Wednesday, August 5, 2009

Hello fellow Colleagues,

I was hoping to get some insight from you all.

I have a Luxury Estate Home on 4.75 acres listed for $1,450,000.00 at 23w561 Hemlock Ln Naperville Il 60505, MLS id # 07219437. The property was appraised 5/1/2009 for $2.1 Million. Home needs minor updating $350-$450k then would be close to $2.8 Million. Homes in the area are $3-6Million.

The seller wants out today. The home is priced at a steal for $1,450,000.00.

The home was listed in 2006 for $3,200,000.00. We all know what direction the real estate market was heading at this time.

The taxes on the home are $41,000.00. Not to mention the special assessment of $4400 per year for the nest 20 years for bringing public water into the subdivision. (Still on septic).

My concern is that know the home will sell for somewhere around $1.2-1.4 million and the taxes being $44,000.00 per year. The buyers in this price range are going to be very concerned with the current taxes.

This is NOT a Short Sale or Foreclosure! If a buyer wants to have the home re-assessed for a less amount will the taxes substantially go down? Buyers ask me this question constantly. I don’t know how to respond.

You hear of the horror stories of foreclosured properties selling for hundreds of thousands of dollar below appraised value.

Does anyone know of stories like this? Has anyone ever heard of taxes being reduced because of a sale price being so low?

Any insight you could all give would be great!


Dan Firks

The “Call Firks 1st” Team

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