Should Buyer DEMAND sales price is reduced lower then assessed value?

By
Real Estate Broker/Owner with Godzyk Real Estate Services NH License 033394

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 Sale or Purchase can increase simply by choosing a better agent.  One that explains each step of the buying or selling process and stands by you throughout each. The secret is, that All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. I leave you with now infamous philosophy, which is simple, to provide more personal and professional service to guide my clients through each step of the buying or selling process.

 

I leave you with now infamous philosophy, which is simple, to provide more personal and professional service to guide my clients through each step of the buying or selling process.

 

THE TOP TIPS TO FIND A "GREAT" REAL ESTATE AGENT

 

 1. LEARN THIS ONE FACT: One should know that All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest Agent or Company. It is important to Hire the BEST Agent. In NH that could be me.   

2. CHOOSE THE RIGHT AGENT: As a Buyer OR Seller in this market you need every advantage you can to get your home sold. It starts with choosing the right agent. a. Ask for a Full time agent whose sole job is to sell homes. b. Ask for a Full service agent who will guide you through each step of the selling process. Discount brokers often equal discount services. c. Ask for a Local agent who knows your neighborhood and is readily available when you need them is a must. Out of town agents can leave you high and dry in your time of need. d. Ask for a well experienced Listing Agent can give you the advantages you need when selling your home. Not all agents are created equal. Choose only the best.  

   

 

  

It does not take magic to turn your "For Sale" sign into a "Sold" sign. it takes a full time Local Agent who specializes in Listing homes like yours.


If you are thinking of Selling a Home, Call us for a FREE Market Analysis. If you are think of buying a Home please contact us to get a free pre-qualification.

 

 

WE STRIVE TO PROVIDE THE BEST POSSIBLE SERVICE THROUGHOUT EACH STEP OF THE LISTING AND SELLING PROCESS!!!

 

You can search for Manchester area Homes For Sale by clicking here. what is for sale by clicking here.

 

If you need to sell your home and you owe more than your house is worth, i may be able ttime There are many options such as a short sale which may be able to help you.
 

 

We are local agents with experience who GET RESULTS!!!

 

We stand by you through every step in selling your home.

 

 

 

Another reason that makes New Hampshire a great place to Live, Work and Play.

 

About the Author: Scott Godzyk is the Owner/Broker of the Godzyk Real Estate Services in Manchester NH. With 30 years of experience, Scott is a leading Agent for Listing and Selling Homes in this area. To CONTACT Scott Godzyk please call 603.661.2121 or EMAIL: Sctprop@aol.com . We are Full Time Agents ready to serve all of your Real Estate needs through each step of the buying and Selling process. We are proud to be locally owned and operated.

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Rainmaker
4,016,804
Dorie Dillard CRS GRI ABR
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Scott Godzyk ,

OMG ..I feel bad this buyer received such poor information and advice. They most likely will never find a home sold at the assessed value unless a sellers is in financial trouble. You are right not all advice is equal and this was very poor advice.

May 25, 2016 10:40 PM #1
Rainmaker
3,748,132
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Scott. The buyer should lose their earnest money deposit. The agent should be reported to state agencies for the unauthorized practice of law. If the buyer's are up to it they should file a complaint with the state licensing board! Enjoy your day!

May 25, 2016 10:46 PM #2
Rainmaker
3,331,885
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

It is advice like ANY relationship between the assessed value or even what some tax bills label as "fair market value" and reality that makes the profession look like we don't know what we are doing...sigh.

May 25, 2016 10:52 PM #3
Rainmaker
719,239
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Like I've said before Scott Godzyk you seem to have an easy time of it in NH. These idiots are not competition at all.

Bill Roberts

May 25, 2016 11:32 PM #4
Rainmaker
3,225,118
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Dorie Dillard our assessments are 5 years old based on below recession values. It is a shame anyone would think assessed value equals market value.  

May 25, 2016 11:44 PM #5
Rainmaker
3,225,118
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Wayne Martin that is a great point about law and ethics. A new buyer was found quite quickly back then and the seller happy to just move on.

May 25, 2016 11:45 PM #6
Rainmaker
3,225,118
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Sally K. & David L. Hanson it could have been worse if they added in some online values of various sites

May 25, 2016 11:46 PM #7
Rainmaker
3,225,118
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Bill Roberts with 30 years of practice, there always s something new, other times it is a repeat of ne thise of moments. I am hoping by sharing stories that consumers can avoid the pitfalls of those that came before them. 

May 25, 2016 11:48 PM #8
Rainmaker
5,050,596
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Scott,

It is prudent to find out if the advice giver has any agenda of their own.  One gets the craziest advice these days from various sources who claim to be experts.  Wishing you a delightful weekend.  A

May 26, 2016 01:58 AM #9
Ambassador
3,206,590
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

For heavens sake!  A buyer based their opinion of value on a 5 year old tax assessment?  That's ludicrous.  Even our yearly tax assessments are lower than actual real estate sales prices when they come out.

May 26, 2016 02:56 AM #10
Ambassador
2,804,847
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Scott - I guess it's possible that somewhere in this country there is a place where assessed value matches real value, but it's certainly not true here. And being 5 years out of date seems like a real stretch. Good job with the back up.

May 26, 2016 02:58 AM #11
Rainmaker
401,635
John Wiley
Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

I consider knowing what assessed value is to be basic knowledge for a professional real estate agent.

It is so important for the consumer to secure the services of a knowledgeable and professional agent to represent them.

May 26, 2016 07:42 AM #12
Rainmaker
3,225,118
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Ron and Alexandra Seigel that is a scary thought, thank you for the comments

May 26, 2016 11:19 AM #13
Rainmaker
3,225,118
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Chris Ann Cleland some days you just never know. I always go over assessed values and what they mean

May 26, 2016 11:20 AM #14
Rainmaker
3,225,118
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Dick Greenberg most know that but not all, my goal is to let consumers know that. 

May 26, 2016 11:23 AM #15
Rainmaker
3,225,118
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Exactly John Wiley, that what i ask myself. 

May 26, 2016 11:26 AM #16
Rainmaker
510,224
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

Hi Scott, 

Why the assessed price?  Why not the Zestimate, or Trulia or Core Logic's valuation? No body from any of these sources has been in the house, but why not trust them over the licensed professionals involved? 

Great post on some crazy ideas people get into their heads.  

May 26, 2016 02:42 PM #17
Ambassador
1,770,705
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

Hi Scott I really enjoy reading your blogs.  The first sentence tells a story. If the buyer cannot live without the home then this is possible.

May 26, 2016 03:07 PM #18
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Rainmaker
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Scott Godzyk

One of the Manchester NH's area Leading Agents
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