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why would a short sell property be listed for over $100000 more than city assessments?

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June 08 2012 - Virginia Beach
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The cities assesment of the value of a home is not accurate market value. Buyers ,agents and banks should NOT use that as a means of determining the fair market value of a home, in many cases it is a min of 85% of the UNTRIMMED value of a home, which means it doesnot take into account the upgrades and various improvements on the home,AND iF the land and lot are superior that other comparable properties. You can start by adding 15% to the assessed value ,then compare the upgrades on the home, the extras it has over other sold homes, and the land and lot value. Then remember the LIST price is a benchmark for a reason. If it seems way over priced for other sold homes, they may be trying to cover one loan in full, or waiting out time for the seller to be ready to file papers for the short sale. I have seen many short sales overpriced to hold off activity and showings and interest, I do NOT agree with this way of listing a home,so motivation of the seller and knowledge they have that you do not know,drives pricing and motivation. It may be that the home IS priced well..I do not let my buyers's be swayed by assessed value. I have never listed or sold ANY home for that value .we always sold for more..do not use that as a means of value.
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June 09 2012
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thank you.. 

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June 09 2012
City assessments are to calculate taxes and are not related to the fair market value of a property. 
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June 09 2012
 
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