appraisal done at all.
With that said....
Keith baby face - I'm totally gonna look you up when I move to Charlotte.......which is planned as soon as I self my house in Oregon.....should be soon! I don't mind riding around in cars that aren't current year bmw's or mercedes. Afterall, cars only depreciate in value and it just shows me that someone doesn't know how to spend their money...or doesn't know the value of money. Frankly, I'd rather put it in my house. I've heard we can buy a decent house in Charlotte for the $700-900K range....so I'm excited to move before the housing prices sky-rocket, like they have here.
I'm with you. The whole showy car thing makes me think of a youthful mindset. I'm all about practical and putting my $ where there is value. I want to hire someone that thinks more mature.
can you experts explain then how a resort area house on view site acreage with a live stream (very rare in the area for that combination) gets a county appraisal at $1.8 mil (which actually came in on their computer comp analysis at $1.3 mil, but was "adjusted" by the county assessor to the $1.8 mil figure) and my CMA's are coming in at under $1 mil?
Yes, I can explain it. The county doesnt appraise anything, they assess. They are good at over-assessing because they collect more property taxes that way! If you truly believe that your property assessment is out-of-whack compared to what else is in your market, then you should submit a written complaint to your county assessor's office. It would be helpful to know what your neighbors are paying too.
The one caveat to this is that the county may decide not to lower your taxes but to raise everyone else's to be fair to you. LOL! I've seen it happen!
I protested, and the assessor's office sent me their "comps", which are gorgeous and spectacular 2nd homes of very high finish, detail, and construction ... all less than 15 years old. I know these homes are selling for an average of $750-800 psf ... but they have little in common with my 30+ year old place.
Replacement cost of my house is around $250 psf.
I appealed, and they said they did not have an explanation of their work nor did they have time to review it in the legally allocated time, so they turned down my appeal.
Now I have to bring my complaint to the County Board of Equalization, which will give me 5 minutes to state my case.
By law, the assessor's office is guided by the same rules as a professional appraiser's standards for the valuation. The "manually" overridden $.5 mil "adjustment" to my valuation over the computerized (Fair Issac program, I think) is without any foundation in their documentation.
We'll see what happens in the next hearing.
I have friends that developed the HNC computing software/hardware for the assessor's business. Their track record of forecasting valuations and sold prices across the country is superb in most of the counties that have bought their services. It's an expense that few others except for government agencies can afford to utilize.
I'm with you. The whole showy car thing makes me think of a youthful mindset. I'm all about practical and putting my $ where there is value. I want to hire someone that thinks more mature.
At 900m , I would think a new, or nearly new Beemer is a small part of the deal.
Car would cost, say, 60 to 80m. And,..........be financed for 4 years , not 30 like some houses. It takes a lot of years before most people are actually paying more than interest. In Florida , I am told that people are trading houses , FOR cars, cause the market is so bad. At least , a special interest car, can be driven out of state. needs less upkeep , less taxes, more fun, ( you need to pick the right car ), and can be re sold in a better market.. The house is fixed !
From experience with FSBOs, I can tell you that I'd rather not deal with them. In VA when a Realtor represents a buyer who's purchasing an FSBO home...it's the Realtors job to make sure the transaction is legal. The FSBOs I dealt with yelled at me for not catering to their every need, whenever they didn't honor the terms of the contract, it was my fault for not reminding them. They chose to proceed without representation then became upset with me for "railroading" them, OR they thought that since they didn't have an agent, I was supposed to give them the "inside scoop" on my clients. They'd ask for changes and when I made them, the changes would be re-written with personal opinions interjected in the contract and addendums. With all the work involved, the commission should be twice whatever the FSBO offers. Unless it is specified in my agency agreement with my client that I will not show FSBOs, I am required to show whatever my client wants to see. Thankfully, it's my CLIENTS who opt not to see FSBO listings.
If your clients do not want to see FSBO listings, I'm curious as to why. What have they been told? What were their previously conceived notions? My guess is that most buyers would not care if the house is FSBO or not unless the agent has said something derogatory. They only care if they like the house. Why should the buyer care? They don't have to do any extra work.
I have a long-standing debate going with several friends and co-workers and am hoping that everyone out there (especially realtors) will chime in with their opinions.
For those people who decide to list their house for sale by themselves and either use FSBO (for sale by owner) or pay a realtor a small fee (usually $200-$500) for just an MLS listing with no other services.....are those sellers avoided by realtors? Meaning, do realtors avoid showing those listings to buyers?
One side argues that realtors conspire together to force these alternative sellers to end up using the services of a realtor......or they will have a very hard time selling their house. Why would they do this? Realtors might be offended that people circumvent them and their training and experience.
This is very timely. I just called four different real estate agents asking about 'Rent to Own'...not one wanted to give me a direct answer??? I was only calling for information. Two tried to talk me into looking at their homes for sale and the others totally had negative things to say about people that offer 'rent to own' as well as FSBO....?
Still, not one gave me an answer pertaining to my questions.???
From what I could sense it was almost like they feel threatened by the people who do FSBO or the rent to own options. I could be totally off with what I could sense...but I'm thinking, not...at least with the four I called earlier.
This is very timely. I just called four different real estate agents asking about 'Rent to Own'...not one wanted to give me a direct answer??? I was only calling for information. Two tried to talk me into looking at their homes for sale and the others totally had negative things to say about people that offer 'rent to own' as well as FSBO....?
Still, not one gave me an answer pertaining to my questions.???
From what I could sense it was almost like they feel threatened by the people who do FSBO or the rent to own options. I could be totally off with what I could sense...but I'm thinking, not...at least with the four I called earlier.
Why would RE Agents be threatened by "rent to own". That semi-scam has been run by RE Agents in various midwest cities since time immemorial. You may find it hard to get them to properly describe the techniques...but that is the classical aversion of RE Agents to ever disclose anything that the recipient might take badly. Oh you disclose it...but by referring to somewhere else as the info source.
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Poor choice of words
