I found recently a house for sale on the MLS below its assessed property tax value. I found out it was a bank owned REO, free and clear, and missed out on the deal on a great deal by 24 hours. Is there anyway to search the MLS for homes listed / for sale below their property assessed value? Or is there any custom programs / services / software that offers such search capabilities? It would be interesting to know if such search functions exist.
Sorry for the grammar errors above, I didn't proofread my post. But anyways, let me know if any real estate investors know of any good search tips for the MLS.
not really. You can have a realtor set up auto notifications sent to you with a criteria when something comes on the market. However, those only come at certain times of the day, but you usually get them pretty quickly. When it comes to the MLS you just need to watch it like a hawk and pounce if you see something. But the short answer to your question is no
ok greatm thanks for the reply!
I wouldn't put that much stock in assessed value because, depending on the jurisdiction, assessed value and market value are not necessarily the same thing.
The best way is to do what Devan said. That is what I do for my investors here in MD.
I agree, but generally assessed values are below the market value (sometimes well below, atleast here in Miami). So in the event that a property is listed on the market well below its market value, it could be a clear indication of a distressed property or a highly motivated seller, which are both great opportunities for securing good prospective deals. I came across such a listing and was 24 hours short of securing an extremely good deal.
In my experience, the county assessed value has no bearing when it comes to residential single family homes. Unless you're buying a commercial property then I would pay very close attention. I haven't come across a software for scouting deals based on county assessed value yet. Good luck & keep digging
You might build your own data base. If assessed value is a matter of public record that you can access then use your own data base to indicate to you when a property comes on the market, you might need computer programing skills or be able to have someone design such a program for you. I really do not know exactly how you would go about it but being a data analyst this is something I imagine might give you a one up on everyone else.