[pemeliza]

“Can anyone have any experience with bank owned property? What is a good rule of thumb while making an offer on such property”

Don’t go crazy. Today’s buyer is not responding to REOs like they used to. Many of them are now listed higher than market unlike in 2008 and 2009 when they were almost always listed under market. There are now several REOs listed in my area and it is like someone dropped a stink bomb on them. They are sitting. Right now you can probably get just as good a deal if not better from a regular motivated seller. REOs are apparently also automatically red flagged by the county assessor’s department and you could end up paying higher taxes than you expect. Definitely try to buy something where the current assessed value is lower than your purchase price.

[pemeliza]

“Can anyone have any experience with bank owned property? What is a good rule of thumb while making an offer on such property”

Don’t go crazy. Today’s buyer is not responding to REOs like they used to. Many of them are now listed higher than market unlike in 2008 and 2009 when they were almost always listed under market. There are now several REOs listed in my area and it is like someone dropped a stink bomb on them. They are sitting. Right now you can probably get just as good a deal if not better from a regular motivated seller. REOs are apparently also automatically red flagged by the county assessor’s department and you could end up paying higher taxes than you expect. Definitely try to buy something where the current assessed value is lower than your purchase price.

[pemeliza]

“Can anyone have any experience with bank owned property? What is a good rule of thumb while making an offer on such property”

Don’t go crazy. Today’s buyer is not responding to REOs like they used to. Many of them are now listed higher than market unlike in 2008 and 2009 when they were almost always listed under market. There are now several REOs listed in my area and it is like someone dropped a stink bomb on them. They are sitting. Right now you can probably get just as good a deal if not better from a regular motivated seller. REOs are apparently also automatically red flagged by the county assessor’s department and you could end up paying higher taxes than you expect. Definitely try to buy something where the current assessed value is lower than your purchase price.

[pemeliza]

Thanks Kingside. I got the same impression as you today but it did take me two phone calls 🙂 I am going to submit the appeal immediately.

[pemeliza]

Thanks Kingside. I got the same impression as you today but it did take me two phone calls 🙂 I am going to submit the appeal immediately.

[pemeliza]

Thanks Kingside. I got the same impression as you today but it did take me two phone calls 🙂 I am going to submit the appeal immediately.

[pemeliza]

Thanks Kingside. I got the same impression as you today but it did take me two phone calls 🙂 I am going to submit the appeal immediately.

[pemeliza]

Thanks Kingside. I got the same impression as you today but it did take me two phone calls 🙂 I am going to submit the appeal immediately.

[pemeliza]

BG, I don’t understand all of what you said yet but I think that the assessment to 800k was automatic because a similar type of reassessment occurred for most of the houses in my area. I think they were frankly overwhelmed with requests and just did some area wide reductions.

I am relying on the assessor’s own website and the online versions of the supplemental bills for these properties to confirm that in some cases the new assessed price is based on the sales price and others it is not. I think there is a certain degree of luck involved perhaps? I looked at 4 recent REOs and in only one case was the assessed value in the supplemental set to the sales price.

The guy on the phone that I spoke with today said that the value on my supplemental bill is not a result of a some “escape tax” loophole but rather what the assessor deemed the house to be worth based on comparable sales at the time of my purchase. I don’t know what triggers the assessor to ignore the sales price but when I mentioned “bank-owned” to the guy he went off on a diatribe about how banks sell properties for what they can get not what they are worth. I guess that one sentence kinda speaks volumes about what I am dealing with here.

[pemeliza]

BG, I don’t understand all of what you said yet but I think that the assessment to 800k was automatic because a similar type of reassessment occurred for most of the houses in my area. I think they were frankly overwhelmed with requests and just did some area wide reductions.

I am relying on the assessor’s own website and the online versions of the supplemental bills for these properties to confirm that in some cases the new assessed price is based on the sales price and others it is not. I think there is a certain degree of luck involved perhaps? I looked at 4 recent REOs and in only one case was the assessed value in the supplemental set to the sales price.

The guy on the phone that I spoke with today said that the value on my supplemental bill is not a result of a some “escape tax” loophole but rather what the assessor deemed the house to be worth based on comparable sales at the time of my purchase. I don’t know what triggers the assessor to ignore the sales price but when I mentioned “bank-owned” to the guy he went off on a diatribe about how banks sell properties for what they can get not what they are worth. I guess that one sentence kinda speaks volumes about what I am dealing with here.

[pemeliza]

BG, I don’t understand all of what you said yet but I think that the assessment to 800k was automatic because a similar type of reassessment occurred for most of the houses in my area. I think they were frankly overwhelmed with requests and just did some area wide reductions.

I am relying on the assessor’s own website and the online versions of the supplemental bills for these properties to confirm that in some cases the new assessed price is based on the sales price and others it is not. I think there is a certain degree of luck involved perhaps? I looked at 4 recent REOs and in only one case was the assessed value in the supplemental set to the sales price.

The guy on the phone that I spoke with today said that the value on my supplemental bill is not a result of a some “escape tax” loophole but rather what the assessor deemed the house to be worth based on comparable sales at the time of my purchase. I don’t know what triggers the assessor to ignore the sales price but when I mentioned “bank-owned” to the guy he went off on a diatribe about how banks sell properties for what they can get not what they are worth. I guess that one sentence kinda speaks volumes about what I am dealing with here.

[pemeliza]

BG, I don’t understand all of what you said yet but I think that the assessment to 800k was automatic because a similar type of reassessment occurred for most of the houses in my area. I think they were frankly overwhelmed with requests and just did some area wide reductions.

I am relying on the assessor’s own website and the online versions of the supplemental bills for these properties to confirm that in some cases the new assessed price is based on the sales price and others it is not. I think there is a certain degree of luck involved perhaps? I looked at 4 recent REOs and in only one case was the assessed value in the supplemental set to the sales price.

The guy on the phone that I spoke with today said that the value on my supplemental bill is not a result of a some “escape tax” loophole but rather what the assessor deemed the house to be worth based on comparable sales at the time of my purchase. I don’t know what triggers the assessor to ignore the sales price but when I mentioned “bank-owned” to the guy he went off on a diatribe about how banks sell properties for what they can get not what they are worth. I guess that one sentence kinda speaks volumes about what I am dealing with here.

[pemeliza]

BG, I don’t understand all of what you said yet but I think that the assessment to 800k was automatic because a similar type of reassessment occurred for most of the houses in my area. I think they were frankly overwhelmed with requests and just did some area wide reductions.

I am relying on the assessor’s own website and the online versions of the supplemental bills for these properties to confirm that in some cases the new assessed price is based on the sales price and others it is not. I think there is a certain degree of luck involved perhaps? I looked at 4 recent REOs and in only one case was the assessed value in the supplemental set to the sales price.

The guy on the phone that I spoke with today said that the value on my supplemental bill is not a result of a some “escape tax” loophole but rather what the assessor deemed the house to be worth based on comparable sales at the time of my purchase. I don’t know what triggers the assessor to ignore the sales price but when I mentioned “bank-owned” to the guy he went off on a diatribe about how banks sell properties for what they can get not what they are worth. I guess that one sentence kinda speaks volumes about what I am dealing with here.

[pemeliza]

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[pemeliza]

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