Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
House is in Florida....
I am telling my friend she is crazy to sell her house for $60,000.00 less than what it is tax appraised for.
# 1 ... she is in no hurry to sell.
2... It is a nice house on a small tourist island... Ft. Myers Beach. It's not like it's in Ft. Myers or Cape Coral.
3... Realtors told her to list it at $399,000.00 which is MORE than it is tax appraised for.
4... Season is just now starting for Florida, her chances for selling are now at their best
Her thoughts.... She has had 3 contracts and none were able to obtain financing.. Time to take the money and move on...
Tax appraised value has zero impact on sales price of or value. Recent sales comps should determine asking price. That being said, nobody here can give you a fair idea of value for the home.
Agree with above. Tax assessments tend to lag behind market prices. We're looking at that in MD right now where assessments are still rising at 10+%/year while sales prices have dropped 40% in some areas. Sales are now creeping up in places.
Tax appraised value has zero impact on sales price of or value.Recent sales comps should determine asking price. That being said, nobody here can give you a fair idea of value for the home.
Ditto here and if the lenders are saying no way on the financing for 3 offers, that's a big clue right there.
Sounds like your friend, even though you indicate she isn't in a hurry, wants to sell which is why she is considering accepting a lower price. But, if she truly isn't a motivated seller and can wait for however long it takes for things to recover, then that's a different matter all together.
Just sounds to me when she tells you "Time to take the money and move on..." that's what she's wanting to do, though just my take on it.
No matter what you initially price the property, if you market it correctly and give the brokerage community enough time to share it with their buyers you will see multiple offers drive the price where the market will bear. Kudos to your friend, she gets it.
House is in Florida....
I am telling my friend she is crazy to sell her house for $60,000.00 less than what it is tax appraised for.
# 1 ... she is in no hurry to sell.
2... It is a nice house on a small tourist island... Ft. Myers Beach. It's not like it's in Ft. Myers or Cape Coral. 3... Realtors told her to list it at $399,000.00 which is MORE than it is tax appraised for.
4... Season is just now starting for Florida, her chances for selling are now at their best
Her thoughts.... She has had 3 contracts and none were able to obtain financing.. Time to take the money and move on...
Open for thoughts here... Thanks !!!
A) tax appraisal has no bearing on true market value of your friends home right now. Not a good reason to not take the offer.
b) I am zeroing in on #3. Realtors told her to list at 399k. Did they think it would sell for that? how many realtors did a CMA? how long was it listed for and at what price?
c) why were 3 buyers unable to get financing? Were they unable due to their credit issues? or was the property not appraising for the higher price?
d) sounds like your friend has a buyer in this tough market, and wants to move on with her life. How much is it worth it to be stuck and not able to? for how long? a month? a year? two years? That must play into the decision....
House is in Florida....
I am telling my friend she is crazy to sell her house for $60,000.00 less than what it is tax appraised for.
# 1 ... she is in no hurry to sell.
2... It is a nice house on a small tourist island... Ft. Myers Beach. It's not like it's in Ft. Myers or Cape Coral.
3... Realtors told her to list it at $399,000.00 which is MORE than it is tax appraised for.
4... Season is just now starting for Florida, her chances for selling are now at their best
Her thoughts.... She has had 3 contracts and none were able to obtain financing.. Time to take the money and move on...
Open for thoughts here... Thanks !!!
As others have said, tax appraisal has NOTHING to do with current market value.
I think your friend is wise! She wants to move on and knows what she needs to do to get where she wants to go.
Let's get specific. There's a home in my neighborhood that was originally assessed at $900k, so the guy initially priced at $950. Eighteen months later, he's at $599k and the property is sitting with no bites. The fancy house next to his is now also on the market-- it's in pre-foreclosure. The house across from his is appraised at $1 million, was originally listed at $949k and is finally under contract at $599k (which means it's probably selling for less than $550k).
The kicker? The guy who owns the first house IS the assessor for our area. He assessed his own home at well over market value. Believed it. Until it wouldn't sell for that. Or $875. Or $775. Or $675. It recently had its assessment adjusted to $600k.
After it sells for less than $600k, the assessment will be revised to whatever it finally sells for.
If you don't believe this, I can PM you MLS numbers.
You know I don't work your area although I have a sense of the market. I am thinking this is the short sale on a street that sounds like Basil.
What I cannot wrap my head around is why anyone would want their property appraised for more than it's worth, given it is the basis for the property tax bill. That makes no sense to me.
Did he think the tax appraisal would substantiate value? I am disinclined to think it was ever worth, in any market, the original ask, let alone the appraised value.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
