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Appraised value is the value of a property that is evaluated and determined by professionals like a valuer or qualified appraiser. Properties are appraised so that their monetary value can be evaluated. This appraisal helps the lenders to justify the loan amounts if they sanction any loan. Below are answers to few of the more common questions about appraised value of property: The appraised value I got for my house is higher than what it was sold at. Is it possible that this difference can be considered as a loss on my income tax?
Usually, it would not be possible. This is because you would incur a loss only when you sell your house at a lesser price than what you purchased it for. I appraised value of my house is less than the loan value by $35K. How can I refinance it now?
If this is not an FHA or VA appraisal, then your lender could either have the appraiser examine the appraisal for you one more time or the lender might arrange another appraisal for you. There is a Federal program called the Making Homes Affordable refinance program. In such a case, you may also verify with your lender and check if you qualify for a refinance from that Program. However, this is possible until the balance of the loan does not go beyond 125% of the home value. What value does real estate usually sell at? Is it the appraised or assessed value?
Generally, the decision on the rate at which a property sells depends on what a buyer has agreed upon paying. It means that real estate sells at a value that the market would bear. However, it seems likely that real estate would prefer to sell a property for its appraised value rather than its assessed value. Based on how the assessments are made, a property’s appraised value is much higher than its assessed value. The appraisal value of my home was $12K less than what the buyer decided to offer me. Can I ask for a second appraisal if my buyer does not have the funds to compensate for the price difference?
Most likely, in a case like this, you do have an option to go for a second appraisal. However, due to the real estate market crash that took place a few years ago for certain reasons, the appraisers would not probably want to go against each other. Therefore, you need to supply some strong evidence to prove that the appraisal undertaken had some deficiency. Other than that, you really do not have much to do except getting the buyer take a second loan or sign a written agreement with the buyer saying that you would offer to make up for the difference. Usually, the buyer’s ability to purchase a property can be affected if the property has a low appraised value. This is because the loan seems too high for the buyer. If you need any clarification about your particular situation with respect to appraised value of property, you may wish to ask a real estate lawyer for legal insight based on an expert evaluation of your circumstances.
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