Foreclosures Book

detailed information on each house sold in your area over the last six months, along with the final sale price. It also includes the specifics of all the houses for sale in your area, including the asking price. These homes are your competition. The real estate professional will also answer any questions and help you price your home realistically. Along with an understanding of how the worth of a home is determined, the current market has to be considered. EXAMPLE OF DIFFERING HOME VALUATIONS Let’s say a buyer is interested in a home listed at $420,000. The online valuation determines the house is worth $440,000. Based on that estimate, the buyer offers the asking price. When a professional appraisal comes in at $400,000, and the existing tax records assess the home at $300,000, the buyers wonder why the values are so different, and whether they overpaid. The house was listed at $420,000 because at that price, the home would sell in a reasonable amount of time. Why wouldn’t the appraised value be whatever a buyer was willing to pay? The fact that they paid $420,000 doesn’t mean that is the true value of the home. Certain factors may weigh in (undesirable businesses located near the property, for example). Online valuations can’t take into consideration the condition of the property or the qualities of the neighborhood. Since an assessed home value is for taxing purposes only, it can be much more or much less than the market value. Ideally, they should be the same, but usually they aren’t. It’s based on a percentage of the appraised value determined by a professional. From legal descriptions to onsite inspections to comparable home-selling prices, the assessor will take all these