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Should Buyer DEMAND sales price is reduced lower then assessed value?
A home is never Sold until it is closed. The buyer put this Manchester NH area home under contract. They were were getting close to closing and with the advice of their Buyer Agent, DEMANDED that the sales price be reduced to the assessed value. The buyer agent just saw the tax card and put the buyer on a five alarm break down. 
 

The HARD FACTS are the home is worth $250,000 based on current comps. The sales price is $250,000 base don the buyers offer. There were 6 offer, 4 at the asking price, but this buyers mortgage was conventional as opposed to the other 3 FHA.
 
The assessed value was $214000 taken 5 years ago.
 
The seller said no way. The buyer sought a release and backed out. 2 of the 3 other buyers who put in offers came back with better offers and the home went back under contract.
 
 
THE BOTTOM LINE  all advice is not created equal and this was very poor advice. One of the first lessons is that market value has nothing to do with assessed value. Bad advice can be worth what you paid for it, so when you are ready, do it right
 
 
THE SECRET OF SUCCESS and key to having a successful Home ... more

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