- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (9)
- jablum
- Contributions:16
In my opinion, the listing agents are getting BPOs rather than appraisals...which are different and crete much problems in negotiating an offer. An appraiser takes a bigger picture approach to the value of the property--location acces to shopping, other devlopements/ homes, while the BPO only looks at cash/income value. This is why Fannie Mae discourages appraisals because the descrepancies can be pretty large and they want to make money. I say don't pay 10-30 thousand more than your neighbor did providing they also purchsed property as reo or short sale. These comps will determine current appraisal value.
- Keeley Toro, "Keeley Toro"
- Contributions:4
In our area you cannot rely on the property appraiser's estimate of value. With the decline in values over the past few years we are finding that some of their estimates are high, some are low, and some are right on target...with no rhyme or reason at all as to which are which...Get a good agent (or a few of them) to comp the property out or spend the money and have an appraisal done.
- Erik Pearson, "SpringHillHomes"
- Contributions:36
I just want to second everyone else and say no. Tax assessments are never right, at least in my area.
- Wes Black
- Contributions:509
Tax assessed values should not be relied on. Many are computer driven increases and decreases and have not had a person set foot in the house for many years.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
Regardless of listing price, homes typically sell for what they are worth, so find yourself some experts to tell you that. Sounds like youll also need a home inspector to quote you prices for repair. Do your due diligence.
- HeatherinVA
- Contributions:21
Was actually called the other day by agent and told that they had just found out the home had the electrical wires and plumbing removed from under home, and that the inspector found it the other day, do not think the home is appropriately priced for the amount of work it needs and this new information makes we wonder if a listing price drop is in order and was told that this Fannie Mae owned property did not qualify for Homepath or any other type of Gov't financing
NO, tax assessed values in many parts of the US have almost nothing to do with the potential sale price of a home.
Before you buy any home anywhere, YOU should be the expert of what homes in that area are worth. You shouldn't be asking what it would be worth, you should have been looking at homes in an area for awhile, and be confident in your own assessment of value.
Before you buy any home anywhere, YOU should be the expert of what homes in that area are worth. You shouldn't be asking what it would be worth, you should have been looking at homes in an area for awhile, and be confident in your own assessment of value.
- Vince Curtis, "SoCal Appraiser"
- Contributions:4699
No, never go by that.
HIRE an appraiser if you are serious. Find a local appraiser here. Consultation with an appraiser may be free. Find a local one.
HIRE an appraiser if you are serious. Find a local appraiser here. Consultation with an appraiser may be free. Find a local one.
- Dwayne & Maryanne Moyers, "MoyersTeam"
- Contributions:354
All Fannie Mae and Freddie Mac properties have a market analysis completed by the listing agent, and an independent analysis completed by an outside opinion. The cost of necessary repairs and upgrades are considered when these homes are priced and listed for sale in a local real estate sales market. The homes in need of repair usually have offers which include approval of a FHA 203K renovation loan as a contingency to purchasing the home, and cash offers (usually below the listing price) from investors. The research completed on the market analysis reports are usually close to the appraisal value.
Disclosure: We are Fannie Mae and Freddie Mac Select Agents.
Disclosure: We are Fannie Mae and Freddie Mac Select Agents.
Is the tax assessed value a good indicator of value on a Fannie Mae owned home needing improvements?
ie: a particular Fannie Mae home Im interested in is listed @89900 and the tax assessed value is 139400....would I be safe to assume that this is close to appraised value in obtaining a buy/renovate loan (home needs all electrical replaced and other work)
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.