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Saturday, January 03, 2009

Realtors Response to Anyone Talking About Declining Home Values

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5 comments:

  1. Moon WillowJanuary 3, 2009 at 10:26 AM

    ave to say yet, because my omly option for intermet access is dial-up, but I have a question: if home values are declining, why is my assessment from Wicomico County 28% HIGHER than lasy year?

    HHmmm---my word verification for this comment is "surging." Ironic!

    ReplyDelete
  2. WymzieJanuary 3, 2009 at 2:24 PM

    Grannydragon:

    The reason your assessed value went up is because its based on values from 2-years ago.

    The tax assessor does not want you to know that values have gone down on they will lose money.

    You can challenge your assessment by using 3-comparable sales of similar property near your home.

    The problem with this is in Maryland assessments are usually below market values. Our house in Pocomoke is assessed at $70,000.00 yet would be worth twice that if sold at auction today.

    So where do you go with that?

    Now if you can PROVE your homes is worth less than the assessed value, you should challenge the value.

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  3. Moon WillowJanuary 3, 2009 at 5:52 PM

    Thank you for the info, wymzie. Might be kind of hard to find any homes like mine in my area that have sold, though. I know of only one, plus one in foreclosure.

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  4. WymzieJanuary 3, 2009 at 9:20 PM

    Wait for the forclosure auction and find out the price it sold for, and use that one too.
    If the bank buys it back because it doesn't bring enough keep your eyes on it as one day it will be sold as an REO (Real Estate Owned by the bank). Find out what the bank sold it for, and use that. I guarrantee it will be a lot less than they owed.

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  5. Moon WillowJanuary 4, 2009 at 9:32 AM

    Thanks again, wymzie.

    ReplyDelete

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