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Answers (11)
- Samantha Mitchell, "SamanthaRealty"
- Contributions:218
This is a great home buying question for all those looking for "deal" in today's market - Austin or any other city. From what you've said, yes. BUT is that appraised value based on the tax appraisal district or a certified appraisal of the home? If it's from the tax appraised value, it may not be as much of a deal as you think.
You also note that it needs $40k in updates. Does that include any needed repairs? If you are under contract, have you had the property inspected? Will the seller allow you to negotiate further for needed repairs?
The best advice is to contact a local REALTOR and have them run comparable sales for you. Hiring a Buyer's Agent to represent you is fully encouraged!
Best of luck!
- Peter Andres
- Contributions:17
It's a good deal if the seller is okay with the numbers. It's a good deal for the buyer if the buyer likes the house and is okay with the price and present condition.
- Robert Northfield, "Robert_Northfield"
- Contributions:45
Sounds like a good deal to me just make sure it is a recent appraisal (done within the last 3-4 months) Good luck
- Terry Williams,GRI,CLHMS, "Terry Williams GRI"
- Contributions:99
Tamikawa,
After 17 years of this business here in Austin, I would have to say the tax appraisal really means nothing much. Some are extremely high, some extremely low. A more accurate picture would be to get a market analysis from a local experienced Realtor. Consumers in Texas voted down the right to publish sold values here because of privacy law issues, therefore, the tax ofc. doesn't have the sold infrmation. I would say it is a case by case basis as to "is it a good deal?" PS. All sellers are motivated, just some more than others. Biggest problem, is sellers often have unrealistic expectations of pricing because they usually have an "expert" neighbor who I've generally found to be a neighborhood contractor...
- wetdawgs
- Contributions:26816
Which appraisal is at $555k? How does the appraisal compare to a competitive market analysis with very recent sold properties?
- DYeh
- Contributions:218
Tamikiwa,
Please take a look the Travis County appraisal web at www.traviscad.org. Search the address on this site and check out its history from 2000~now. The Texas appriasal is pretty updated with the market values for each year. This is a good website to check out the market TREND. You will see an appraisal hike that represeting the housing bubble in 2006~now. Make your own judgement after you check out this property's appriasal history. Don't forget to minus the required updates, and upcoming price drops.
Please take a look the Travis County appraisal web at www.traviscad.org. Search the address on this site and check out its history from 2000~now. The Texas appriasal is pretty updated with the market values for each year. This is a good website to check out the market TREND. You will see an appraisal hike that represeting the housing bubble in 2006~now. Make your own judgement after you check out this property's appriasal history. Don't forget to minus the required updates, and upcoming price drops.
- Song San, "song san"
- Contributions:85
I stumbled upon something similar yesterday evening for a property at Pasadena, CA that was appraised around $550K and selling for $450K. I mean Pasadena is a pretty good neighborhood and the place had two units with 5 bedrooms and 2 bathrooms each for a total of 10 beds and 4 baths.
I drove down there with my agent and the place was a dump. Gangsters hanging around the streets and outside was filthy. If you were to lock yourself in there and just go to work that is fine, but not if you have a young family.
You might want to drive down to the house many times during different part of the day/night and do some digging to see why you are getting such a good deal.
- tamikiwa
- Contributions:2
In answer to what droopyd called "Debbie Downers" (I agree), the house backs up to a preserve, and the view is miles and miles of hills and trees. THAT is why it appraises for $555. And don't assume updates will be shoddy work. Some of us believe in delivering a quality product.
- droopyd
- Contributions:403
I see the resident Debbie Downers are out in force this evening.
As for your question, although I know nothing of the house you mention, you can probably do better pricewise. But if it feels right to you, go for it.
As for your question, although I know nothing of the house you mention, you can probably do better pricewise. But if it feels right to you, go for it.
- Pasadenan
- Contributions:21458
How long ago did it appraise at $555k?
How much will it appraise for in 2011?
Why would anyone want "updates"? ALL that means is that you get JUNK and radioactivity instead of quality materials.
How much will it appraise for in 2011?
Why would anyone want "updates"? ALL that means is that you get JUNK and radioactivity instead of quality materials.
- space_acer
- Contributions:4311
In Austin, $455K better be a mansion, or no deal.
http://www.housingbubblebust.com/OFHEO/Major/Texas.html
http://www.housingbubblebust.com/OFHEO/Major/Texas.html
Home appraised at $555k, seller asking $455k. Motivated seller. Needs $40k in updates. Good deal?
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