Appraisal

What is the difference between a real-estate appraisal on your home's value and the tax appraisal value?
Q. Currently, I only know the tax appraisal 109K, from the home I am planning to buy. (Home built in 2006, around 1500 sq) How much of a difference can I expect from the real estate appraisal? Lower or Higher? Are homes usually valued around the same as the tax appraisal? What kind of problems can I face if the appraiser values the home too low or high? The appraisal would be for the purchase of a home, right now the asking price is 96K( it's a foreclosure).
Asked by EM - Sat Apr 12 17:33:04 2008 - - 5 Answers - 1 Comments

A. Well both real estate appraisals and tax appraisals are based on the location of the home. Usually (again based on state and local tax laws) a tax appraisal is lower than a real estate appraisal. (Some locations they are the same) It usually is based on some type of approved formula and has modifiers based on property usage. Real estate appraisals are usually market based, where an appraiser will identify homes in your area that are close in style and size to yours that have recently sold. They will use these to come up with an estimated market value for your home. They will take into consideration all the aspects of a home, where a tax appraisal is done more around sq footage and acreage. As for tax appraisal problems, well it doesnt… [cont.]
Answered by Carl R - Sat Apr 12 17:46:42 2008

How does an appraisal value affect a person's ability to get a loan on a house?
Q. Say someone agrees to buy my house for $145,000, but the appraisal comes in at $135,000. Would this mean that the max loan the bank would give would be $135,000 or could my house even be sold for $145,000 even if the buyer has the other $10,000 to put down?
Asked by Ian W - Wed Feb 3 11:10:43 2010 - - 3 Answers - 0 Comments

A. If the bank hires an appraiser that comes in at $135,000 and the bank wants the buyer to put down 20% then the maximum the bank will loan would be $108,000. The buyer could (on most loans) put the extra $10,000 down in addition to the $27,000 and satisfy the bank. Sometimes buyers will agree to do this- but not often. They normally refuse to because they think the appraiser is telling them they are paying to much for the house.
Answered by glenn - Wed Feb 3 11:23:32 2010

Any help how to become a real estate appraisal in Illinois?
Q. I'm a real estate agent in Illinois, and now I'm thinking of becoming a real estate appraisal. I was wondering if anyone could assist me in getting on track to this career. Looking forward to hearing from anyone who could help. Thanks.
Asked by elona - Sun Oct 15 00:45:10 2006 - - 2 Answers - 0 Comments

A. You are an agent, and you are asking how to become an appraisal? Wow, ok, let's see if I can help. If you want to be an appraisal, I guess the first thing you would have to be is a piece of paper. Then get all the contract information, details about the house, rooms, condition, printed on you, and then have a human carry you out to get signed by another human. Then you would be an appraisal. If you want to be an appraiser, that's a whole different thing, but I'm pretty sure you just flunked The difference between appraisal and appraiser 101".
Answered by Joey K - Sun Oct 15 00:49:20 2006