to buy mortgage insurance.
“Assessed value” is the amount local or state government has declared for a specific property and frequently differs from market value or appraisal value. This assessed value is used as the basis for if a property tax is levied and, if so, how much that tax will be. The assessed value of real property is not necessarily equal to the property’s market value.
WHAT IS YOUR INHERITED H UR INHERITED HOME WORTH?
The first step in selling your inherited property, which may be in a market with which you are not familiar, 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 home’s value is derived:
PROFESSIONAL APPRAISAL
Nothing determines the sale price of a piece of real estate but the price at which it sells. Houses are not same-price identical tins of tuna on the grocery store shelf, nor shares of stock valued and traded every day on the stock exchange. Real estate appraisal (aka “property valuation”) is the process of developing an opinion of value for real property. This is the “market value,” i.e., what a willing and reasonable buyer would pay to purchase the property from a willing and reasonable seller. Real estate transactions almost always require appraisals because they occur infrequently on a given property and every property is in some way unique in its features and characteristics.
An appraisal helps with various decision-points. The seller can
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