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If your home is appraised at 178,000 by the County appraisal . . is this the amount you can sell the house for
the house is part of my mothers estate and we must sell it to settle her debts, the house is in Cypress Tx, the county appraised the property in 2008 the assessed value is 178,000 and so is the market value as listed by the county. The house increased in value from 2007 at 154,000 but the house is not in perfect condition it needs work.
7 Answers
- Anonymous1 decade agoFavorite Answer
you can only sell it for whatever someone is willing to pay. The tax appraisal may be different from a real estate appraisal - get a real estate appraisal and take their advice based on the current marketplace - if there is no debt on the house, you can sell it below market value a lot quicker rather than holding out for top dollar
- carolinagirlLv 51 decade ago
Not necessarily. It's usually used as a 'guideline' though. A Realtor should come out and do a CMA ( Comparative Market Analysis) using sold comps in your neighborhood or a neighborhood similar in your area. They use that and the condition of your home to get a 'list' price to put it on the market. Once you receive an offer on the property, and you accept the offer,the buyer will get an Appraisal done. Whatever your home is appraised at is what you're gonna sell it for. The banks won't lend money on a house listed for $325,000 when the value is only $300,000. Now, if the buyer can come up w/the difference of $25,000 they can still buy it using the $300,000 from the bank and his $25,000 but the average person isn't gonna buy a house that is over the appraised value.
- angelaLv 61 decade ago
Usually an assessment by the county is not the actual amount it would sell for. The only way to get an accurate idea of how much it should sell for is to have an appraisal done. Appraisals cost a few hundred dollars depending on where you live. You can ask a Realtor to do a comparative market analysis. It won't be as accurate as an appraisal but will give you an idea of the value of your house.
- 1 decade ago
Tax appraisal is not market value but it comes close. You need a Realtor to do a CMA and assess market conditions in your area.
If the house needs reconditioning than you can rest assured it will be on the market for a very long time. In 90 days an investor will come by and offer to buy it at a bargain price.
Source(s): Houston Realtor - How do you think about the answers? You can sign in to vote the answer.
- chatsplasLv 71 decade ago
NOPE, that assessment is for tax purposes only.
You can sell the house for whatever the market will bear, and right now it's not bearing up very well. Get a market analysis from a realtor to see a ballpark figure, or go on Zillow (hugely inaccurate frequently, sometimes accurate), or pay for an appraisal.
Source(s): real estate attorney - Captain TennealLv 41 decade ago
Not enough info.
Where do you live?
When did they "appraise" it?
Was this for assessment/tax purposes?
Generally the "assessed value", if that's what we/re talking about, can be higher or lower than the market value depending on when it was done.
Source(s): Certified Residential Appraiser 16 years - Ed AtunLv 71 decade ago
It is a "ballpark" figure. You can use it when settling an estate for a relative. In my city, Phenix, the number is apx 85% of what you could sell the house for. For my Wisconsin property the county has the value much higher than i could sell it for.