Another realtor / house selling FSBO question.

paradisePWoffrd said:
Around here only ppl buying a 2bd/1ba is to rent it, and they only want to give you .50 on the $1.

I was in a similar situation with my home, but a much different market. I had a family friend that wanted to rent and after it being in the market for a yr, I took them up on it. After the new of the listing wears off, only changing the price +/- 1% will bring it back up in the online ads.

If you are interested in a realtor, one option is to let them know and host an open house for Realtors. You can use that time to offer them incentives.
Click to expand...

I got interested realtors now? What would I gain?

Yes, rent is extremely profitable. I had it rented for $800 and could have easily went more. I feel the first day it goes on MLS it won't be long til it starts catching Rental Investors eyes. But time is on my side and bullet aimed right down at my foot if I pull the trigger for that before the spring market. Chances may be better for a more similar comparable by then as well besides foreclosures. Especially in such a volatile real estate market as I got in the capital county.

If I had the time, I could put $20-25k into it by adding the extra bed and boost the profits way on up there to the 3 br comparables. It already has a 1,000 gal septic tank. I feel it won't take long before someone figures that out.

I'm not at all up on top of the market, but I just can't picture the market still being in a situation where a house is still worth 86% of the newly appraised tax value from the county? I swore we were getting past all that. Along with minus the addition being worth less than it was 20 years ago? No way I could buy that. :shaking:

Damn, all the negative feed I'm getting is starting to give me a complex.:rolleyes:

Regardless, as long as I got interest I see absolutely no need to worry.

Plus just look at all the "chrome" I've added. :flipoff2::rockon:
 
6BangBronk said:
86% of the newly appraised tax value from the county?
Click to expand...

The tax value is based on some guy driving by, taking a picture, then assigning a value. No condition assessment, no comparables, no nothing.

Our old place is recently renovated inside and out, in good shape, and is valued by the county $30k less than the house next door. That house hasn't had any significant renovations since it was built, aside from somebody cladding it in vinyl siding and hanging some vinyl windows 20 years ago.
 
shawn said:
The tax value is based on some guy driving by, taking a picture, then assigning a value. No condition assessment, no comparables, no nothing.

Our old place is recently renovated inside and out, in good shape, and is valued by the county $30k less than the house next door. That house hasn't had any significant renovations since it was built, aside from somebody cladding it in vinyl siding and hanging some vinyl windows 20 years ago.
Click to expand...

I've been in every surrounding house so I feel the pain. But their tax values are even more than mine??? The entire street is consistent. Mine has a tad less footage but not by much.

After doing my own comparables, my dude was way off no question about it. I think the fact I sent him a nasty email on the 8'th day waiting for an answer that he purposely did that. He promised it in 3 days and I kindly called every day and got a different reason why the delay. There is a comparable (unused #5) he didn't use that was much higher.
 
shawn said:
The tax value is based on some guy driving by, taking a picture, then assigning a value. No condition assessment, no comparables, no nothing.
Click to expand...

And is the basis of the county's property tax revenue. In reassement years, the value may be inflated and its up to you to prove it is worth less for less taxes. Most people don't bother
 
6BangBronk said:
I've been in every surrounding house so I feel the pain.
Click to expand...

What "pain"? I pay less property tax than he does for a nicer house... for completely arbitrary reasons.

Likewise, our new place just got assessed at a 14% premium to our actual closing price from a month prior.

Property tax assessment is bullshit and only vaguely based on actual market value.
 
rockcity said:
And is the basis of the county's property tax revenue. In reassement years, the value may be inflated and its up to you to prove it is worth less for less taxes. Most people don't bother
Click to expand...

Actually, no. Wake County adjusts the rates so that the total bill stays relatively flat. They're legally required to re-assess, so they do. But the bill doesn't necessarily change.
 
shawn said:
Actually, no. Wake County adjusts the rates so that the total bill stays relatively flat. They're legally required to re-assess, so they do. But the bill doesn't necessarily change.
Click to expand...

Both of mine changes every 6-8 years? Have always done so since I've owned them? I think your house must be still recouping from the great 2008 wake county evaluation.

My bosses house went up 40% in Cary. Said his neighbors did too.
 
So I am joining this late but here is my experience. I have sold one residence FSBO and had another FSBO until I decided to list and then negotiated for 5%. Jacked the price up 5% and promptly sold it. When it was FSBO I told the realtor that I would pay him 1% from the proceeds at closing if he brought me a buyer. You must be careful. I was warned by this realtor to be careful with other realtors because they could possibly sue for commission if I "went too far" with them. Remember you can sue for anything but the outcome is the issue. If I was to sell the house I am in I would FSBO it and offer 1-2% if a realtor brought me a buyer but would make it clear that I am not listing with them and they must do the paperwork.
 
shawn said:
The tax value is based on some guy driving by, taking a picture, then assigning a value. No condition assessment, no comparables, no nothing.
Click to expand...
Especially given that the County has no incentive to undervalue, since their income is based on a % of what they want to say it's worth.
No... no conflict of interest there at all....
 
And btw re: tax assessment, after a purchase you can request the assessment to be re-done so it matches your recent purchase, if that lowers your tax liability. E.g. it's listed as taxes at 165k and you pay only 120k, you request a new valuation taking your sale into account. Obviously they blow you off if its a forclosure or something unusual.
Well, I guess that is one thing that keeps them in check (sort of).
 
Tradarcher said:
I was warned by this realtor to be careful with other realtors because they could possibly sue for commission if I "went too far" with them. Remember you can sue for anything but the outcome is the issue.
Click to expand...


hahaha.
A judge would laugh him out of court and he would lose his license.

Think of it this way. COuld a doctor sue you for medical malpractice?
 
Ron said:
hahaha.
A judge would laugh him out of court and he would lose his license.

Think of it this way. COuld a doctor sue you for medical malpractice?
Click to expand...

I think his intent was to make sure I didn't give a buyers agent grounds for a procuring cause claim/dispute even though I was not under a listing contract with them. He led me to believe that I could be sued and even though I would probably win I still had to defend against it. He said just choose your words carefully when working with buyers agents else they rope you into something you weren't expecting. That make sense?
 
I always heard they plan for the last year it is valid. Like the 2008 appraisal was for what they predicted 2015 would be. That way they can legally rape you even if the housing market crashes. Also, they don't want to loose a penny. Basically they can only afford to do it every 6-8 years so they plan ahead sort of thing.
 
Back
Top