English Deutsch Français Italiano Español Português 繁體中文 Bahasa Indonesia Tiếng Việt ภาษาไทย
All categories

My wife and I went and saw a beautiful house today, but the Appraisal price (according to the county) is 50k less than the asking price.

The house actually seemed under-priced, so I'm wondering what that could all mean. It feels like a big red flag, but we couldn't figure out why.

2007-03-25 11:07:04 · 4 answers · asked by Mr. Bad Day 7 in Business & Finance Renting & Real Estate

4 answers

Assessment and appraisal values are rarely if ever the same. In some county assessments are as much as 35% under market value. A bank will determine their loan to value based upon the sales price or appraisal value whichever is less. The county assessment is irrelevant as the bank will have a new appraisal performed prior to closing. Because of tax abatements and other issues such as the county assessor doesnt look inside the home they are off. Some areas will raise the assessment value to the new sales price.

2007-03-25 11:12:08 · answer #1 · answered by Myron 4 · 3 0

if you really like it have it appraised yourself shouldn't cost you much and you will know about the big red flag

2007-03-25 11:23:21 · answer #2 · answered by APF 2 · 0 1

Get a building report on it to put your mind at ease

2007-03-25 11:13:33 · answer #3 · answered by Anonymous · 0 1

It mean it is over priced. even thow you may like it and be will to over pay it is not worth that much.

Since you are looking check this web site out.
http://www.breakingbubble.com/

2007-03-25 12:18:25 · answer #4 · answered by Anonymous · 0 3

fedest.com, questions and answers