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08-22-2013, 07:42 AM
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190 posts, read 347,538 times
Reputation: 160
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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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08-22-2013, 08:45 AM
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Location: Texas
1,029 posts, read 1,295,294 times
Reputation: 1991
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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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08-22-2013, 09:01 AM
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3,029 posts, read 7,600,559 times
Reputation: 3225
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Quote:
Originally Posted by Aggiebuttercup
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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08-22-2013, 09:06 AM
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190 posts, read 347,538 times
Reputation: 160
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Will my property tax be based on sale price or bank app price ?
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08-22-2013, 09:22 AM
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Location: Austin
7,205 posts, read 18,964,861 times
Reputation: 9813
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Quote:
Originally Posted by raidgirl
Will my property tax be based on sale price or bank app price ?
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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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08-22-2013, 01:40 PM
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3,029 posts, read 7,600,559 times
Reputation: 3225
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Quote:
Originally Posted by raidgirl
Will my property tax be based on sale price or bank app price ?
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Hard to say for sure since we have no idea where this property is located. |
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08-22-2013, 02:06 PM
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4,787 posts, read 10,034,580 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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10-22-2013, 02:30 AM
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30 posts, read 48,790 times
Reputation: 10
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Its a good deal for you go for it
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10-22-2013, 07:50 AM
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Location: Riverside Ca
21,700 posts, read 24,225,304 times
Reputation: 34066
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Quote:
Originally Posted by raidgirl
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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It's good if you sell. Otherwise it doesn't mean much other than bragging rights |
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10-22-2013, 09:45 AM
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Location: Southern California
4,453 posts, read 5,757,048 times
Reputation: 2220
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Quote:
Originally Posted by Electrician4you
It's good if you sell. Otherwise it doesn't mean much other than bragging rights
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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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