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[real estate] buying first house - help!

Discussion in 'BBS Hangout' started by flipmode, Mar 2, 2009.

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  1. flipmode

    flipmode Member

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    help! i'm trying to help the gf put together an offer for a house she's looking at.

    it's probably a flip gone awry - seller bought it over two years ago at a low price, and has had it on the market for 2 months. price has been slashed by a total of ~10% over the last month.

    i looked up the tax appraisal value online, and found that it's far below the current selling price. my question to any experienced buyers out there: is the tax appraisal value a good number to open an offer with? in this case, the tax appraisal value is 75% of the current selling price. i'm not sure if that figure matters at all, but any tips are welcome.

    thanks much in advance!!!
     
    #1 flipmode, Mar 2, 2009
  2. CrazyJoeDavola

    CrazyJoeDavola Member

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    Appraisals for tax purposes have zero credibility when it comes to establishing the FMV of property. Pay no attention to it at all.
     
    #2 CrazyJoeDavola, Mar 2, 2009
  3. plcmts17

    plcmts17 Member

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    the real estate agent should have a list of homes in the area and what they are asking for or what they have sold for in the last 2 years. That is also a good indicator of what the house your looking for is worth. The comp sheet is what my real estate agent called it.
     
    #3 plcmts17, Mar 2, 2009
  4. flipmode

    flipmode Member

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    fantastic. thanks for the quick feedback.

    i ask because of a show i was watching, where they had an appraiser visit a house, and they noted that often times a lender would refuse to loan if the appraised value was less than the selling price - i didn't think that this appraisal would be the same as a tax appraisal, so thanks for the confirmation, joe...

    and plc, we'll request comps - thanks
     
    #4 flipmode, Mar 2, 2009
  5. BmwM3

    BmwM3 Member

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    Whoever does your loan, will order an appraisal on the property to see if it's worth lending. If they appraise the property for a lower amount, they will only lend that amount that they appraised it at. The tax appraisal is something totally different. Are you working with a Real Estate agent? Is the property in Houston?
     
    #5 BmwM3, Mar 2, 2009
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