- Appraisals provide an objective opinion of value, but it's not an exact science so appraisals may differ. Two appraisals on the same Franklin, MA home could vary by as much as $10,000-$20,000.
- For buying and selling purposes, appraisals are usually based on market value - what the property could probably be sold for. The real estate market value and the assessed value for tax purposes are not the same. Other types of value include insurance value, replacement value, and assessed value for Franklin, MA property tax purposes.
- Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.
- Appraised value doesn't take into account special considerations, like the need to sell rapidly.
- Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they will offer.
- If you are trying to determine what your property is worth, call your local REALTOR who can provide you the data and likely selling price range for your home. I can be reached at 508-369-5131 or franklinmahomes@comcast.net.
Used with permission from Kim Daugherty, Real Estate Checklists and Systems, www.realestatechecklists.com
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