Buying or Selling a Home/Real Estate Valuation

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Expert: - 4/21/2011


Question
6 months ago I bought a property for 600K that had been on the market for over a year.  I got a really, really good price.  The taxes on the property are based on a taxable valuation of $862,000 and I would like to appeal this based on the $600,000 purchase price.  When I called the assessors office, they asked about appraisals and hinted that the appraisal price would be given equal or even greater weight than the purchase price which was below the appraised value.  Can you give me some advice as to how to maximize the changes of a favorable (lower) valuation and should I supply the appraisal in addition to the purchase price?  Thanks.

Answer
Good question,
My opinion, The value of the property is or should be the market price, you set that at purchase time 6 months ago, if property was on the open market, listed with real estate company.

An appraisal will help, but make sure the appraiser is familiar with the area and knows what you just paid.  

I would also look for recent sales in the area to support your value.Most municipalities re-value the first 30 day of the calendar year. The 862,000 value is based on last re-valuation. Keep in mind you got a good deal only because of the times, homes in this price range are slow, ALL DUE TO THE ECONOMY.. and the county tax office knows this.

I suggest you also get a listing of the property when it was listed to show how long it was on the market, what it was listed for, and what you paid.

Good luck

mb  

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Marvin G. Bobbitt, III

Expertise

Can answer questions about Real Estate in North Carolina. Professional Real Estate Broker,REALTOR Residential Real Estate,Professional Advising,Commercial Real Estate, Estates, Issues regarding real estate and the County Tax system,Bank owned properties, REO/Foreclosures and Investment properties,New homes & re-sale home sales,Management of Investment properties,1031 tax deferred exchanges, Profit enhancement within investments,Investment property advisor,North Carolina agency and required forms and disclosure.

Experience

Have 20+ years Professional experience.Experianced in property estates and real estate transactions primarly in the Durham,RTP,North Carolina area.Residential Real Estate, Professional Advising,Commercial Real Estate, Estates, My experience covers a vast range of real estate services.Due to my personal training by Frank Ward for over 20+ years everyday.In residential,commercial,sales and leases, I have had the opportunity to work and learn with some of the best in the business. Estates have become a specialty to me, including the personal property side of things and how to handle things and what to do with what you got.Hire me and forget about it..

Organizations
Active Member of the Durham Association of REALTORS. Past BOD for Durham Regional Association of REALTORS. Active Member of North Carolina Association of REALTORS. Active Member of the National Association of REALTORS. Active Member of Triangle Multiple Listing Service. Past member Durham Jaycees, Durham Sales and Marketing and Durham Rotary Club.

Publications
Durham Herald

Education/Credentials
Graduate; Durham Public Schools Graduate; North Carolina Central University. Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable Archie L.Smith, III, Durham County NC. Completion of the following North Carolina Real Estate Courses. North Carolina Real Estate School Fundamentals. North Carolina Real Estate Broker Classes. Completes Continuing Education classes annually as directed by the State of North Carolina Real Estate Commission. Completion of the following North Carolina Appraisal Courses. R-1 Real Estate Appraisal. R-2 Valuation & Principles & Procedures. R-3 Applied Residential Property Valuation. G-1 Income Property Appraisal & Valuation. Completion of Notary Public Classes for the State Of North Carolina. Active Notary Public for Durham City/County, North Carolina. Active until; 06/16/2015

Awards and Honors
20+ YEARS EVERYDAY PERSONAL TRAINING BY;FRANK WARD. Appointed; Real Property sale Commissioner/ Durham County N.C Clerk Of Superior Court 2010, Honorable Archie L.Smith, III, Durham County NC.

Past/Present Clients
Given upon request

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