Todd H. wrote:
(Una) writes:
New Mexico is a "non-disclosure" state, meaning that the selling price
of real estate is not public information. This makes buying without
an agent an exercise in aggravation. Appraisals and tax assessments
are based on last selling price, if known, else comps.
If it makes you feel any better, it's not that much different in a
disclosure state for the purpose of buying, because the recordings of
property transactions lag about 4-5 months behind the sale,
I think it;s a lot different. Even with home prices appreciating quite
rapidly, like in the past couple years, knowing what comps sold for 4-5
months ago is directly relevant. Prices rarely change much in that
period of time.
Plus, it sounds like in these whacko states, even the MLS is
prohibitied, from disclosing the actual selling price. Here in NJ I
can walk into any real estate office and find out what properties in
the MLS sold for close to real time.
Sounds to me like these states are pretty screwed up. And probably
ripe for a law suit to challenge the fairness of how tax assessments
can be determined fairly. For example, here in NJ, if I believe my
property is assessed unfairly, I can go find out similar houses are
both assessed for and have actually sold for. Sound very odd to want
to hide this. What exactly are they afraid of or trying to protect?
and
appraised valuations and assessed "market values" have only some vague
cosmic relation to actual market value.
So for purchasing, yer not really ared with good info in a fast moving
market, but at least there's something the appraisers can hang their
hats on.
How can appraisals and assessments use comps in a non-disclosure
state?
Good question to which I'm eager now to know the answer.
--
Todd H.
http://www.toddh.net/