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PockyClipsNow
2012 Apr 23, 2:41am
If its in the MLS and you 'never see it for sale' they are preselling thier pocket listing and only putting it in the MLS as pending from the start. Totally legal as long as no fraud is committed on the seller by the listing agent. The seller wants to sell, the listing agent brings a buyer. Its legit.
BayArea
2012 Apr 23, 3:07am
When real property is transferred, a PRELIMINARY CHANGE OF OWNERSHIP REPORT is filed with the assessor. This is the case for any *recorded* transaction, even within the family.
The assessor will ignore the $1 in terms of finding the value.
Google "PRELIMINARY CHANGE OF OWNERSHIP REPORT".
If I bring $1M cash to purchase the $500K home, will my assessor ignore the $1M selling price when it comes to deciding property tax amounts?
FortWayne
2012 Apr 23, 3:22am
In CA, this is just a transfer of ownership, and in CA with prop 13 your taxes are not reassessed upon inheritance, unless you want to. So sale price won't matter. Reassessment isn't going to help/hurt either way, since they have been raising our property taxes every year by 3%.
This is different in other states, depending on commercial or residential.
BayArea
2012 Apr 23, 3:29am
Reassessment isn't going to help/hurt either way, since they have been raising our property taxes every year by 3%.
I'm not sure how sale prices don't matter?
If I buy a house in Antioch for $150K that sold for $600K in 2006, my property tax will be based on $150K right?
I'll get to reading the PRELIMINARY CHANGE OF OWNERSHIP and see if I can find anything else.
tatupu70
2012 Apr 23, 3:33am
If I buy a house in Antioch for $150K that sold for $600K in 2006, my property tax will be based on $150K right?
I'll get to reading the PRELIMINARY CHANGE OF OWNERSHIP and see if I can find anything else.
It has to be an "arms length" transaction.
Example #1:
Mr. Smith bought a tract home for cash in 2002 in Walnut Creek, CA for $500,000. This property is showing comparables within the last three months between $475-525K in the same neighborhood.
Mr. Smith decides to sell the home to his son for $1. Can this be done? If this were to happen, how is the property tax amount decided?
Example #2 (don't ask me why I want this one answered ;-)
Mr. Smith is closely watching the market in a particular zip code of Contra Costa County. He logs every single MLS listing in the area (sent by his agent and confirmed by Redfin) along with his offers and the final closing price of each property.
He notices that the lowest "closing" prices in the area that seem to be popping up on Redfin (with an MLS#), are properties that he never had any visibility of despite watching the market closely on a daily basis for months. What could explain this? Let's assume that he is not overlooking any listings that were there in the first place.