value. If the LTV is over 80%, the lender typically requires the borrower to purchase mortgage insurance. Essentially, it is a pre- negotiation opinion of what a house should bring into its local market, such as a suburb or neighborhood. Appraisal value is an evaluation of a property's worth during a period that a professional appraiser performs. The appraised value is a crucial factor in loan underwriting and determines how much money may be borrowed and under what terms. For example, the loan-to-value (LTV) ratio is based on the appraised value. Where LTV is greater than 80%, the lender generally will require the borrower to buy mortgage insurance. A property's assessed value is the amount designated by the local or state government for tax purposes. However, it differs from the property's actual market or appraisal value. This estimated d value is used to calculate property tax when it is levied. It is important to note that the assessed value of real estate is not necessarily the same as its market value. In Florida, homeowners have the right to petition the local taxing authority if they disagree with the value determined by the county. As your consultant, I am willing to assist you with any issues concerning petitioning the local taxing authority regarding real estate values.
WHAT IS YOUR HOME WORTH?
The first step in selling your home is knowing the difference between value, worth, and price. Let's examine the determining factors at work. Understanding those factors allows them to be leveraged. There are several ways a value is derived.
PROFESSIONAL APPRAISAL
The sale price of a piece of real estate is solely determined by the "actual price it sells for." Unlike cans of tuna on a grocery store shelf or shares of stock traded and valued daily on the stock
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