Where can I find out how much the seller actually paid for a home??
Answers:
Every sale requires the recording of a deed. Every deed either has to have the consideration amount (aka sale price) or record a Real Estate Valuation Affidavit (which also states that very same consideration amount). And, all deeds are recorded in the county that the property falls in, to which, all recorded documents at the Register of Deeds are public record. So you could search for the last deed of record (if that was the sale deed) at the register of deeds if you so chose. Or, typically in the states, a Title Insurance Agency is used for property transfers and they provide "title searches" which provide any and all recorded documents within the past 40 years (amount of years usually depends on that companie's practices - some may do less, but you can always request more).
This applies to the State of Michigan, US anyway. Not sure where you are.
However, sale prices are based on the State Equalized Value, Appraisal, and the Market Value. I mean, all three amounts averaged out aren't the deciding factor or anything, but, those are the typical three variations of ways to decide a decent sales price.
Response to your update: Regardless of what state you live in and how much they originally paid for it. It only matters again on what it's worth now. An appraisal would be the most accurate. That appraisal will tell you exactly what it's worth, regardless of the SEV and/or market value.
your county courthouse tax records
You can check with the local tax assessors office. Many times this info is on line.
It's a matter of public record. Some counties post it on the internet (if it was in the past 5 or so years), but for others, or for older sales, you have to go in person to the county courthouse, recorder of deeds, with the address of the property in question.
Unless you can get the owner or realtor to tell you, you may be out of luck. That info will not be published.
www.zillow.com
If the deed was recorded at the county courthouse, it usually has a dollar amount listed in it.
But, the only thing that matters in terms of house value is the market TODAY, and what comparable homes are selling for TODAY. I think you'd be wasting your time trying to negotiate a lower price based on what a seller paid for the property.
The thing that is going to protect you from buying a house for more than it's worth is the appraisal! Your bank won't finance it if it isn't worth the asking price.
Check your city or town's website online. Then go to 'property assessments' - and there you will find not only assessments, but also a recent history of that property's transactions.
Yes these things are a matter of public record in most areas. Go down to the town clerk's office and ask them for the sale/tax records.
County or Parish, as the case may be, land records. I would think a simple search like that is online. In land records, search by either address or last name of owner at look at the recorded "Deed" for the "Consideration" paid for the property.
Try checking to see if your local county government has it's property tax records online. It will save you a trip to the courthouse, if so.
You cant use how much someone paid for the house at the time they bought it to determine your negoitating leverage. If they bought the house 10 or even 5 years ago depending on the area it the value may have increased considerably. You should want to know what other houses in the area are currently selling for that are comparable to the one you are interested in.
The realtor is required to tell you that if you ask. Once I found that out, I've always asked. The market value is another thing. That's how the town/county is basing the taxes. You can ask that too. There are sites on the computer that you give you this information also. Ask for the market valve of other homes in the neighborhood. If you get the best, most expensive home in the hood, when you go to sell it you will lose money becasue the other homes don't measure up to your homes valve. Another thing..If you are bidding on a say 150,000 house, but only are willing to pay 147, first bid 142 so that you can come up and the seller can not go down. Never insult the seller by bidding TO low. They will get mad and there goes the deal. I hope I've healped.
Isabella T is right, If someone buys a home 8 yrs ago for $150,000 and lists it now for $205,000, you cannot and should not use that info for determining your offer to purchase. That's like saying, " I'm offering $180,000, that's $30,000 profit for the seller. They should be happy with that". Look at SIMILAR homes: 1 or 2 story, age, construction materials, updated or not updated, location in same subdivision or within a square mile as long as you don't cross over into a different zip code, much newer subdivision or into a different town, village, parish or city. Look for closed sales in the last 3 to 6 months. But this info might be good if you are looking for how well the properties in that area change in value although, prices vary over time, so the years ahead might be better or might be worse. Are there alot of run down properties? Crime? Drugs...all these will affect the appreciation over time.
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