Posted by Kevin(OK) on June 12, 1999 at 09:06:20:
Dwayne, don’t let this guy get to you. In fact, I think that you will find the more info. you know about a property the better.
Yes, you can jot down the tax assessed value to use as a reference. In my market, the assessed value is 80% of the FMV for the neighborhood. Of course this is not a guaranteed value, but it’s a start. In fact, this tax value can save you alot of wasted time. Here is how: if you are compiling a mailing list from info. you obtain at the court house, go ahead and jot down the tax assessed value (this will take an extra :02 seconds of your time). Now, when you receive a call from a seller, you can get a ballpark estimate of what the the house is worth to see if you should do more research, or move on to the next deal. Here is an example: Tax assessed value $60K, seller says they have a 1st mort. of $50K and a 2nd mort. of $25K. Obviously, the only way this deal would work is if you can get the 2nd mort. reduced. If you decide that this deal is worth the chase, then pull your comps and use that info. in your negotiations.
Hope this helps.