“Just remember that people usually want a lower appraisal for tax purposes.”
Doesn’t much matter what “people usually want” when it comes to property taxes. People don’t get an appraisal for tax purposes…mass appraisals are performed by the County Assessor.
Also, beware this notion that property tax assessments are lower than FMV. That’s certainly TYPICALLY the case, however, I’ve discovered entire neighborhoods I KNEW were over assessed. Back when I was appraising full time for a living…I’d market to home owners in these regions when I stumbled across over assessed neighborhoods. I started to notice a trend some years ago (especially in one county)…the Tax Assessor would over assess properties just enough that it wouldn’t make it worthwhile for the homeowners to contest the assessment (dirty, but smart…shaving teeny amounts to make significantly more money overall. Ya gotta love politics).
Also, Title Companies are one of the worst sources for comparable data (based on 16 years experience). True…it’s free, but I’d recommend the services of a professional…an Appraiser or Real Estate Agent. When you consider that a mistake can be made by a novice in the 10’s…sometimes 100’s of thousands of $'s…the small amount you can expect to pay an expert is a drop in the bucket.
-Infowell
Just ask him to put that in writing. Get his signature notarized. There are legal and ethical problems with the agent telling you that.
“Just ask him to put that in writing. Get his signature notarized. There are legal and ethical problems with the agent telling you that.”
SAY WHAT?
First off…no Agent’s going to put their prediction in writing & have it notarized…so that’s silly advice from the get go.
Secondly…where did you come up with this idea that it’s illegal…even unethical for an Agent to have an opinion?
If an Agent has done their homework & they believe the market’s will continue to rise…they’re certainly allowed to express that opinion. They’d be well advised to preface their viewpoints with, “nobody knows for certain,” but–nowhere that I’m aware of–is it written that an Agent cannot formulate an opinion of the health of the markets & present it to their clients.
Let’s flip-flop your comments; would it be alright in your opinion for an Agent to tell a potential buyer…“now may not be the best time to buy…there’s a bubble brewing and you don’t want to buy & find yourself upside down.” Would that be unethical or illegal in your mind?
The President is right…American’s are “sue happy.”
-Infowell
As usual, you miss the point entirely and go onto a longwinded tangent. Slowly read the words I quoted. Take a deep breath. Comprehend. Look for the words “sue” or “lawsuit” in my post. Oops, not there. Of course he wouldn’t put it in writing. The point is to watch him squirm and back off the “knowledgeable” prediction. The agent made a bold representation which he is in no way qualified to make.
Aren’t you the guy who constantly posts that you are an experienced R E agent and an appraiser who has 43967 appraisals under your belt? You appraised the Alamo, right?
FYI, some real estate professionals with far more experience than you frequent this board. I teach my agents not to represent that they can predict the future. 13% implies precision in the prediction. Risk Management. Look it up.
“I teach my agents not to represent that they can predict the future.”
Agents offer opinions everyday regarding the real estate markets. I doubt ANY of them “represent that they can predict the future.” They simply give their opinion based on their knowledge, education, and ability to understand the marketplace.
The NAR’s Chief Economist offered a recent opinion himself–that the Pacific Northwest could expect to see 30-40% appreciation over the next couple years. Would you be more comfortable w/a range?..even numbers? Did Mr. Yun enter into the realm of “legal & ethical problems?”
[i][b]“You appraised the Alamo, right?”
“FYI, some real estate professionals with far more experience than you frequent this board.”[/b][/i]
Amusing…nonsensical, but amusing.
I’ve appraised an estimated 4,500 homes over a 15 year career. Average 300 appraisals a year x 15 years. Everything from Beaver Ponds & manufactured homes to multi-million dollar waterfront properties.
Doubt you’d be impressed.
-Infowell
"[i]I’ve appraised an estimated 4,500 homes over a 15 year career. Average 300 appraisals a year x 15 years. Everything from Beaver Ponds & manufactured homes to multi-million dollar waterfront properties.
Doubt you’d be impressed[/i]."
You are the one making that estimate, right?
Should I be impressed? You have done an appraisal…many times. It’s just a guy going to work and doing his job for some years. That’s pretty common here in the good old USA.
So unless you want to share the story about when you foiled the bank robbery when you were doing the downtown office building appraisal, or maybe tell us about when you were appraising the Grand Canyon from the air and then the pilot got food poisoning and you safely landed the aircraft saving everyone on board…then, no, I am not impressed.
Steve…I think you’ve just officially lost it.
I’d love to stay & debate, but you’re having a hard time following along…Alamo, bank robbers, Grand Canyon, food poisoning, piloting a plane to safety… ??? ??? ???
-Infowell
Info, what makes you think I ever had it?