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Old 08-22-2013, 07:42 AM
 
187 posts, read 316,837 times
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Our home has been appraised by bank to a tune of 150 000 dollars higher than the sale price.
What does this mean ?
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Old 08-22-2013, 08:45 AM
 
Location: Texas
1,029 posts, read 1,155,147 times
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If you are the buyer, that means you may have gotten a good deal

If you are the seller, it means you may have underpriced the home.
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Old 08-22-2013, 09:01 AM
 
3,029 posts, read 6,909,639 times
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Quote:
Originally Posted by Aggiebuttercup View Post
If you are the buyer, that means you may have gotten a good deal

If you are the seller, it means you may have underpriced the home.
^^^^^^This.

There is a general misunderstanding by the public that a sale is always "market value" simply because it happened. Not true at all. Sometimes properties will sell for above or below true market value. To assume just because one particular buyer and one particular seller came together on a price, it makes them smarter than all of the other market participants, appraisers, realtors and investors active in the market, is pretty silly.
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Old 08-22-2013, 09:06 AM
 
187 posts, read 316,837 times
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Will my property tax be based on sale price or bank app price ?
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Old 08-22-2013, 09:22 AM
 
Location: Austin
7,077 posts, read 16,889,211 times
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Quote:
Originally Posted by raidgirl View Post
Will my property tax be based on sale price or bank app price ?
Neither, if you're in a non-disclosure state like I am. Taxes should be based on "assessed value" where they assess your value amongst your neighbors' houses.
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Old 08-22-2013, 01:40 PM
 
3,029 posts, read 6,909,639 times
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Quote:
Originally Posted by raidgirl View Post
Will my property tax be based on sale price or bank app price ?
Hard to say for sure since we have no idea where this property is located.
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Old 08-22-2013, 02:06 PM
 
4,787 posts, read 8,754,839 times
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A few states use the latest sale price to determine property taxes. Most states use an assessed value, which has nothing to do with either the sale price or the appraisal.

No state uses the buyer's appraisal to determine taxes. It's not public record and they have no way of knowing what buyer's appraised value was.

Either tell us what state you're in or call the county assessor or town assessor ( depending on where you are ) and ask how it's done..
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Old 10-22-2013, 02:30 AM
 
30 posts, read 45,966 times
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Its a good deal for you go for it
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Old 10-22-2013, 07:50 AM
 
16,485 posts, read 17,513,441 times
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Quote:
Originally Posted by raidgirl View Post
Our home has been appraised by bank to a tune of 150 000 dollars higher than the sale price.
What does this mean ?
It's good if you sell. Otherwise it doesn't mean much other than bragging rights
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Old 10-22-2013, 09:45 AM
 
Location: Southern California
4,350 posts, read 4,931,746 times
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Quote:
Originally Posted by Electrician4you View Post
It's good if you sell. Otherwise it doesn't mean much other than bragging rights
You can try and sell it after it closes and see what reality is. Unless you put additional money into it and take before and after pictures, your buyers and their borrowing options will be quite limited. Just be sure to put enough away to pay your capital gain taxes. If you could net $60k in 60 days , that is a score , walk away and be happy.
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