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Buying or Selling a Home/Did i get ripped off on this home purchase?
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Question
Heres some information on what my home was acessed at and what it was purchased for, If i got ripped off, is there something I could do about it?
You can copy and paste the link below to your broswer or just look at the pasted info further below it.
http://www.realtor.com/property-detail/8288-Sonoma-View-Ct_Las-Vegas_NV_89139_0c...
Property Features Financial History
Single Family Residence
Year Built: 2007
4 Bedrooms
4.50 Bathrooms
Approximately 4,049 Sq Ft
Lot size: 7,840.8 Sq Ft
Stories: 2
Rooms: 10
County: Clark
Heating type: Heating & Cooling
Heating detail: Forced Air
Roof type: Tile
Parking: Attached Garage
Source: Public Records Last sold for $480,000 on 10/10/2008
Last assessed at $87,500 on 2008
Previous sales
$480,000 on 10/10/2008
Previous assessments
$87,500 on 2008
$87,500 on 2007
$78,750 on 2006
Source: Public Records
Hey, Richie.
My first response is no, for two reasons. First, a 4,000-SF home for $480,000 sounds like a pretty good bargain in California, Nevada, Arizona, Oregon, and Washington. Second, I'm presuming that you have a mortgage on the home, and getting a mortgage would have required an appraisal.
To me it looks like the public records you got are not complete. Normally the assessment figure has two sub-figures, a low value that is for unimproved land, and another value for the improvements on the land. Together, the two values should add up to your purchase price.
So the $87,500 looks to me like it is the unimproved land, meaning that the improvements are valued at $392,500, equaling your total of $480,000.
Tax assessments quite often are not a good indicator of the value of a home. They are only what the home is valued for for the purpose of assessing taxes on it.
And, quite frankly, I don't trust anything that I find on realtor.com or zillow.com
Hope that helps.
Russel
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Russel Ray
Expertise
Through home inspections, I provide an education about real estate. I'm one of those rare home inspectors who has been involved in real estate in many different capacities: as a Realtor (in Texas), as a property investor/flipper, as a teacher, and as a marketing expert (for Realtors and home inspectors). I believe that my experience as a Realtor and property investor provides me with a different viewpoint about home inspections in that I work for my Clients, but when there are other people involved in helping my Clients, then I firmly believe in helping them, too. That includes Realtors (both the seller's and the buyer's), repair professionals (e.g., plumbers, electricians, etc.). If I can get all the players (seller, seller's Realtor, buyer, buyer's Realtor, and repair professionals) playing in the same sandbox together to accomplish goals as a TEAM (Together Everyone Accomplishes More), then I believe I have succeeded in my job as a home inspector. My profession is, in my opinion, much more than simply documenting the condition of a property and then take the money and run. I am also a rare breed in that I don't believe that one inspection fits the needs of all Clients, and I have led the industry in understanding that fact. For example, the goals of a property investor are far different than the goals of someone buying a property to live in. The goals of a seller (a pre-listing inspection) are far different than the goals of a buyer (a pre-purchase inspection). To that end, I offer 14 different types of inspections, e.g., STANDARD, LIST, RENTER, BASIC, MAINTENANCE, SPOT, and more. I believe in giving the benefit of the doubt to all professionals in whatever industry they represent until they prove me wrong.
Experience
Over 42 years in all aspects of real estate--building homes, renovating homes, inspecting homes, Realtor.
Organizations
National Association of Certified Home Inspector, Better Business Bureau of San Diego
Education/Credentials
Graduate of Texas A&M University; College Station, Texas
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