Question For Florida Flippers.
When doing DD on the Florida County Property Appraisers website (ie Seminole County in this case) it seems "actual property values" are almost always MUCH higher then the "assessed or Just/Market Value" as determined by the County.
Would it be somewhat safe to say that - if a property is in relatively good condition and you can buy it for close to or under the "assessed or Just/Market Value" you have a good starting point to continue exploring the deal further?
For example I know many property owners and asking for and getting anywhere from $25,000 to $100,000 for their real estate above the assessed value.
Thanks Erik
There are no hard and fast rules. But I do get excited when the home owner says that they will sale for a price close to the Just Market Value. It still requires further research, but it does get my attention if it is an area that I am not familiar.
Brenda
In Seminole County
On Seminole's Property Appraiser website it does not list the number of beds and baths. Do you find that difficult to truly find comps when doing your DD?
I try to look at total and under roof sq. footage, lot size, pool or not, etc to try to find recent sales and comps.
Erik
Because of a special requirement (partner wants FL) I am interested in hearing from people wholesaling in FL. I am mostly a buy and hold buyer. I am not local so if there is work to be done I would want to look at partnering to get that phase sorted.
Any suggestions?
John
Its probably a good starting point provided the property appraiser's information is current. In many cases the information may be dated which will work in your favor. In others it may work against. For instance, if the property appraiser did a drive by 2 years ago and valued the property (for tax purposes) at $85000 but the present owners have completely let the place get run down and its in disrepair, this information will not be reflected in assessed value. Generally its a good starting point (and its one which many owners swear by) provided your information is better than theirs.
Regards,
J
If the property was recently sold the property appraiser values it near the sale price. If the property has been owner occupied ( homesteaded) the assesed value can only increase by 4% per year. A possible rule of thumb is assesed value is 10 -30% under market.
Beware of using only the internet site for determining value as many factors can be involved.
Relying on anything related to the just market value could be very misleading. On Hillsborough county website there is a link to "Similar Sales" which provides more accurate comps. If your county doesn't have that link there are many free web links to comps.