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OVERTHINKER | I am thinking about purchasing property for 37,500 and its assessed for 48,000 is this an good investment? |
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Cheanea
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I am always surprised when I see statements like this. The market price for the property you think about purchasing is the price at which the transaction takes place. Normally you try to pay as little as possible and the seller tries to sell as expensive as possible. Where they both meet and agree that is the market price. So if the property is worth 48,000, why would someone sell it to you for 37,500. What is the reason someone says it is worth 48,000? You need to think about that before you decide if it really is a good investment at that price.
Good luck ! |
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Judy1
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It might or might not be. The tax assessment, which is the amount it's taxed on each year, doen't necessarity reflect an actual market value. If the owner is willing to sell it for $37,500, it might be that that's all it's worth. |
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regerugged
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If $48,000 is a tax assessment, the information is virtually worthless.
If you want to know what the property is really worth, hire a licensed real estate appraiser. |
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asjrb
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why would someone sell below what is assessed at? Think twice. Look around the neighborhood. Have you seen East St Louis or Camden, NJ? |
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jlwwatkins
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No! where did you find the property? Try www.TaxLiens.com
They offer a Free trial... |
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tattoo3217
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The property already has equity if you get the property and decide you don't want it you can at least make your money back
Check the property values for that area over the past couple of years, see if the value has climbed steadily, the bank will not have a problem giving you a loan property with over 10k in equity |
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sally
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Sounds good, but get professional help and read the fine print before signing anything. |
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