I am looking to buy a home in a fairly low value area (rural, low income, etc). I found a nice-looking property with the rare feature of not looking like it's been 20 feet under water. It has a newer-looking small doublewide and some features I really like, including a brand new (2017) metal building from a reputable builder that's been converted into a 2-bedroom apartment with double carport. It's listed for 115k, which is pretty high for the area, and has been listed for a long time (since October, also unusual for around here).
I've started the pre-approval process and have gotten back a quote for how much I'm looking at paying for it. The lender was referred to me by the realtor and they seem to know each other.
My folks went by the county tax assessor's office today while I was at work and pulled the records for that property, and found that it's valued at only about 70k. Not only that, but the "owner" listed is actually the real estate agent herself. (Edit: I pulled the record myself, the names are insanely similar, but I was able to visually ID them as two separate people with two separate home addresses, and not likely related. Not trying to be creepy, lol)
I am super new at home-buying. Normally, I feel like this is something I'd bring up to my realtor, but my realtor is apparently the owner (and therefore, in my opinion, motivated to screw me). Should I bring the assessment up with the lender? At what point should I make a lower offer? Is there a way to tell if the tax assessment is accurate?
I am a "high risk" buyer because I have barely-acceptable credit and no other assets, so I am already prepared to bleed out the nose. I figure that the lender is not going to approve a loan for that much of a discrepancy in value, but when should this come up?
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source https://www.reddit.com/r/RealEstate/comments/evec7a/first_time_buyer_tax_assessors_office_shows_value/
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