Learning To Read Court Records
Hello, I'm new at this and I'm learning to read property records from the court house and the internet. I pulled up my own residence and a couple of my neighbors to see how the forms are formated and I am confused on several things. The "current fair market value" listed for my house is 99,900. I paid 110,000 and it was appraised for 115,000. I noticed the same dispartity on several other residences. Can anyone please explain this to me. Second when I look up this sales history of a particular residence I see sales prices such as $5.00 or sometimes even $2.00. This is confusing to me can anyone help me out with this?
thanks
Tax value and Court recorded FMV will always be lower than the normal buying price. Mostly due to outdated demographic data used by the governmental agencies. In Pinellas County florida you can expect 15% and usually higher sales price than shown on the records.
As far as your 2 and 5 dollar properties, I would have to see it to better explain. It could be a recording fee, passed over by a relative, sold by the government for taxes owed, etc etc.
Good Luck,
Kyle
Most of the documents usually say "for one dollar" (or other trivial amount) "and other consideration" to hide the sales price. BUT, on the last page where you find the singatures and stamps, examine the $ amount on the stamp. This is usually a percentage of the sales price. Ask some one who works there and they should be able to tell you what this percentage is. Some quick math should give you the sales price.
Jim