real estate sales: Assessments/Appraisals - What's the Difference? - 11/20/08 10:46 PM
There is a difference between "appraisals" and "assessments" although the words are commonly used interchangeably. A educated consumer knows the differences:Assessments
Completed using an automated valuation program. Generally done once per year. Used to determine real estate taxes. Should be within a margin of error of +/- 10%. Appraisals
Done by licensed appraiser who looks at the home, and comps. Values property "real time" (as of the date of the report). Used to support sales prices or loan amounts. Should be as close to Fair Market Value as possible. Fair Market Value is what a willing buyer will pay for a … (1 comments)

 
Vicky Chrisner (Fieldstone Real Estate) Rainmaker large

Vicky Chrisner

Leesburg, VA

More about me…

Fieldstone Real Estate

Address: Loudoun County, VA

Office: (703) 669-3142

Mobile: (703) 728-5766

Email Me

A simple little blog to share what I learn with fellow Active Rainers and real estate consumers.


Listings

Links

Archives

RSS 2.0 Feed for this blog