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OweO
LSU Fan
Plaquemine, La
Member since Sep 2009
86213 posts

Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
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?


Jim Rockford
LSU Fan
Member since May 2011
76290 posts

re: Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
The buyer, when he goes to sell the house with a cost basis of $100.


Jack Bauers HnK
LSU Fan
Baton Rouge
Member since Jul 2008
3913 posts
 Online 

re: Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
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?


miketiger
LSU Fan
Baton Rouge
Member since Feb 2005
1559 posts

re: Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
It screws up the comparables for future sales.


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37
holmesbr
LSU Fan
Baton Rouge, La.
Member since Feb 2012
1063 posts

re: Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
How does the property assessor appraise it?


chalmetteowl
LSU Fan
Member since Jan 2008
30135 posts
 Online 

re: Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
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
This post was edited on 2/15 at 5:35 pm


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10
PetroBabich
LSU Fan
Donetsk Oblast
Member since Apr 2017
1981 posts

re: Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
#richpeopleproblems


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Pesticide
Air Force Fan
Van down by the River
Member since Jan 2013
2476 posts

re: Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
quote:

How does the property assessor appraise it?



They do it 2 ways. Physically come to your house and measure the outside walls to determine the sq footage and go off of that or the lazy way which is sit their fat arse at home and measure the roofline using satellite images. Its simple program and determine sq footage.

I never disclosed the appraised value of my home and if I had, I would be paying close to 7K a year. frick that. I told them what I borrowed and that's all they need to know.


Fat and Happy
LSU Fan
Baton Rouge
Member since Jan 2013
9177 posts
 Online 

re: Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
So, it just makes real estate agents make less money?


chryso
Member since Jul 2008
7842 posts

re: Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
When they do that just appraise them very high.


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10
chryso
Member since Jul 2008
7842 posts

re: Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
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.


HubbaBubba
LSU Fan
Denton County, TX
Member since Oct 2010
31164 posts
 Online 

re: Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
quote:

So you are cheating on your taxes. I bet you also complain about corruption.
quote:

chryso
Image: https://i.kym-cdn.com/photos/images/newsfeed/001/066/085/4c2.gif


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31
OweO
LSU Fan
Plaquemine, La
Member since Sep 2009
86213 posts

re: Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
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?


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NYNolaguy1
LSU Fan
Member since May 2011
17996 posts

re: Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
This is just a reminder that property assessment is only a requirement because of property taxes.

Why are property taxes necessary again?


Bullfrog
LSU Fan
but I left before halftime.
Member since Jul 2010
44928 posts

re: Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
quote:

Why are property taxes necessary again?
It’s land communism.

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 at 8:56 pm


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23
Triggerr
LSU Fan
Member since Jul 2013
1316 posts

re: Question About This Article On "Four BR Homeowners Who Tried To Fool Us"
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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