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Home > Archive > Real estate forum > March 2007 > What is the difference between market value and appraised value?
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What is the difference between market value and appraised value?
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| Chris 2007-03-28, 10:33 am |
| Hi,
Can someone explain to me the difference between market value and appraised value of a property/house?
Thanks,
Chris | |
| Archie 2007-03-30, 10:44 pm |
| quote:
Originally posted by Chris
Hi,
Can someone explain to me the difference between market value and appraised value of a property/house?
Thanks,
Chris
Difference between market value and appraised value
Hi Chris,
The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300.
Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth
Good Luck,
Archie
http://daleXXXXXX.com/
http://www.willowglenhomesforsale.com/ |
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