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should I pay 62k over assessed value for a multi family home in this market?
specifically a 3 family home in Medford, MA., USA. It's in good condition but needs some electrical upgrades and a new soil pipe. I've been following the market for single family's on Boston's North Shore and they seem to be going for assessed value or less these days.
assessed value is relative in that it trails the market conditions, don't you think? given my north shore single family observations I'd like to know if multi family / investment properties follow a different set of market standards.
4 Answers
- pickmefirstplzLv 710 years agoFavorite Answer
what you have to find out is how much are other 3 family houses going for in the same area
Source(s): p - 10 years ago
In many states the assessed value is limited, for example in Michigan it is limited to 50% of the dwellings value. For instance a MF assesed at 100k, they are saying is worth 200k in the market. I would make sure that you completely understand this valuation for your area. 14 years full time Realtor
- Appraiser guyLv 610 years ago
Assessed value has nothing to do with market value. The only way to know, is to have it appraised.
Source(s): Certified appraiser - John J. SLv 710 years ago
Unless it is massively tricked out there is no way a mortgage company will lend you that extra money. So you will have to pony up the money. I paid extra for mine because of the phenominal views.
