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As far as our title goes it is only natural to think that most information that is false comes from Realtors but actually it comes from web sites that you would think are accurate. Web sites like Brevard County Property Appraiser and Zillow.
We were helping a buyer with a short sale the other day and she went to the Brevard County Property Appraiser site and looked at the assessed value which of course was considerably lower than the list price. She then made a offer based on that information and of course the bank would not look at the offer. To give you a idea of what this information is based on The Diplomat short sale that recently closed assessed value was $70,500 in reality the list price on this unit was $88,500 and sold for $80,000. A unit in The Meridian which is a high end complex on the ocean recently closed for $599,000 with an assessed value of $484,020, this unit was sold with a conventional mortgage and was appraised at the sold price. Please keep in mind that assessed value has nothing to do with the actual appraised value. Brevard County does not do an appraisal on your property and as a property owner you don't want them to do that or your taxes would go up.
Zillow is a very popular site that sellers like to go on to find the value of their home. This site makes their money mainly from Realtors who advertise with them. A few states have ongoing law suits with Zillow because of their misinformation. There are no Zillow employees in Cocoa Beach and they know nothing of the area. To give you an example, there is a unit in the Highland house that is listed at $56,000 with no offers so far. This is a well kept small complex with a community pool. The unit is a 2 bedroom 1 1/2 bath and 945 square feet and needs restoration. Zillow has a value of $97,400 and if the seller had looked at this they would have no chance of finding a buyer.
Nothing new in our complexes.
Enjoy the day!
Jim Bagwell
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