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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
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Need some advice about homes selling over the fair market value
With all the information out there we were able to see what the fair market value is for a home, including projected fair market value for the next school year. We recently saw a home that we are interested in but the selling price is over $100k more than the current fair market value. If we look at the projected fair market value the home is still $70k over.
So.....knowing this information, how would you proceed?
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Posted 5/28/06 10:03 PM  |
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Prudential Douglas Elliman Real Estate
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Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
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Re: Need some advice about homes selling over the fair market value
Ang- are you going off of my nassau property? I have been meaning to learn what they say on this site and haven't yet. I did just plug in my address and it says this:
For School 05-06 and County Town - - 335,500. We paid 500K for my house so I really don't know what that # means at all. I also don't understand the adjustments for 06-7 and 07-08 come into play either. I have to look into this def!!
ETA: - I just looked and the o7-08 #'s for my house are up to 511K. That sounds more accurate. I have to look into all of this though.
Message edited 5/28/2006 10:52:46 PM.
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| Posted 5/28/06 10:51 PM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
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Re: Need some advice about homes selling over the fair market value
You can't go by the comps on mynassauproperty.com. I feel that they aren't caught up with how the housing market is these days and in my opinion do the numbers match up with the extras that a home may have.
To be honest with you, if our homes were all assessed accordingly or for what we paid for them, our already ridiculously high taxes would go up drastically!
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| Posted 5/30/06 9:43 AM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: Need some advice about homes selling over the fair market value
Thanks for your thoughts - I appreciate hearing everything.
Just wanted to add that the sites are also helpful for showing what homes sold for - that has factored into my question more than the FMV.
Message edited 5/30/2006 9:56:01 AM.
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| Posted 5/30/06 9:50 AM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: Need some advice about homes selling over the fair market value
Posted by Ang-Rich
Thanks for your thoughts - I appreciate hearing everything.
What I would do is have my realtor pull up recent sales in that area and compare the house you are interested in with the houses that recently sold in the area.
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| Posted 5/30/06 9:56 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
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Re: Need some advice about homes selling over the fair market value
domania.com has recent home sales. You can search by street our neighborhood. Also newsday has a list but there's isn't as current.
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| Posted 5/30/06 10:02 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Need some advice about homes selling over the fair market value
Posted by BrunetteMom
What I would do is have my realtor pull up recent sales in that area and compare the house you are interested in with the houses that recently sold in the area.
That would be the most accurate information, imo.
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| Posted 5/30/06 10:53 AM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: Need some advice about homes selling over the fair market value
Posted by Colleen9304
Posted by BrunetteMom
What I would do is have my realtor pull up recent sales in that area and compare the house you are interested in with the houses that recently sold in the area.
That would be the most accurate information, imo.
I agree. Also find out how long it has been on the market. That is a great indicator of how much you might be able to negotiate. Good Luck!!! 
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| Posted 5/30/06 10:54 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Need some advice about homes selling over the fair market value
your realtor needs to pull comps. mynassaupoperty is only the assesed value for taxes..not the fair market value. My home is listed at $437. The comps in the area are from $509-$624. Also, my bank assessed the value at $550. So most of the numbers on that website will be for tax assessment only.
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| Posted 5/30/06 1:27 PM |
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MrsA
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Member since 1/06 2012 total posts
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Re: Need some advice about homes selling over the fair market value
Posted by Colleen9304
Posted by BrunetteMom
What I would do is have my realtor pull up recent sales in that area and compare the house you are interested in with the houses that recently sold in the area.
That would be the most accurate information, imo.
I agree.
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| Posted 5/30/06 1:29 PM |
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