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Old Yesterday, 04:42 PM
 
28 posts, read 2,777 times
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I知 looking at several listings on my local MLS and most of these homes are priced substantially higher than what they are actually worth or appraised at. When an offer does arrive at a price the Seller is aiming for, how do appraisals pass through to make that amount? Are some appraisers corrupt, where do they come up with these numbers
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Old Yesterday, 04:50 PM
 
Location: Rochester, WA
4,325 posts, read 2,356,224 times
Reputation: 12065
Help us out and post examples with your evidence that they are too high? It would not be common for you to know what price a home has been appraised at. Where are you getting your information?

Do you mean assessed at? By the county or city for tax purpose? Those are usually far below or behind actual current market value. Because when they err the other way? Citizens do things like dump tea in the bay, or fail to re-elect County Assessors. I would NOT equate assessed value with the current fair market value.
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Old Yesterday, 05:27 PM
 
28 posts, read 2,777 times
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Quote:
Originally Posted by Diana Holbrook View Post
Help us out and post examples with your evidence that they are too high? It would not be common for you to know what price a home has been appraised at. Where are you getting your information?

Do you mean assessed at? By the county or city for tax purpose? Those are usually far below or behind actual current market value. Because when they err the other way? Citizens do things like dump tea in the bay, or fail to re-elect County Assessors. I would NOT equate assessed value with the current fair market value.
Since I知 unable to post photo documents of several examples I will write it out:

9023 Langdon Ln

Assessment year 2018

Assessed value Total $150,000

Market Value Total $150,000

List price $249,000 覧覧> $229,000 decreased
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Old Yesterday, 05:30 PM
 
Location: Middle of the ocean
29,248 posts, read 18,515,517 times
Reputation: 42126
Assessed value is different than appraised value.

Here, the assessed value is a LOT less than what homes sell for.
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Old Yesterday, 05:34 PM
 
Location: NC
1,937 posts, read 970,788 times
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I WANT my assessed value to be way lower than the price I pay! That means I pay less taxes.
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Old Yesterday, 05:39 PM
 
Location: Rochester, WA
4,325 posts, read 2,356,224 times
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I would just say again what I said above... "I would NOT equate assessed value with the current fair market value."


But, for conversation sake, what city and state are you in?
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Old Yesterday, 05:40 PM
 
28 posts, read 2,777 times
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Houston TX
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Old Yesterday, 05:40 PM
 
2,441 posts, read 5,008,982 times
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Many cities/ counties assess at a fraction of (what the assessor believes to be) fair value. Sometimes 25%. It's just bookkeeping.

Assessed value is what you pay taxes on. Appraised value determines what the bank will loan you. Arms-length selling price is neither of these.
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Old Yesterday, 05:47 PM
 
2,324 posts, read 1,266,843 times
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The issue is you think that you understand what is going on but you do not.

First step in rectifying this is learning what others have already said, assessed value and appraised value are not the same thing.

Second is googling some information on how appraisals work and the major methods used to find a homes "market" value.

Third realize that appraisals are a science with a bit of art. There is room to play with things but in general keep in mind that appraisers aren't in the business to kill deals and the reason for the appraisal will impact value some. I will get a different number from one appraiser for step up in Tax basis on an inherited house than I would for an appraiser hired to find that value for a VA loan.
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Old Yesterday, 06:46 PM
 
Location: Columbia SC
8,296 posts, read 7,064,570 times
Reputation: 11084
Persian

Assessed value means squat and is often far below market value. You have much to learn Little Grasshopper.
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