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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.
^^^^^^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.
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.
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..
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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