Showing posts from January, 2015

5 Things a Real Estate Appraisal is Not

We have found that often there is some confusion about what a real estate appraisal is and what it is not.  To clear up some of the confusion here are just a few things that an appraisal is not.

A real estate appraisal is not the same as the assessed value from the appraisal district. Homeowners receive every year a tax bill based on the assessed value of their property. The tax report may even refer to a value as the market value however this is not the same as the market value of a real estate appraisal for lending purposes.

Market value is the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
buyer and seller are typically motivated; both part…