No real estate agent here can help you unless they're from that specific area, who know the local market. If you looked, and seen similar plots of land for more then you already have an answer, in addition your local area real estate agents have sale prices for that specific region which they can show you so you can get a better idea for how much such and such property sold for vs what the asking price was. Again local tax appraisals may not accurately reflect of the real price.
Real Estate questions
by Jim_TX 22 Replies latest social family
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JeffT
I've been working in real estate as an accountant (mosty property managment and investment) for twenty-five years or so. What's been said above is pertinent. If you don't need to sell it the most relevant question is how much do you want for it? Figure that out before doing anything else. Then see if you can sell if for that much. The county appraisal doesn't mean much. Call a couple of real estate agents and talk to thema but it. They will do a market appraisal for free. If you like the number they give you, you can put it on the market and see if somebody will buy it for that. You aren't obligated to sell it just because you put it on the market. To be fair to the agents, talk all of this over with them.
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neverscreamagain
Another thing to realize is that the appraised value on your property, and I am assuming that we are talking about the county tax assessors appraisal, may not be anywhere close to what the current selling price of the land actually is. It could be lower or much higher. I have property that the acreage is appraised at less than 20 percent of it's current selling price, and no time soon am I going to contest my estimated tax value. The easiest way is to check asking prices of like property in that area. Call a local realtor or check online listings.
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talesin
My property has electric at the street. Water can be run from the street also.
Just looking at the real estate sellers' sites in that area, showing serviced lots selling for upwards of 59,900 for .6 acres.
The 'cottage' country lots have been skyrocketing in the past 20 years, Jim (at least here, and I can imagine land in TX is at a premium, even though it is a big state). Have you done much looking at realtors' sites? You have power and water capabilities, and that makes all the difference. I had done some research on similar land in my family several years ago - it's easy to undersell, and most people are selling because they can't afford the taxes.
tal
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blindnomore
What diamondiiz said.
Tax value and market value are not necessary the same. Real market value is in general always higher than tax value. If your land is valued as 16k by the county then market value should be at least $16k. But when was the last time the county appraised it? You can easily look it up thru on- line. You need to have either owner's name or property address or tax ID for that. How long has it been since it was appraised at 16K? a year? 2 years? 3 years? How familiar are you with the market in your area? Call local real estate agents for better idea. They won't charge you for it. They will gladly do the market analysis for you. I don't see why you would sell it a lot less than taxed value unless you are desperate.
In case you find out it is in fact worth only 6k, then contest it to the county assesment office and have them lower the value and have them tax it accordingly. In that way, you will be properly taxed for it and usually it stay that way even though its value goes up.(If I were you I would wait. It's not a good time to sell. It's buyer's market big time)
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blindnomore
Jim, I am sorry I haven't read your second post. It sure sound someone is trying to steal your land. Get hold of local agents! It won't cost you unless you sign contract with them and the agent closes transaction.
Edit: what was your land zoned for? Residential or Recreational? Can you build a house on it?
Edit 2: Once again what diamondiiz said. I think you have a realtor or two on this thread.
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ShirleyW
If you have any further questions, Just direct them to the largest real estate agency in the United States if not the world, there main office is located in Brooklyn.
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blindnomore
Do the math. If your gain is much greater by purchasing 5.9 acres property after taking a loss on current one, then why not? It's the best if you can seat on current one and still can aford another one. I believe the market is on the bottom and it will appreciate in coming years.
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Jim_TX
Thanks guys.
Well... I have talked to a realtor locally. I guess one question I have about realtors is... are they like lawyers? That is, does one realtor represent the seller of a property, and I need to get a realtor to 'represent' me as the buyer?
I bought my first home about 27 years ago, and I seem to remember something that led me to believe that I needed to have my own realtor when I went to look at property shown by a different realtor. I didn't, and I think that the one realtor got to keep both fees.
Anyway... so I contacted this realtor about getting some property. She told me about the 5.9 acres. She told me the asking price for it. It sounds pretty good, considering what is already on it.
I then told her about my property. My 0.65 acres. She seemed to know the area, and also was pretty much... negative? about my getting much for it. Well, that's the impression that I got, anyway.
She also said that she would look into it and see what it might be worth. I'm still waiting for word back from her. I think I may phone her tomorrow.
I've also thought about walking into the realty office that sold me my property and asking to look at properties and see what they are going for these days. I'm sure that I will pay more than what I originally paid for mine 10 years ago.
One reason that I'm interested in selling the 0.65 acres is so that I can put a larger down payment on the 5.9 acres, bringing the principal down to a more reasonable number for financing.
For the person that asked what the 0.65 was zoned for - residential. There is a HOA there, and restrictions. I'm not against restrictions on property, unless they interfere with what I want to do, and these do that. I want to start with a small cabin. I'm restricted to no smaller than 750sq ft. Too large for me initially.
Anyway... thanks again to all that have given their input to this. I don't buy/sell property often, and just don't want to look stupid when dealing with someone who does.
Regards,
Jim TX
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diamondiiz
They can represent both parties but depends on the state laws, but I would advise against using the same agent who is representing the other party involved, in fact I wouldn't advise using an agent that shares an office with the other agent (if possible).
Get them to pull up info for you for how much similar properties sold for in the area in the last 6 months. Sometimes a good deal isn't all that good, and sometimes it gives you an idea what the selling price was relative to the asking price. The differences are good to know as it gives you a better bargaining advantage as to the asking prices. Some places post homes quite higher above the actual expected sale price, this is done in case someone doesn't know any better and pays the higher rate, out of area (state) people get suckered like that
Remember, location location location, just because property is large and seems like a good deal it doesn't mean it is worth it, make the agent work for you, they make a nice profit off each sale so might as well get them print off local sales for you so you have something to compare. They have all that info at their fingers, not a big deal for them to do that. Some don't like printing off past sales, if they don't want to, go to another agent if the other will do it.
Good luck