Quote:
Originally Posted by allegheny
Hello,
I sure appreciated everyone's replies. After looking at Lapeer County's register of deeds info on the Metamora parcel, the most current assessed value was $48,200. So I doubled that,and our 1st offer will be $96400. Our agent ran "comps" for Metamora Township, and found out that similar land was selling for about $108,410. We will have our agent submit a "written" offer, asking for seller financing, with 10-12% down. The worst thing they can say is no. We have other land we are interested in, but this one is our first choice, and yes it is a gorgeous piece of land, but no reason to overpay for it! Thanks again everyone!  |
Don't know your specifics, but I hope that you are not to heavily invested in the value of your realtors comps, or the tax assessment to determine fair market value?
We are currently searching for property in a distant state. We have been slow and methodical, and learned much from local residents, particularly local ranchers. We discovered that, at the start of the recession, sales of raw land pretty much stopped. Realtors spent the next 3-4 years propping up the land market with fairy tale comps. from years prior, when stupidity was the rule, and out of towners were lining up to spend $20-30K an acre for smaller parcels. A small trickle of property sold at auction over that time, and the values for modest to medium size parcels was literally off 75% from the peak. Realtors and the assessors office worked REALLY hard to ignore this.
12-18 months ago, If I were to walk into an R.E office in town, "unarmed" with the truth, I could of ended up buying a lovely piece of dirt, with plenty of impressive comps. It would of included a glossy portfolio CMA, full of pretty pictures and high prices used to justify the screwing I got. I could of then walked over to the county courthouse review the assessment, and gotten lied to again about how high values are, and how accurate the assessments are. Believe me the real estate community and the county really had a vested interest in keeping the scam going, and did an impressive job, for a long time.
Now the balloon broke, land values are stabilizing at pre-run up levels, and honest comps. are available. The county however, is still addicted to fake assessments and ends up regularly failing to defend their games, when they get drug into state court.
Bottom line? Most county assessments are IMHO, best used as a replacement for Charmin, and any land comps. that do not include a few years of auction history, are of the same caliber.
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