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I don’t believe anyone has pointed out that the assessed value of your home for tax purposes may not have any correlation to the appraised value of your home for a purchase transaction.
And some folks still don't understand that. But it is true. In many jurisdictions the assessments do not correlate with market value.
I have had blind offers at or below the assessed value, which was so far below the market value to be laughable.
Although Zillow-type values are more reliable than assessed values, even Zillow gets it wrong where there are few comps, like for unusual properties in rural areas. I recently sold a home for twice the assessed value and $100k above the Zillow estimate.
The fast-buy companies are just trying to take advantage of the desperate and naive.
They are not in business to do you any favors so I would think they would offer low prices to people desperate to sell.
The reverse seems to be happening around here in our small city. Houses are being bought by these companies at way over market value. They basically don’t seem to care what they pay. You can’t blame the sellers, but the consequences are that young families cannot afford to buy houses, so the fear is that eventually there might not be individual homeownership anymore.
Another thing that is happening here is a huuuge Hyundai plant is being built in a rural area nearby. The corporation is buying new 4+ bedroom houses in gated communities, to house executives from Japan, who will spend a few years here and then go home. After that, who knows what the companies will do with the houses?
Bottom line for me is knowledge is power. If sellers are aware, and if they care at all about their community, they should only sell to individuals.
While it’s not quite the same as the “We Buy Ugly Houses” approach, we’re now working wit OpenDoor (again!)
Seems they want houses in our neighborhood badly. They came back for another “bite at the apple” and actually made a very realistic offer, with none of the previous repair requirements.
We’ve done the math, and as we had a lot of resources queued up to prepare the house for sale, if we factor these costs in, the OpenDoor offer will only come in about 1% different than what we planned should we decide to list on MLS.
More as I know it, but I’ll start a new thread when the contract is signed if we go with OD.
While it’s not quite the same as the “We Buy Ugly Houses” approach, we’re now working wit OpenDoor (again!)
Seems they want houses in our neighborhood badly. They came back for another “bite at the apple” and actually made a very realistic offer, with none of the previous repair requirements.
We’ve done the math, and as we had a lot of resources queued up to prepare the house for sale, if we factor these costs in, the OpenDoor offer will only come in about 1% different than what we planned should we decide to list on MLS.
More as I know it, but I’ll start a new thread when the contract is signed if we go with OD.
RM
Do you care at all about what is going to happen to your house or your neighborhood? Knowing what I know now, I would never in good conscience sell to one of these companies. It’s like kicking dirt on your neighbors on the way out of town.
Do you care at all about what is going to happen to your house or your neighborhood? Knowing what I know now, I would never in good conscience sell to one of these companies. It’s like kicking dirt on your neighbors on the way out of town.
Nope.
I’m leaving the state, not that it matters. As for caring about who buys my house, absolutely not. It’s a commodity, a financial transaction, nothing more. My goal is to minimize my costs and maximize my return.
I’m curious as to what you think they’ll do that any other buyer who is going to flip the house or rent it would do as well. I owned another property in an adjacent neighborhood and sold it a few years ago. The new buyer, despite stating to us that they couldn’t wait to move in as it was such a beautiful home, immediately rented the place after we closed.
I have no control over what a buyer does after the fact, therefore, I don’t care.
And unless my neighbors want to take an active part in maintaining my house or paying the mortgage, they have no say or sway on how I dispose of this asset. Don’t get me wrong, I like my neighbors. But just as it’s none of my business what they do with their homes, the same thing applies for me.
RM
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