Appraisel Question
the market im in has homes selling well below market values. the city rates the land worth 6k n building worth 82k but the sale price is 39k the market i was last in if the citys market was 88k at worst the property will sell for 79k or is it something im missing. this seems common around here. my thought homes sell for at least 20 to 30 %above market.
Could you repeat that?
I'm not too sure what city you are in, but all I can tell you is that if the appraised value of these homes are 88k and you can buy at 39k.....You should be out buying them all!!!!
Repoman
Are you saying assesment for property tax was 88000, but it was sold for a lower price?? And you are wondering why it is commonly happening in the area you are talking about??
assesed is what im saying.
if thats the case then its time for a tax grievance....
Hey Lildell could u re-write your post and please use complete sentences...it would sure help and u would get better responses.
Your question was about market value, assessed value and and selling prices I think.
I was a appraiser for 10 yrs so I could answer your question and yep ya get it from an appraisers lips!!!
PS- I think I know what u are asking but hey alot of folks here are rather confused.
So please complete and exact sentences.
SKI
assessment for tax purposes is meaningless in this case. the fair market value of the property is what counts. a discount of 20% less than FMV is pretty decent; a 20% off assessed may or may not be decent.