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Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
Posted on 2/15/20 at 2:41 pm
Posted on 2/15/20 at 2:41 pm
quote:
As in previous years, a growing number of homebuyers in the high-end segment of the local residential market in 2019 opted not to disclose the actual sale price of their home with the parish clerk of court.
Instead, they recorded just a nominal sale price of $100 or less “and other valuable considerations” on conveyance documents.
It’s a way to keep the actual sale price out of the public record and it’s perfectly legal, according to local real estate attorneys, who say Louisiana law does not affirmatively state that an accurate sale price must be listed in publicly recorded sale documents.
It’s a major annoyance to appraisers and brokers, however, who complain that keeping the sale price out of the public record robs the market of precious data—the “comps” or sale prices of comparable nearby properties that are used by professionals, buyers and sellers to determine value.
“It’s been going on for several years but it’s gradually getting worse,” says Jerry Del Rio of Del Rio Real Estate Inc. “People are becoming more knowledgeable about it so they’re doing it more often.”
Del Rio sold two houses last year in the Country Club of Louisiana to buyers who opted not to record the actual sale price of the transaction. Though neither of the homes would have been among the 10 most expensive, both would have been close, with asking prices of $1 million or
LINK
I don't understand this article.
Who is affected by this other than house appraisers?
Why should there be a law requiring people to publicly list their home price?
Posted on 2/15/20 at 2:43 pm to OweO
The buyer, when he goes to sell the house with a cost basis of $100.
Posted on 2/15/20 at 2:52 pm to Jim Rockford
quote:
The buyer, when he goes to sell the house with a cost basis of $100.
Can he not disclose the true cost of his house to the IRS without putting it into the public record?
Posted on 2/15/20 at 3:45 pm to Jack Bauers HnK
It screws up the comparables for future sales.
Posted on 2/15/20 at 4:01 pm to OweO
How does the property assessor appraise it?
Posted on 2/15/20 at 5:33 pm to OweO
How about if they don’t list it, the assessor can make one up using comparables
So lowball if you want, but make sure it’s legitimate
So lowball if you want, but make sure it’s legitimate
This post was edited on 2/15/20 at 5:35 pm
Posted on 2/15/20 at 7:10 pm to OweO
So, it just makes real estate agents make less money?
Posted on 2/15/20 at 7:12 pm to OweO
When they do that just appraise them very high.
Posted on 2/15/20 at 7:15 pm to Pesticide
quote:
Inever disclosed the appraised value of my home and if I had, I would be paying close to 7K a year
So you are cheating on your taxes. I bet you also complain about corruption.
Posted on 2/15/20 at 7:42 pm to chryso
quote:
So you are cheating on your taxes. I bet you also complain about corruption.
quote:
chryso
Posted on 2/15/20 at 8:46 pm to Fat and Happy
quote:
So, it just makes real estate agents make less money?
This is what I was wondering.
The way I read the article was that it was coming from someone with a special interest agenda. As if they want readers to think that no listing the price you paid for your house is something that people should not do.
But the only people who really needs to know are the people selling it, the bank and the IRS... Right?
Posted on 2/15/20 at 8:49 pm to OweO
This is just a reminder that property assessment is only a requirement because of property taxes.
Why are property taxes necessary again?
Why are property taxes necessary again?
Posted on 2/15/20 at 8:54 pm to NYNolaguy1
quote:It’s land communism.
Why are property taxes necessary again?
Make those who own real estate pay taxes for those who can’t afford to own property so their kids can go to school for free.
This post was edited on 2/15/20 at 8:56 pm
Posted on 2/15/20 at 11:32 pm to OweO
I have done this on a few real estate deals I have done over the last few years as well as using a series of LLC’s. In today’s world where people dig up all kinds of personal info on your finances/ personal business etc with a few key strokes anything I can do to preserve my privacy I do. Also if it’s a property I’m not planning to hold long term and stand to resale it for considerably more than I purchased it for.
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