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What Is Appraised Value?
Understanding Capital Gains in Real Estate
What Is Appraised Value?  

It's an objective opinion of value, but it's not an exact science so appraisals may differ.

 

For buying and selling purposes, appraisals are usually based on market value what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.

 

Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.

 

Appraised value doesn't consider special considerations, like the need to sell rapidly.

 

Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.

 

Used with permission from Kim Daugherty, Real Estate Checklists and Systems

(http://www.realestatechecklists.com).

 

Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2005 ©. www.REALTOR.org/realtormag

 


This data was last updated on Mon Dec 10 15:53:35 EST 2018. The data is subject to change or updating at any time without prior notice. The data is deemed to be reliable but no warranties of any kind, express or implied, are given. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This data is provided in part by the Internet Data Exchange (IDX) program of the Tri-County Board of Realtors┬«, Inc. The listing firm is identified in the detailed listing information. Copyright © Mon Dec 10 15:53:35 EST 2018 Tri-County Board of Realtors ®, Inc.
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