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View Diary: The Mayor of Lansing, Michigan hilariously trolls Tennessee over UAW crackdown (238 comments)

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  •  Lol... (1+ / 0-)
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    You are missing the "willing seller" part of the equation. The bank (or the home owner who is party to a short sale), is not considered a willing seller in a foreclosure/short sale. This is why comps on appraisals using short sales or foreclosures will be (should be at least) adjusted to reflect the seller isn't willing.

    Just being on the open market isn't enough to satisfy fair market value requirements.

    Republicanism: the political theory that the poor have too much money and the rich do not have enough.

    by bacchae1999 on Wed Feb 12, 2014 at 01:01:47 PM PST

    [ Parent ]

    •  An arguable point, (0+ / 0-)

      but at least I'll give you credit (and a rec) for making a reasonable argument, rather than just calling me a liar like some.

      This particular case was actually the only foreclosed home I purchased; generally they get trashed and aren't even worth what the bank is asking for them. And those that are never make it to the MLS. Although this was the most extreme example of what I consider unfair taxation, the others aren't that much better. And everything I have said still is applicable to them. I just use this one as the example because I like the way it sounds when I state the TRUTH: I pay more taxes on a house I paid $28,000 for (plus about $2000 in various purchase expenses) in Lansing than I pay on 2600 acres (rounded so as not to identify the exact parcel) of oceanfront land in Hawai'i.

      •   (4+ / 0-)

        It's not a reasonable arguement, it's a factual statement. I work in a field which intersects with real estate sales and knowing willing buyer/willing seller is a part of my job.

        Of course, dude, you have a home that you purchased for way less than I've paid in property taxes on my CONDO since I bought it eight years ago.  In fact, it's half what my 10% downpayment was.

        I wouldn't complain too much ;)

        (However, schools need to be funded. The funding needs don't change with property values. High tax bills relative to property values, underfunded schools in poor areas, unfairly advantaged schools in rich areas.... I don't think schools should be dependent on local property taxes.)

        Republicanism: the political theory that the poor have too much money and the rich do not have enough.

        by bacchae1999 on Wed Feb 12, 2014 at 01:57:17 PM PST

        [ Parent ]

        •  In some cases it would be correct (0+ / 0-)

          to assume that the sale of a foreclosed property wouldn't fetch fair market value. But in may cases, and certainly in this case, the home does sell for the same amount as it would have sold for if it had been put on the market by an individual.

          The only way I can think of that an MLS listed house wouldn't have sold at fair market value is if it was snatched up immediately. When the house sits there, week in and week out, then it gets reduced and sits there some more, then reduced a third time and finally, after thirty five days at that price they accept your offer, it is pretty clear that the price paid was what the market would bear.

          I'm not complaining about what I paid for the house, but honestly, wouldn't you think that when you can buy houses so cheaply you would be able to make some money renting them out? Unfortunately, the burden on landlords is so heavy in Lansing that you can't. Which is why the houses go so cheaply. Can't the other homeowners see how this affects their own property values?

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